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The South African Insurance Industry Survey 2016 | 127

LONG TERM INSURERS | Statement of Comprehensive Income | R’000 (continued)

Accounting Year end Jun-15 Jun-14 Dec-15 Dec-14 Nov-15 Nov-14 Jun-15 Jun-14 Jun-15 Jun-14
Group/Company
1Life Direct Insurance Absa Life Limited AIG Life Limited AVBOB Mutual Assurance Bidvest Life Limited
Limited Society

FSB classification Traditional Traditional Traditional Traditional Traditional
Change in policyholder liabilities under insurance - 776 742 1 448 868
contracts - (125 389) 138 960 (38 388) (2 873) (1 095) (2 346)
Fair value adjustments on policyholder liabilities
under investment contracts - - 637 700 987 944 - - ----
Acquisition costs
Administration, management and other 119 743 78 002 459 354 441 958 191 591 289 789 450 592 376 907 10 880 10 847
expenses 416 130 305 795 491 574 478 152 104 577 154 251 669 070 572 506 22 649 18 656
Total expenses
Profit/(loss) before tax 624 008 340 764 2 263 914 2 749 680 487 150 645 975 2 701 296 3 065 093 38 582 34 895
Tax 140 046 177 437 1 041 932 929 420 121 593 10 558 634 144 711 934 31 221 73 624
Profit/(loss) after tax 268 261 2 036 139 123 164 042 14 147
Other comprehensive income 39 213 49 682 300 174 661 159 34 321 8 522 495 021 547 892 6 254 59 477
Total comprehensive income/(loss) for the 100 833 127 755 741 758 - 87 272 - (2 124) (5 545) 24 967
year 661 159 8 522 492 897 542 347 -
Other transfers to/(from) retained income - - - - - 59 477
Other comprehensive income not charged 100 833 127 755 741 758 87 272 24 967
against retained earnings
Ordinary dividends ------ - - 11 288 30 852
Allocated to preference shareholders ------ ----
Change in retained earnings
Management expenses to net premium and - - 704 000 892 000 115 000 46 100 - - 27 279 23 400
service fees on investment contracts - - - - - - - - - -
Tax as a % of NIBT 100 833 127 755 492 897 542 347
Comments 57% 80% 37 758 (230 841) (27 728) (37 578) 29% 29% (13 600) 5 225
20% 21% 18% 25% 51% 45%

28% 28% 29% 29% 28% 19% 22% 23% 20% 19%
Company Company Company Company Company Company Society Society Company Company