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The South African Insurance Industry Survey 2016 | 147

REINSURERS | Statement of Comprehensive Income | R’000

Accounting year end Dec-15 Dec-14 Dec-15 Dec-14 Dec-15 Dec-14 15 month period ended Dec-13

Mar-15

Group/Company African Reinsurance Emeritus Reinsurance General Reinsurance GIC Re South
Corporation (South Company (South Africa) Africa Limited Africa Limited
Gross premiums written
Net premiums written Africa) Limited Limited
Earned premiums
2 163 137 2 146 143 17 130 13 185 2 230 452 2 116 230 155 878 16 282
2 153 821 2 041 458 25 901 10 502
624 491 622 780 10 680 9 730 2 158 973 2 036 317 17 140 10 502

628 034 630 232 10 110 7 463

Total net investment income 88 698 152 747 979 1 004 293 676 265 447 4 740 (6 555)
Reinsurance commission revenue 462 178 449 488 2 095 1 071 19 671 22 696 11 849 669
Other income 28 295 - -
Total income - - - - -
1 178 910 1 232 467 13 184 9 538 2 500 615 2 324 460 33 729 4 616

Policyholder benefits and entitlements 457 446 489 189 2 225 2 230 1 943 498 1 821 673 8 729 (242)
Acquisition expense
Management and other expenses 584 439 565 197 5 072 3 236 58 353 89 575 10 788 320
Total expenses
Net profit/(loss) before tax 95 670 79 809 8 710 6 423 107 406 94 769 10 915 12 229
Tax
Net profit/(loss) after tax 1 137 555 1 134 195 16 007 11 889 2 109 257 2 006 017 30 432 12 307
Other comprehensive income/(loss)
Total comprehensive income/(loss) for the year 41 355 98 272 (2 823) (2 351) 391 358 318 443 3 297 (7 691)
Transfer to/(from) retained earnings
Dividends 6 748 21 668 -- 129 784 80 401 --
Change in retained earnings
Net premiums to gross premiums 34 607 76 604 (2 823) (2 351) 261 574 238 042 3 297 (7 691)
Policyholder benefits and entitlements to earned premium
Management and other expenses to earned premium -- -- (158 200) (4 182) --
Comments
34 607 76 604 (2 823) (2 351) 103 374 233 860 3 297 (7 691)

-- -- -- (10 496) 8 053

-- -- -- 42 022 -

34 607 76 604 (2 823) (2 351) 261 574 238 042 (49 221) 362

29% 29% 62% 74% 97% 96% 17% 65%

73% 78% 22% 30% 90% 89% 51% (2%)

15% 13% 86% 86% 5% 5% 64% 116%

Company Company Composite company Composite company