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The South African Insurance Industry Survey 2016 | 109

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

Accounting year end Mar-15 Mar-14 Dec-15 Dec-14 restated Jun-15 Jun-14 Dec-15 Dec-14 Jun-15 Jun-14
Group/Company
Alexander Forbes Allianz Global and Auto and General Bidvest Insurance Budget Insurance
Gross premiums written Insurance Company Corporate Specialty Insurance Company Limited Company Limited
Net premiums written South Africa Limited
Earned premiums Limited Limited

1 340 407 1 222 933 723 135 559 808 2 896 275 2 569 104 312 652 303 229 1 246 389 1 179 857
308 882 302 951 614 871 579 335
348 382 320 285 (2 117) 61 1 298 150 1 246 910 295 728 244 886 613 000 579 753

348 157 317 912 2 583 (2 165) 1 292 996 1 207 162

Total net investment income 17 163 10 564 5 840 7 050 37 839 71 146 57 075 141 735 16 205 18 257
Reinsurance commission revenue 246 144 225 266 198 564 131 281 619 585 571 619 1 728 120 284 022 267 770
Other income - -
Total income 52 522 47 559 3 745 5 842 49 297 55 297 41 890 42 601
663 986 601 301 210 732 142 008 1 999 717 1 905 224 354 531 386 741 955 117 908 381

Net claims incurred 233 335 238 659 40 380 (1 592) 837 532 792 619 125 887 113 470 423 884 397 586
Acquisition costs 60 133 50 309 87 052 32 914 413 066 365 080 61 017 39 584 25 527 27 584
Interest allocated to cell owners - - - - - -
Employee benefit expense - - - - - - - - - -
Management and other expenses - - - - 56 172 54 084
Total expenses 334 296 309 727 77 370 104 435 587 077 548 636 420 360 375 019
627 764 598 695 204 802 135 757 1 837 675 1 706 335 243 076 207 138 869 771 800 189

Net profit/(loss) before taxation 36 222 2 606 5 930 6 251 162 042 198 889 111 455 179 603 85 346 108 192
Taxation 10 237 1 169 1 769 2 542 39 099 55 715 25 788 36 665 24 578 30 355
Net profit/(loss) after taxation 25 985 1 437 4 161 3 709 85 667 60 768 77 837
Other comprehensive income/(expense) 122 943 143 174 - 142 938 -
Total comprehensive income/(loss) for the year - - - - - - 85 667 - - 77 837
Transfer to/(from) retained earnings 25 985 1 437 4 161 3 709 60 768 -
Other comprehensive (income)/expense 122 943 143 174 (23 877) 142 938 -
Dividends - - - - - - - (67 636) -
Change in retained earnings - - - - - - - 110 000
- - - - 79 188 - 45 000 (32 163)
25 985 1 437 4 161 3 709 475 000 120 000 (17 398) 55 300 15 768
(352 057) 23 174 20 002

Net premium to gross premium 26% 26% 0% 0% 45% 49% 99% 100% 49% 49%
Claims incurred to earned premium 67% 75% 1563% 74% 65% 66% 43% 46% 69% 69%
Management and other expenses to net earned 96% 97% 2995% (4824%) 45% 45% 19% 22% 69% 65%
premium
Combined ratio 110% 117% 242% (207%) 94% 94% 82% 85% 96% 92%
Operating ratio 105% 114% 15% 119% 91% 88% 62% 27% 93% 89%
Return on equity 4% 4% 22% 16% 18% 30% 23% 32%
17% 1%