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 37. 37.3 2023 25 035 22 436 1 565 1 382 4 311 4 302 1 842 1 070 32 753 29 190 * 2023 2022 7 672 10 611 971 5 304 11 965 538 4 427 5 983 25 035 22 436 Debt securities (including assets held in unit trust funds) (a) Reinsurance contract assets Cash and cash equivalents (including assets held in unit trust funds) Receivables Exposure to credit risk The maximum exposure to credit risk at the reporting date from financial assets, including unit trusts, and insurance contracts was: Management of risks (continued) Group Financial risk management (continued) 2022 Restated* R'm R'm Government Banks Utilities Corporate Total Total (a) Debt securities Included in the category designated at fair value through profit or loss are interest-bearing instruments of corporate and government debt. Management recognises and accepts that losses may occur through the inability of debt issuers to service their debt. To mitigate this risk, management has formulated guidelines based on ratings from Standard & Poor’s, an industry accepted credit ratings agent. The Group’s total exposure to corporate and government debt amounted to R25.0 billion (2022: 22.4 billion) at 31 December 2023. The following represent the major industry sectors to which the Group is exposed as at 31 December: Group The impact of initial application of IFRS 17 resulted in 31 December 2022 amounts changing for Reinsurance contract assets and receivables. 214 Notes to the Consolidated Financial Statements
RkJQdWJsaXNoZXIy MTY2ODY3Ng==