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 30. 2023 2022 Restated R’m R’m Profit before tax 5 121 666 1 427 (101) 940 793 (532) (419) Depreciation (note 26) 42 43 Fair value of policyholder liabilities under investment contracts (note 15) 626 (84) Amortisation and impairment of intangible asset 83 73 Realised loss on disposal of property and equipment – 5 Investment income (note 23) (3 078) (2 529) Finance expenses (note 28) 4 7 Total gains on financial assets and investment property held at fair value through profit or loss (note 24) (4 039) 2 216 Impairment losses recognised on receivables – 8 Increase in non-current payables 45 1 Share of profit after tax on Joint Ventures (5) – Changes in working capital (including non cash adjustments): Receivables (34) (111) Payables 72 (81) Reinsurance contract assets (179) 81 Short-term insurance contract liabilities 20 (36) Long-term insurance contract liabilities (1 401) (1 425) (888) (893) 31. 2023 2022 R’m R’m 30 23 427 400 6 (30) 463 393 Group Group The initial application of IFRS 17 has a material effect on the information in the prior period, 31 December 2022. The Group is presenting a restated 31 December 2022 Cash generated from/ (utilised by) operations to reflect the initial application of IFRS 17 as required by IFRS 17. Cash utilised by operations Reconciliation of profit before movement in insurance policy liabilities to cash (utilised by)/generated from operations: Investment contract surrenders (note 15) Adjustments for other non-cash items: Attributable to unit trust holders (note 16) Investment contract receipts (note 15) Net tax payable at end of year Total tax paid Net tax (payable) / receivable at beginning of year Cash generated from / (utilised by) operations Tax paid Current tax as per Statement of Profit or Loss and Other Comprehensive Income (note 29) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 192 Notes to the Consolidated Financial Statements
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