Page 118 - MC14326 all pages

114 | The South African Insurance Industry Survey 2016

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

Accounting year end Jun-15 Jun-14 Jun-15 Jun-14 Mar-15 Mar-14 Dec-15 Dec-14 Mar-15 Mar-14
Group/Company
Regent Insurance Renasa Insurance Safire Insurance Company Santam Limited Sasria SOC Limited
Company Limited Company Limited Limited

Gross premiums written 1 452 028 1 448 377 1 047 582 803 114 259 189 232 813 21 085 000 19 866 000 1 522 866 1 390 338
Net premiums written 1 413 670 1 408 541 130 785 102 839 157 275 128 870 17 003 000 15 879 000 1 381 872 1 263 765
Earned premiums 1 432 266 1 407 576 130 217 102 105 155 231 127 782 16 861 000 15 654 000 1 358 649 1 194 730

Total net investment income 163 380 287 691 4 686 2 742 11 231 15 104 1 807 000 1 352 000 389 755 447 969
Reinsurance commission revenue 10 589 12 488 178 049 144 166 15 983 16 720 1 066 000 1 013 000 24 049 22 632
Other income 30 868 32 665 23 342 14 213 129 37
Total income 20 962 17 122 205 787 173 819 - -
1 637 103 1 740 420 333 914 266 135 19 734 000 18 019 000 1 772 582 1 665 368
Net claims incurred 105 907
Acquisition costs 699 326 752 019 94 906 72 900 43 507 76 677 10 442 000 9 847 000 440 559 306 382
Interest allocated to cell owners 272 158 321 363 159 547 123 299 - 38 165 3 582 000 3 327 000 176 730 120 987
Employee benefit expense - -
Management and other expenses - - - - 41 766 - - - - -
Total expenses - - - - - 2 702 000 - - -
406 439 343 379 76 755 67 142 191 180 38 003 2 518 000 321 153 293 959
1 377 923 1 416 761 331 208 263 341 152 845 16 726 000 15 692 000 938 442 721 328

Net profit/(loss) before taxation 259 180 323 659 2 706 2 794 14 607 20 974 3 008 000 2 327 000 834 140 944 040
Taxation 58 018 68 165 859 839 3 980 5 435 714 000 515 000 223 456 258 113
Net profit/(loss) after taxation 610 684 685 927
Other comprehensive income/(expense) 201 162 255 494 1 847 1 955 10 627 15 539 2 294 000 1 812 000
Total comprehensive income/(loss) for the year - - - - 1 069 4 599 97 000 - - -
Transfer to/(from) retained earnings 610 684 685 927
Other comprehensive (income)/expense 201 162 255 494 1 847 1 955 11 696 20 138 2 391 000 1 812 000 105 468
Dividends (132 929) (117 435) - - - - (775 000) 32 000 26 775
Change in retained earnings - - - - -
- - - - (1 069) (4 599) (97 000) 107 287
23 302 198 129 3 612 2 821 904 000 829 000 205 778 473 172
44 931 (60 070) 1 847 1 955 7 015 2 165 000 951 000 378 131
12 718

Net premium to gross premium 97% 97% 12% 13% 61% 55% 81% 80% 91% 91%
Claims incurred to earned premium 49% 53% 73% 71% 68% 60% 62% 63% 32% 26%
Management and other expenses to net earned 28% 24% 59% 66% 27% 30% 16% 16% 24% 25%
premium
Combined ratio 95% 100% 118% 117% 113% 107% 93% 94% 67% 58%
Operating ratio 84% 79% 114% 114% 106% 95% 82% 85% 39% 21%
Return on equity 20% 28% 14% 30% 27% 12% 15%
4% 5% 9%