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 18. 2023 2022 R’m R’m 6 5 6 5 1 1 1 1 2023 2022 R'm R'm 6 5 6 5 2023 2022 R’m R’m 5 5 2 1 (1) (1) * * 6 5 *Less than R1 million Post-employment medical benefit obligations at beginning of the year Notional interest cost Benefits paid Actuarial (gain)/loss recognised during the year Post-employment medical benefit obligations at end of the year The movement in the post-employment medical benefit obligation was as follows: Present value of unfunded obligations Liability in the Statement of Financial Position The latest actuarial valuation of the Group’s post-employment benefits, carried out as at 31 December 2023 indicated a present value of projected future employee benefits amounting to R5.7 million (2022: R5.1 million). The Group provides for the unfunded post-retirement healthcare benefits of those employees and a small number of retirees employed before 4 October 1999, as well as their spouses and dependants. The entitlement to post-retirement healthcare benefits is based on an employee remaining in service up to retirement and completion of a minimum service period. The amounts recognised in the Statement of Financial Position were determined as follows: Group Group Group Retirement benefit obligations Statement of Financial Position obligations for: – post-employment medical benefits Statement of profit or loss and comprehensive income charge for (Note 27): – post-employment medical benefits Post-employment medical benefits NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 176 Notes to the Consolidated Financial Statements
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