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Integrated Report 2024

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Financial Performance IFRS 17 was implemented in the current financial year and has been applied retrospectively thus resulting in the restatement of the 2023 figures.

However, for the purposes of this report, the previously reported figures have been maintained as the summary is presented over five (5) years.

PREMIUMS, CLAIMS AND UNDERWRITING PROFIT SUMMARY 2019/20 to 2023/24 (R’000) Table 4: Premiums, claims and underwriting profit summary

% Movement 2023/24 2022/23 2021/22 2020/21 2019/20

2023/24

Insurance premium revenue Net insurance revenue / earned premiums Net insurance results / Underwriting profit/ (loss)*

n/a

150 357 196 290 701 331 213 930

499 453 108,84% 239 119 512 654 611 453 523 290

(1 068 479)

21,37% (1 358 914)

(298 035)

556 718 453 596

Claims paid

(2 176 034)

147,90% (877 800)

-

-

(373 787)

Investment income

671 778 142,00% 277 589 297 453 822 981 122 549

* This amount does not take into account unallocated expenses of R37 million. When including these the movement is 18,68%

ASSET GROWTH 2018/19 to 2022/23 (R’000 Table 5: Asset growth

% Movement 2023/24 2022/23 2021/22 2020/21 2019/20

2023/24

Total financial assets (including cash and debtors)

8 484 970 (16,86%) 10 205 433 9 098 937 8 413 288 8 797 567

Total assets

10 686 835 (7,57%) 11 561 475 10 136 431 10 204 214 10 784 073

Total equity

8 526 999 29,06% 6 607 022 6 646 714 6 504 738 6 049 617

While the Corporation experienced an underwriting loss of R1,1 billion and a 16,86% reduction in total financial assets, the total equity has increased by 29,06%. The underwriting loss is driven largely by the provisions that have been raised for another project in Ghana following the default on debt by the government of Ghana. The reduction in total assets is due to the payment of insurance claims

for projects in Ghana. The R2,2 billion insurance payments were netted off by the recognition of future salvages receivable and the investment income earned. The Financial Overview section on page 99 details these results, and the associated management of financial capital and the insurance portfolio.

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