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. 10.2 2022 R'm Estimates of present value of future cash flows PPS Profit share accounts Risk adjustment for nonfinancial risk Estimates of present value of future cash flows Risk adjustment for nonfinancial risk Contracts under fair value transition approach Other contracts Total Insurance contract liabilities as at 1 January 670 33 291 5 576 (2 995) 685 3 471 189 40 887 Changes that relate to current service CSM recognised for the services provided – – – – – (206) (19) (225) Change in risk adjustment for the risk expired and notional interest accreted – – 34 3 – – 36 Experience adjustments - relating to insurance service expenses 490 – – (80) – – – 410 490 – 34 (80) 3 (206) (19) 221 Changes that relate to past service Experience adjustments - premiums that relate to past service (369) – – 377 – – – 8 (369) – – 377 – – – 8 Insurance service result 121 – 34 297 3 (206) (19) 229 Finance (income) expenses from insurance contracts issued (1 922) – 532 230 – 142 12 (1 006) Total amounts recognised in profit or loss (1 801) – 566 527 3 (64) (7) (777) Reconciliation of measurement components of insurance contract liabilities (continued) Life Risk: Participating Life Risk: Non-Participating CSM PPS Profit-Share accounts and Long-term insurance contract liabilities NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 160 Notes to the Consolidated Financial Statements
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