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The South African Insurance Industry Survey 2016 | 113

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 Jun-15 Jun-14
Group/Company
Mutual & Federal Risk Nedgroup Insurance New National Assurance Nova Risk Partners OUTsurance Insurance
Financing Limited Company Limited Company Limited Limited Company Limited

Gross premiums written 1 728 258 997 944 1 055 695 978 786 1 015 397 1 110 677 - - 6 580 001 6 048 468
Net premiums written 40 345 13 618 925 628 863 216 338 935 369 108 (410) 251 6 489 861 5 947 347
Earned premiums 41 052 24 598 877 188 852 075 333 991 369 765 (410) 251 6 489 698 5 929 979

Total net investment income 10 068 18 741 81 061 53 926 14 995 14 116 1 033 1 263 250 985 251 433
Reinsurance commission revenue 253 868 118 244 19 668 10 558 124 768 117 460 - - - -
Other income 37 295 33 195 - -
Total income - - 1 015 212 949 754 12 913 8 118 571 4 169
304 988 161 583 486 667 509 459 1 194 5 683 6 740 683 6 181 412
Net claims incurred 406 113 395 799
Acquisition costs 5 923 5 962 183 999 178 651 260 391 285 656 217 (1 589) 3 279 979 3 130 979
Interest allocated to cell owners 256 150 120 826 171 123 174 372 240 4 832 34 634 28 744
Employee benefit expense - - 466 436 - -
Management and other expenses - - - - - - - - -
Total expenses - - 150 229 152 371 - - - 391
15 014 12 492 740 341 726 821 42 725 35 788 327 4 070 1 451 545 1 296 148
277 087 139 280 474 239 495 816 1 250 4 766 158 4 455 871

Net profit/(loss) before taxation 27 901 22 303 274 871 222 933 12 428 13 643 (56) 1 613 1 974 525 1 725 541
Taxation 7 397 6 292 74 698 59 664 3 143 3 818 16 597 572 458 511 497
Net profit/(loss) after taxation 9 285 9 825
Other comprehensive income/(expense) 20 504 16 011 200 173 163 269 2 423 5 047 (40) 1 016 1 402 067 1 214 044
Total comprehensive income/(loss) for the year - - - - - - 13 451 24 486
Transfer to/(from) retained earnings 11 708 14 872
Other comprehensive (income)/expense 20 504 16 011 200 173 163 269 - - (40) 1 016 1 415 518 1 238 530
Dividends - - - - - - (13 451) (24 012)
Change in retained earnings - - - - (2 423) (5 047) - - - -
- - 679 679
50 000 50 000 4 000 4 000 1 029 000 1 063 250
20 504 16 011 150 173 113 269 8 606 9 146 (4 040) (2 984) 399 969 199 292

Net premium to gross premium 2% 1% 88% 88% 33% 33% N/A N/A 99% 98%
Claims incurred to earned premium 14% 24% 46% 46% 78% 77% (53%) (633%) 51% 53%
Management and other expenses to net earned 37% 51% 17% 18% 13% 10% (80%) 22% 22%
premium 156%
Combined ratio 57% 86% 82% 84% 105% 102% (191%) 73% 75%
Operating ratio 32% 9% 73% 78% 100% 99% 61% 1448% 70% 71%
Return on equity 12% 26% 26% 5% (1%) 945% 48% 48%
11% 5% 14%