1. Note Financial assets and liabilities classified as fair value through profit or loss on initial recognition Financial assets and liabilities at amortised cost PPS ProfitShare accounts and reinsurance contracts Total carrying amount Fair value 7 15 691 – – 15 691 15 691 7 6 607 – – 6 607 6 607 7 20 042 – – 20 042 20 042 7 57 – – 57 57 7 11 500 – – 11 500 11 500 9 – – 1 382 1 382 1 382 13 – 1 069 – 1 069 1 069 14 – 2 915 – 2 915 2 915 10 – – (32 293) (32 293) (32 293) – – (7 290) (7 290) (7 290) – – (240) (240) (240) 9 – – (118) (118) (118) 15 (4 495) – – (4 495) (4 495) 16 (15 086) – – (15 086) (15 086) 9 – – (13) (13) (13) 20 – (221) – (221) (221) (a) * Fair value analysis of financial statement line items with a fair value (continued) The note has been restated to align with IFRS 17 disclosures and to remove prepayments from the table Qualifying policyholders’ residual interest in the net assets of the PPS Group Group R’m 2022 Restated* Equity securities(a) Local listed International listed Debt securities(a) Government and local bonds International listed Unit trusts and pooled funds(a) Reinsurance contract assets Receivables Cash and cash equivalents PPS Profit-Share accounts Liability for remaining coverage and incurred claims Short-term insurance policy liabilities Investment contract liabilities Debt securities are designated at fair value through profit and loss and Equity securities and Unit trusts and pooled funds are mandatorily held at fair value through profit and loss. Payables Liabilities to unit trust holders Reinsurance contract liabilities NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 33 3. 2023 2022 R’m R’m 327 371 1 2 (14) (33) – (13) (29) – 285 327 4. 2023 2022 R'm R'm – – 29 – 29 – Investment properties were valued using the discounted cash flow of future income stream method. Investment property is carried at fair value and is classified as level 3 in terms of the IFRS 13 hierarchy. Refer to note 36.5 for further information. Amounts recognised in profit or loss Rental income generated by the Group from income-generating properties during 2023 was R40.3 million (2022: R47.0 million) and was included in Other income. The asset held for sale is stated at fair value less costs to sell. The non-recurring fair value measurement of the non-current asset held for sale has been categorised as a Level 3 fair value, based on the inputs to the valuation technique used. The non-current asset held for sale was valued using the current offer price from potential buyer. Investment property Opening net carrying value Group Additions Revaluation deficit Disposals Transfer to assets held for sale Net carrying value at end of year Non - Current Assets held for sale Group The transfer to Non-Current Assets held for sale of R29.5 million in 2023 is as a result of the intention to sell the investment property Erf 651, 13 Eton Road with an agreement and final transfer expected before the year ending 31 December 2024. Opening net carrying value Transfer from investment property Closing net carrying value NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 138 Notes to the Consolidated Financial Statements
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