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 7. 2023 2022 R’m R’m 44 480 40 725 15 465 13 172 59 945 53 897 15 809 15 691 10 610 6 607 26 419 22 298 19 666 20 042 1 499 57 21 165 20 099 7 443 6 300 4 775 5 127 102 35 12 320 11 462 33 485 31 561 41 38 41 38 59 945 53 897 Financial assets – investments at fair value through profit or loss Financial assets attributable to the Group Financial assets attributable to outside unit trust holders (Note 16) Total financial assets at fair value through profit or loss Analysis of financial assets held at fair value through profit or loss Level 1 fair value financial assets Equity securities: – local listed Total level 3 fair value financial assets Total financial assets at fair value through profit and loss At 31 December 2023, investments classified as Level 2 comprise approximately 55.9% (2022: 58.6%) of financial assets measured at fair value through profit or loss. Debt securities are classified as level 2 as directly observable market inputs other than level 1 have been used to value these financial assets. The observable inputs used to determine the fair value of unit trusts and pooled funds classified as Level 2 are the unit prices published by the unit trust fund managers. The investments classified as Level 3 comprise less than 0.1% (2022: 0.1 %) of financial assets measured at fair value through profit or loss and represents the Group's investment in the Old Mutual Midina Fund. Group – international listed Total level 1 fair value financial assets Level 2 fair value financial assets Debt securities – fixed interest rate: – government bonds and local listed – international listed Total debt securities Unit trusts and pooled funds: – local unit trusts and pooled funds – international equity unit trusts – international fixed interest unit trusts Total Unit trusts and pooled funds Total level 2 fair value financial assets Level 3 fair value financial assets Unit trusts and pooled funds: - local unlisted 142 Notes to the Consolidated Financial Statements
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