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The South African Insurance Industry Survey 2016 | 105

SHORT TERM INSURERS | Statement of Financial Position | R’000

Accounting year end Dec-15 Dec-14 Dec-15 Dec-14 Dec-15 Dec-14 Dec-15 Dec-14 Jun-15 Jun-14
Group/Company
Mutual & Federal Risk Nedgroup Insurance New National Assurance Nova Risk Partners OUTsurance Insurance
FSB classification Financing Company Company Limited Limited Company Limited
Share capital and share premium Limited Limited
Retained earnings/(deficit)
Reserves, including contingency reserve Cell captive Traditional Traditional Cell captive Traditional
Total shareholders' funds 3 000
Total shareholders' funds and non-controlling 4 550 4 550 5 000 5 000 14 000 14 000 3 000 25 000 25 000
interests 181 4 221
160 903 140 399 769 766 619 593 163 744 155 137 - 2 829 091 2 456 024
-
-- -- 28 137 25 713 3 181 7 221 83 824 70 373
3 181 7 221
165 453 144 949 774 766 624 593 205 881 194 850 2 937 915 2 551 397

165 453 144 949 774 766 624 593 205 881 194 850 2 937 915 2 551 397

Gross outstanding claims 412 152 275 485 104 546 107 997 367 952 440 691 18 827 12 842 1 070 770 1 156 880
Gross unearned premium reserve 339 014 285 591 214 258 165 141 102 749 83 863 - - 431 052 449 356
Reinsurers' share of expected salvages and - - - - -
recoveries - - - - -
Owing to cell owners - 3 049 2 808 - -
Deferred reinsurance commission revenue 763 873 681 887 - - - - - - - -
Deferred tax liability 77 239 67 539 4 834 7 027 - 4 840 - - - -
Other liabilities 1 190 958 34 019 22 338 4 977 92 372 497 284 456 010
Total liabilities 90 270 76 821 62 891 68 879 621 766 2 561 4 698 1 999 106 2 062 246
247 164 434 478 365 394 544 557 24 437 20 348
1 840 632 1 401 730

Total investments including investments in 707 257 723 155 1 032 814 793 344 83 262 77 081 13 325 18 259 4 233 696 3 829 824
subsidiaries

Deferred tax asset, intangible assets and PPE - - 1 157 897 19 578 16 908 132 123 159 623 126 816
Reinsurers' share of outstanding claims 175 780 123 381 26 710 26 834 246 342 288 558 12 211 6 682 25 328 52 504
Reinsurers' share of unearned premium reserve 319 317 265 187 - -
Gross expected salvages and recoveries 4 000 3 323 77 523 63 581 - - - -
Deferred acquisition costs - - - - - - - - - -
Cash and cash equivalents 77 239 67 539 - - - -
Other assets 456 922 246 776 78 163 65 984 1 459 574 182 586 200 518
Total assets 269 570 120 641 31 219 76 680 207 620 262 603 491 1 931 335 788 403 981
2 006 085 1 546 679 35 181 22 925 116 113 107 885 27 618 27 569 4 937 021 4 613 643
1 209 244 989 987 750 438 816 616

International solvency margin 410% 1064% 84% 72% 61% 53% (776%) 2877% 45% 43%
Total assets/Total liabilities 109% 110% 278% 271% 138% 131% 113% 135% 247% 224%
Change in shareholders' funds (56%)
14% 24% 6% 15%