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 11. 11.2 Total Reinsurance contract assets as at 1 January (2 057) 905 1 840 621 1 310 Changes relating to current service CSM recognised for the services received – – (59) (45) (104) Change in risk adjustment for nonfinancial risk for the risk expired and notional interest accreted 32 – – 32 Experience adjustments - relating to incurred claims and other directly attributed expenses recovery 153 – – – 153 Total changes relating to current service 153 32 (59) (45) 81 Net income/(expenses) from reinsurance contracts held 153 32 (59) (45) 81 Finance income (expenses) from reinsurance contracts held (239) – 88 39 (112) Total amounts recognised in profit or loss (86) 32 29 (6) (31) Changes that adjust the CSM through the statement of financial position 848 (45) (713) (90) – Changes that adjust the RA through the statement of financial position 100 (100) – – – Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 673 – – – 673 Recoveries from reinsurance (473) – – – (473) Total cash flows 200 – – – 200 Reinsurance contract assets as at 31 December (995) 792 1 156 525 1 479 Reinsurance contract assets (continued) The following table presents the reconciliation from the opening to the closing balances of the net asset for reinsurance contracts held analysed by component: CSM 2023 R’m Estimate of Present value of future cash flows Risk adjustment for nonfinancial risk Contracts under fair value approach Other contracts Reconciliation of measurement components of reinsurance contract balances 166 Notes to the Consolidated Financial Statements
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