ECIC AR 2024 9TH

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Integrated Report 2024

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Total equity increased by: • 2023 restated: R2 billion (28.52%) mainly due to recognition of salvages as mentioned above; and • 2024: R35 million (0,42%) due to income generated from investments which was netted off by the recognition of claims provision for another project in Ghana and the adjustment of salvages previous recognised. Total assets reduced by R576 million (5,13%) due to: • payment of claims in Ghana amounting to R2 billion • premiums and salvages received are now considered in the calculation of Insurance liabilities/assets and no longer disclosed separately; and

• the transitioning to IFRS 17 resulted in an additional tax liability of R602 million which now reduces the tax asset which was previously reported The above were netted off by net investment income generated. The Corporation still has a strong solvency portion with both the Regulatory capital cover ratio and the Economic capital cover ratio exceeding the 100% as required by the Prudential Authority. The Regulatory capital cover ratio and the Economic capital cover ratio stood at 289% and 337% respectively.

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