Shareholders’ fund at fair value

at 31 December 2010
 
2010
Restated
2009
R million Note
Fair
value
Fair
value
adjust-
ment
Net
asset
value
Fair
value
Fair
value
adjust-
ment
Net
asset
value
Covered business, discretionary and other capital
23 623
217
23 406
22 103 119 21 984
Property and equipment
222
222
194 194
Owner-occupied properties
493
493
614 614
Goodwill(2)
497
497
497 497
Value of business acquired(2)
716
716
753 753
Other intangible assets
39
39
45 45
Deferred acquisition costs
1 528
1 528
1 390 1 390
Investments
19 992
217
19 775
19 656 119 19 537
Equities and similar securities
7 947
112
7 835
8 051 112 7 939
Associated companies
1 168
105
1 063
369 7 362
Joint ventures – Shriram Life Insurance
257
257
247 247
Public sector stocks and loans
17
17
199 199
Investment properties
993
993
744 744
Other interest-bearing and preference share investments
9 610
9 610
10 046 10 046
Net term finance
Term finance
(5 577)
(5 577)
(5 397) (5 397)
Assets held in respect of term finance
5 577
5 577
5 397 5 397
Net deferred tax
284
284
61 61
Net working capital
520
520
( 344) (344)
Minority shareholders’ interest
( 668)
(668)
( 763) (763)
Other Group operations
16
19 413
10 489
8 924
16 833 8 422 8 411
Sanlam Investments
6 569
4 977
1 592
5 993 4 510 1 483
SIM Wholesale
4 247
3 515
732
3 696 3 215 481
International
1 810
1 024
786
1 909 989 920
Sanlam Collective Investments
512
438
74
388 306 82
Sanlam Personal Finance
2 054
1 365
689
1 612 926 686
Glacier
965
685
280
762 442 320
Sanlam Personal Loans(3)
365
104
261
133 133
Multi-Data
149
130
19
166 144 22
Sanlam Trust
185
166
19
160 141 19
Sanlam Home Loans
120 120
Anglo African Finance
50
33
17
42 24 18
Sanlam Healthcare Management
235
157
78
130 99 31
Sanlam Namibia Holdings
105
90
15
99 76 23
Sanlam UK
901
34
867
833 9 824
Principal
318
17
301
283 283
Buckles
42
(8)
50
38 1 37
Punter Southall Group
227
(43)
270
259 1 258
Other UK operations
140
68
72
7 7
Preference shares, interest-bearing instruments and other
174
174
246 246
Sanlam Developing Markets:
other operations
404
94
310
262 87 175
Coris Administration and Infinit
25
15
10
Capital Management
931
83
848
984 153 831
MiWay
127 106 21
Shriram General Insurance
143
143
115 115
Santam
8 386
5 168
3 218
6 907 3 878 3 029
Goodwill held on Group level in respect of the above businesses  
(1 247)
1 247
(1 247) 1 247
Shareholders’ fund at fair value
 
43 036
10 706
32 330
38 936 8 541 30 395
Value per share (cents)
17
2 114
526
1 588
1 888 414 1 474
 
 
2010
Restated
2009
R million
Total
Fair
value
of assets
Value
of
in-force
Total Fair
value
assets
Value
of
in-force
Reconciliation to Group Equity Value
     
Group Equity Value before adjustments to net worth
58 615
41 603
17 012
52 216 37 475 14 741
Add: Goodwill and value of business acquired replaced by value of in-force
1 433
1 433
1 461 1 461
Merchant Investors
356
356
356 356
Sanlam Developing Markets
849
849
903 903
Shriram Life Insurance(4)
210
210
190 190
Other
18
18
12 12
Less: Value of in-force
(17 012)
(17 012)
(14 741) (14 741)
Shareholders’ fund at fair value
43 036
43 036
38 936 38 936
(1) Group businesses listed above are not consolidated, but reflected as investments at fair value.
(2) The value of business acquired and goodwill relate mainly to the consolidation of Sanlam Sky Solutions, Channel Life and Merchant Investors and are excluded in the build-up of the Group Equity Value, as the current value of in-force business for these life insurance companies are included in the embedded value of covered business
(3) The life insurance component of Sanlam Personal Loans' operations is included in the value of in-force business and therefore excluded from the Sanlam Personal Loans fair value. 
(4) The carrying value of Shriram Life Insurance includes goodwill of R210 million (2009: R190 million) that is excluded in the build-up of the Group Equity Value, as the current value of in-force business for Shriram Life Insurance is included in the embedded value of covered business