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 6. Ausmanco (Pty) Ltd Health Risk Management Botswana (Pty) Ltd Total R'm R'm R'm 167 4 171 167 4 171 (a) 2023 2022 2023 2022 % % Management company Australia Equity Accounting Not applicable 10 – Healthcare administration company Botswana Equity Accounting Not applicable 49 – Investment in Associates and Joint Ventures Measurement Method The Group acquired a 10% interest in Ausmanco (Pty) Ltd and accounts for this investment as a joint venture on the basis of exercising joint control through its Board representation and shareholder voting rights. Ausmanco (Pty) Ltd is a strategic partnership for the Group, providing local management expertise to assist with the management of PPS Mutual in Australia. Summarised information of interest in material associate and joint venture is as follows: Represents the carrying value after equity-accounted profit. The Group also has a 49% equity interest, with equal voting power, in Health Risk Management Botswana Proprietary Limited (HRMB), a joint venture in the business of healthcare administration and risk management services in Botswana. Carrying amount of equity investment with no provision for impairment Total investment in joint venture(a) PPS Insurance Company has significant influence over PPS Mutual Limited Group, through its representation on their boards. The PPS Group has no shareholding in PPS Mutual Limited Group and therefore no rights to either net profits/losses, or net assets. The Group earned R24.5 million (R10.6 million) of royalties, R30.9 million (2022: R21.3 million) of administration fees, and R53.1 million (2022: R26.2 million) of interest for the year on loan funding of R760.1 million (2022: R558.6 million) provided to PPS Mutual Limited Group, of which R234.4 million (2022: R234.4 million) has been impaired. Ownership interest Principal place of business Principal activity Health Risk Management Botswana (Pty) Ltd Ausmanco (Pty) Ltd Name of entity NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 140 Notes to the Consolidated Financial Statements
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