Sanlam Group statement of comprehensive income

for the year ended 31 December 2010
 
R million Note
2010
Restated
2009
Net income
 
67 285
60 634
Financial services income 19
33 737
30 931
Reinsurance premiums paid 20
(3 040)
(2 848)
Reinsurance commission received 21
307
  258 
Investment income 22
15 344
 15 997 
Investment surpluses 22
21 831
17 380 
Finance cost – margin business 26
(216)
 (246) 
Change in fair value of external investors’ liability  
(678)
(838) 
Net insurance and investment contract benefits and claims
 
(44 640)
 (41 063) 
Long-term insurance contract benefits 23
(22 928)
 (17 084) 
Long-term investment contract benefits 23
(13 444)
 (15 763) 
Short-term insurance claims  
(9 520)
 (9 800) 
Reinsurance claims received 21
1 252
 1 584 
Expenses
 
(13 290)
 (11 552) 
Sales remuneration  
(4 870)
 (4 414) 
Administration costs 24
(8 420)
 (7 138) 
Impairments
39
 (79) 
Amortisation of intangibles
 
(103)
 (84) 
Net operating result
 
9 252
 7 856 
Equity-accounted earnings 25
329
 104 
Finance cost – other 26
(309)
 (363) 
Profit before tax
 
9 272
 7 597 
Taxation 27
(2 757)
 (2 525) 
Shareholders’ fund
(1 911)
 (1 755) 
Policyholders’ fund
(846)
 (770) 
       
Profit for the year
6 515
5 072
Other comprehensive income    
Movement in foreign currency translation reserve
(517)
(454)
Comprehensive income for the year
 
5 998
4 618
Allocation of comprehensive income:
   
Profit for the year 
6 515
5 072
Shareholders’ fund
5 523
4 388
Minority shareholders’ interest
992
684
Comprehensive income for the year
5 998
4 618
Shareholders’ fund
5 115
4 079
Minority shareholders’ interest
883
539 
Earnings attributable to shareholders of the company (cents):
   
Profit for the year:    
Basic earnings per share 28
280,4
222,1
Diluted earnings per share 28
272,2
216,4