Page 108 - MC14326 all pages
P. 108
104 | The South African Insurance Industry Survey 2016
SHORT TERM INSURERS | Statement of Financial Position | R’000
Accounting year end Jun-15 Jun-14 Jun-15 Jun-14 Jun-15 Jun-14 Jun-15 Jun-14 Dec-15 Dec-14
Group/Company
Legal Expenses Insurance Momentum Alternative Momentum Short Term Momentum Structured Mutual & Federal
Southern Africa Limited Insurance Limited Insurance Company Insurance Limited Insurance Company
Limited
Limited
FSB classification Niche Traditional Traditional Traditional Traditional
Share capital and share premium 16 634 25 000
Retained earnings/(deficit) 370 664 16 634 25 000 419 246 148 005 9 000 7 000 1 797 000 1 797 000
Reserves, including contingency reserve 371 695 2 801 4 198
Total shareholders' funds 9 084 - - (159 913) 1 495 (1 796) (1 152) 2 801 000 2 186 000
Total shareholders' funds and non-controlling 396 382 7 178
interests 396 382 395 507 27 801 29 198 -- -- 51 000 53 000
395 507 27 801 29 198
259 333 149 500 7 204 5 848 4 649 000 4 036 000
259 333 149 500 7 204 5 848 4 649 000 4 036 000
Gross outstanding claims 197 318 174 779 - - 92 676 69 072 - - 2 925 000 2 815 000
Gross unearned premium reserve - - - - 1 420 5 964 - - 787 000 799 000
Reinsurers' share of expected salvages and ----------
recoveries
Owing to cell owners ----------
Deferred reinsurance commission revenue - - - - - - - - 62 000 65 000
Deferred tax liability 9 850 8 083 30 55 - - 11 15 - -
Other liabilities 68 780 64 631 - - 43 428 29 546 6 005 5 665 1 414 000 1 919 000
Total liabilities 275 948 247 493 30 55 137 524 104 582 6 016 5 680 5 188 000 5 598 000
Total investments including investments in 493 578 471 384 18 348 17 269 225 733 213 129 2 676 2 518 5 192 000 5 548 000
subsidiaries
Deferred tax asset, intangible assets and PPE 55 334 39 915 - - 33 851 8 621 - - 485 000 516 000
Reinsurers' share of outstanding claims - - - - 173 2 005 - - 658 000 600 000
Reinsurers' share of unearned premium reserve - - - - - - - 287 000 281 000
Gross expected salvages and recoveries - - - - - - - - 204 000 216 000
Deferred acquisition costs - - - - 142 - - - 132 000 140 000
Cash and cash equivalents 9 414 11 940 69 10 544 9 010 445 000 367 000
Other assets 111 497 118 936 69 44 131 441 18 265 - - 2 434 000 1 966 000
Total assets 11 921 12 765 27 831 29 253 5 517 11 993 13 220 11 528 9 837 000 9 634 000
254 082
672 330 643 000 396 857
International solvency margin 58% 62% N/A N/A 50% 44% N/A N/A 58% 51%
Total assets/Total liabilities 244% 260% 92770% 53187% 289% 243% 220% 203% 190% 172%
Change in shareholders' funds
0% (5%) 73% 23% 15%
