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 25. 2023 R'm Life Risk Participating Life Risk NonParticipating Life Reinsurance outwards Short term insurance TOTAL Insurance finance income/(expenses) from insurance contracts issued Member (surplus)/deficit allocated to profit share accounts Changes in fulfilment cashflows of contracts measured applying VFA due to changes in fair value of underlying items 1 287 – – – 1 287 Notional interest accreted – 74 – (6) 68 Effect of changes in interest rates and other assumptions – (196) – – (196) Effect of changes in fulfilment cash flows at current rate when CSM is unlocked at locked-in rate – (472) – – (472) Finance expenses from insurance contracts issued 1 287 (594) – (6) 687 Finance income/expenses from reinsurance contracts held Notional interest accreted – – 34 5 39 Effect of changes in interest rates and other financial assumptions – – 54 – 54 Effect of changes in fulfilment cash flows at current rate when CSM is unlocked at locked-in rate – – (201) – (201) Finance income from reinsurance contracts held – – (113) 5 (108) Net insurance finance expenses 1 287 (594) (113) (1) 579 Finance Income/(Expense) from Insurance Contracts Issued (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 186 Notes to the Consolidated Financial Statements
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