Group equity value

at 31 December 2010
 
2010
Restated
2009
R million Note
Total
Fair value
of assets
Value of
in-force
Total Fair value
of assets
Value of
in-force
Sanlam Personal Finance
23 542
10 198
13 344
21 496 9 710 11 786
Covered business(1)
21 488
8 144
13 344
19 884 8 098 11 786
Glacier
965
965
762 762
Sanlam Personal Loans
365
365
133 133
Multi-Data
149
149
166 166
Sanlam Trust
185
185
160 160
Sanlam Home Loans
120 120
Anglo African Finance
50
50
42 42
Sanlam Healthcare Management
235
235
130 130
Sanlam Namibia Holdings
105
105
99 99
Sanlam Developing Markets
4 356
1 508
2 848
3 741 1 625 2 116
Covered business(1)
3 952
1 104
2 848
3 479 1 363 2 116
Sanlam Developing Markets:
other operations
404
404
262 262
Sanlam UK
1 539
1 113
426
1 498 1 050 448
Covered business(1)
638
212
426
665 217 448
Principal
318
318
283 283
Buckles
42
42
38 38
Punter Southall Group
227
227
259 259
Other UK operations
140
140
7 7
Preference shares, interest-bearing instruments and other
174
174
246 246
Institutional cluster
12 492
12 098
394
11 937 11 546 391
Covered business(1)
4 967
4 573
394
4 960 4 569 391
Sanlam Investments
6 569
6 569
5 993 5 993
Coris Administration and Infinit
25
25
Capital Management
931
931
984 984
Short-term insurance
8 529
8 529
7 149 7 149
MiWay
127 127
Shriram General Insurance
143
143
115 115
Santam
8 386
8 386
6 907 6 907
               
Group operations
50 458
33 446
17 012
45 821 31 080 14 741
Capital diversification
(700) (700)
Discretionary capital
4 000
4 000
3 500 3 500
Balanced portfolio – other
4 157
4 157
3 595 3 595
Group Equity Value before adjustments to net worth
58 615
41 603
17 012
52 216 37 475 14 741
Net worth adjustments
(1 254)
(1 254)
(1 192) (1 192)
Present value of holding company expenses 18
(1 232)
(1 232)
(1 165) (1 165)
Fair value of outstanding equity compensation shares granted by subsidiaries on own shares
(22)
(22)
(27) (27)
               
Group Equity Value
 
57 361
40 349
17 012
51 024 36 283 14 741
Value per share (cents)
17
2 818
1 982
836
2 473 1 759 715
Analysis per type of business
     
Covered business(1)
31 045
14 033
17 012
28 988 14 247 14 741
Sanlam Personal Finance
21 488
8 144
13 344
19 884 8 098 11 786
Sanlam Developing Markets
3 952
1 104
2 848
3 479 1 363 2 116
Sanlam UK
638
212
426
665 217 448
Institutional cluster
4 967
4 573
394
4 960 4 569 391
Other Group operations 16
19 413
19 413
16 833 16 833
Discretionary and other capital  
6 903
6 903
5 203 5 203
Group Equity Value
 
57 361
40 349
17 012
51 024 36 283 14 741
Analysis of covered business
     
Sanlam Personal Finance
21 488
8 144
13 344
19 884 8 098 11 786
Allocated capital
21 488
8 144
13 344
19 436 7 650 11 786
Utilisation of capital diversification
448 448
Sanlam Developing Markets
3 952
1 104
2 848
3 479 1 363 2 116
Allocated capital
3 952
1 104
2 848
3 479 1 363 2 116
Utilisation of capital diversification
Sanlam UK
638
212
426
665 217 448
Allocated capital
638
212
426
665 217 448
Utilisation of capital diversification
Institutional cluster
4 967
4 573
394
4 960 4 569 391
Allocated capital
4 967
4 573
394
4 708 4 317 391
Utilisation of capital diversification
252 252
               
Covered business
31 045
14 033
17 012
28 988 14 247 14 741
Allocated capital
31 045
14 033
17 012
28 288 13 547 14 741
Utilisation of capital diversification
700 700
               
(1)Refer to embedded value of covered business.