PPS GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME for the year ended 31 December 2023 2023 R’m 2022 R’m Description of individual items Net insurance service result 574 645 Insurance service result (5) (413) Insurance revenue 5 225 4 404 Consideration which the Group expects to receive in exchange for insurance services. Insurance claims and service expenses (5 260) (4 629) Gross benefits paid to members and insurance-related expenses. Net income/(expense) from reinsurance contracts held 30 (188) Expenses paid to reinsurers or income received from reinsurers. Net finance income/(expense) 579 1 058 Finance income from insurance contracts issued 687 1 004 Notional Interest cost in insurance contracts and reinsurance contracts held. Finance (expense)/income from reinsurance contracts held (108) 54 – – – – Other income relating to the non-insurance business 758 637 Administration fees: Long- and short-term insurance, medical aid and retirement annuity. Short-term insurance commissions. Fees earned for asset management. Operating expenses relating to non-insurance business (898) (776) Finance expense (4) (7) Net investment result 5 312 83 Investment income 3 078 2 529 Interest, dividends and realised and unrealised gains on investment assets. Gains/(losses) on investments 4 039 (2 216) Attributable to unit trust holders (1 427) 101 Third-party unit trust holders’ share of relevant income and revaluation gains. Asset manager fees (378) (331) Expenses related to investment management. Movement in fair value of policyholder liabilities under investment contracts (626) 84 Changes in the underlying assets linked to investment policyholder contracts, net of expenses. Share of profits – Associates and Joint Ventures 5 – Share of profits in new ventures to expand the ethos of mutuality. Profit/(loss) before tax 5 121 666 Tax (536) (107) Profit/(loss) attributable to PPS members for the year 4 585 559 Other comprehensive income – – Revaluation of owner-occupied property net of deferred tax (4) 10 Total comprehensive income/(loss) for the period attributable to qualifying policyholders 4 581 569 Allocated to qualifying members profit share accounts (4 577) (619) Amounts allocated to profit share accounts. Change in residual net assets arising in the year, attributable to members (4) 50 Total comprehensive income after allocations to profit share accounts – – 50 Abridged financial statements
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