Return on Group equity value

for the year ended 31 December 2010
 
2010
Restated
2009
 
Earnings
R million
Return
%
Earnings
R million
Return
%
Sanlam Personal Finance
4 525
21,1
3 003 14,3
Covered business(1)
3 782
19,0
2 815 14,4
Other operations
743
46,1
188 13,2
Sanlam Developing Markets
774
21,0
569 19,2
Covered business(1)
676
19,7
467 16,7
Other operations
98
37,4
102 63,8
Sanlam UK
41
2,7
(89) (5,8)
Covered business(1)
(7)
(1,1)
(14) (2,1)
Other operations
48
5,8
(75) (8,9)
Institutional cluster
1 761
14,8
2 607 22,6
Covered business(1)
606
12,2
1 153 20,8
Sanlam Investments
1 023
17,1
1 165 23,2
Coris Administration and Infinit
23
(70) (129,6)
Capital Management
109
11,1
359 38,4
Short-term insurance
2 056
28,8
2 133 40,5
Discretionary and other capital
165
  (774)
Balance of portfolio
400
  (334)  
Intangible assets less value of in-force acquired
(20)
  (87)  
Treasury shares
(153)
  (244)  
Change in net worth adjustments
(62)
  (109)  
         
Return on Group Equity Value
9 322
18,3
7 449 16,5
Return on Group Equity Value per share
 
18,2
  16,2
(1)Refer to embedded value of covered business.
 
R million
2010
2009
Reconciliation of return on Group Equity Value:
 
The return on Group Equity Value reconciles as follows to normalised attributable earnings:  
Normalised attributable earnings per shareholders’ fund income statement
5 544
4 444
Earnings recognised directly in equity
160
120
Dilution from Santam treasury share transactions
(31)
(19)
Share-based payments
191
139
Net foreign currency translation gains recognised in other comprehensive income
(408)
(309)
Movement in fair value adjustment – shareholders’ fund at fair value
2 165
2 442
Movement in adjustments to net worth
(17)
(139)
Present value of holding company expenses
(67)
(113)
Fair value of outstanding equity compensation shares granted by subsidiaries on own shares
5
4
Change in goodwill and value of business acquired adjustments less value of in-force acquired
45
(30)
Treasury shares and other
(152)
(244)
Change in accounting policies recognised on 1 January 2010 for GEV purposes
9
Growth from covered business: value of in-force(1)
2 030
1 126
Return on Group Equity Value
9 322
7 449
(1)Refer to embedded value of covered business