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 10. 10.1 Liability for remaining coverage excluding Profit-Share accounts PPS ProfitShare accounts Liability for incurred claims Liability for remaining coverage Liability for incurred claims Total 5 175 33 290 1 072 1 175 175 40 887 (3 716) – – (384) – (4 100) – – – (364) – (364) (3 716) – – (20) – (3 736) – – 3 871 – 458 4 329 (33) – 33 (1) 1 – (33) – 3 904 (1) 459 4 329 (3 749) – 3 904 (385) 459 229 (1 390) – – 384 – (1 006) (5 139) – 3 904 (1) 459 (777) – (1 616) 1 616 – – – – 619 – – – 619 – (997) 1 616 – – 619 Year end allocations Total movements related to the PPS Profit-Share Accounts Other contracts Insurance service expenses Incurred claims and other directly attributable expenses Insurance acquisition cash flows amortisation Total amounts recognised in profit or loss Movements related to the PPS Profit-Share Account Cessation benefits: PSA Insurance service expenses Insurance service result Finance expenses (income) from insurance contracts issued Reconciliation of the liability for remaining coverage and the liability for incurred claims (continued) Insurance revenue Contracts under the fair value transition approach PPS Profit-Share accounts and Long-term insurance contract liabilities Life Risk: Participating Life Risk: Non-participating 2022 R’m Insurance contract liabilities as at 1 January NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 156 Notes to the Consolidated Financial Statements
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