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108 | The South African Insurance Industry Survey 2016

SHORT TERM INSURERS | Statement of Comprehensive Income | R’000

Accounting year end Dec-15 Dec-14 Dec-15 Dec-14 Dec-15 Dec-14 Dec-15 Dec-14 Nov-15 Nov-14
Group/Company
Absa idirect Limited Absa Insurance Company Absa Insurance Risk ACE Insurance Limited AIG South Africa
Limited Management Services Limited

Limited

Gross premiums written 407 031 339 661 2 354 529 3 115 574 560 637 1 060 309 522 195 562 701 2 431 753 2 174 561
Net premiums written 380 038 323 226 2 041 430 2 553 528 111 504 94 440 418 969 497 065
Earned premiums 383 245 323 321 2 091 616 2 575 077 -- 115 933 84 864 448 346 472 487

--

Total net investment income 14 128 11 596 120 669 119 176 23 413 17 236 5 393 10 335 33 006 50 176
Reinsurance commission revenue 580 421 82 711 92 709 - - 109 112 119 756 554 373 365 875
Other income 58 004 40 662 -
Total income 4 491 3 928 16 2 608 2 877 30 306 7 396
402 444 339 266 2 353 000 2 827 624 23 429 17 236 233 046 217 832 1 066 031 895 934

Net claims incurred 287 979 241 145 1 380 555 1 790 034 - - 82 590 65 728 366 187 348 127
Acquisition costs 62 136 51 897 407 865 504 786 - - 92 458 103 259 349 076 284 710
Interest allocated to cell owners - - - - 16 258 12 369
Employee benefit expense - - - - - - - - - -
Management and other expenses 23 467 25 281 384 553 341 722 376 689 - - - -
Total expenses 16 634 13 058 28 926 48 644 332 648 336 098
373 582 318 323 2 172 973 2 636 542 203 974 217 631 1 047 911 968 935

Net profit/(loss) before taxation 28 862 20 943 180 027 191 082 6 795 4 178 29 072 201 18 120 (73 001)
Taxation 8 081 5 863 46 456 51 483 1 888 1 170 9 518 126 (5 313) (18 048)
Net profit/(loss) after taxation 4 907 3 008 12 807 (54 953)
Other comprehensive income/(expense) 20 781 15 080 133 571 139 599 19 554 75
Total comprehensive income/(loss) for the year - - (804) 734 - - - - - -
Transfer to/(from) retained earnings 4 907 3 008 12 807 (54 953)
Other comprehensive (income)/expense 20 781 15 080 132 767 140 333 19 554 75
Dividends - - - - - - - - - -
Change in retained earnings - - - - - - - -
- 804 (734) - - - - - -
1 000 451 700 237 000 4 907 3 008 12 807 (54 953)
20 781 14 080 (318 129) (97 401) 19 554 75

Net premium to gross premium 93% 95% 87% 82% 0% 0% 21% 17% 17% 23%
Claims incurred to earned premium 75% 75% 66% 70% N/A N/A 71% 77% 82% 74%
Management and other expenses to net earned 18% 13% N/A N/A 25% 57% 74% 71%
premium 6% 8%
Combined ratio 100% 99% N/A N/A 82% 115% 110% 128%
Operating ratio 97% 98% 94% 94% N/A
Return on equity 94% 95% 12% 10% 12% N/A 77% 103% 103% 117%
12% 10%
9% 13% 0% 2% (12%)