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 12. 2023 R'm Less than 1 year In 1 to 3 years In 4 to 5 years > 5 years Total Insurance contracts Life Risk: Non-participating 163 335 356 5 980 6 834 Total CSM for insurance contracts 163 335 356 5 980 6 834 Reinsurance contracts Reinsurance contracts outwards (26) (53) (55) (1 546) (1 680) Total CSM for reinsurance contracts (26) (53) (55) (1 546) (1 680) 2022 R'm Less than 1 year In 1 to 3 years In 4 to 5 years > 5 years Total Insurance contracts Life Risk: Non-participating 69 144 155 3 249 3 617 Total CSM for insurance contracts 69 144 155 3 249 3 617 – – – – – Reinsurance contracts – – – – – Reinsurance contracts outwards (33) (68) (71) (2 288) (2 461) Total CSM for reinsurance contracts (33) (68) (71) (2 288) (2 461) Contractual service margin The following table shows an analysis of the expected recognition of the CSM remaining at the end of the reporting period in profit or loss. The CSM represents the unearned profit of a group of contracts and, when measured at inception, results in no profit arising at the outset. A CSM is not required to be set up for PPS’ participating contracts as the net cash flows of these contracts are eventually returned to policyholders with a residual interest whether these are current or future policyholders. The participating contracts will not be reflected in this note as a result thereof. 170 Notes to the Consolidated Financial Statements
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