Annual Financial Statements 2016

Group Income Statement
for the year ended 31 March 2016

Rm

Notes

2016

2015

Continuing operations

Fee and commission income

2

5 839

5 268

Direct expenses attributable to fee and commission income

2

(1 003)

(915)

Net income from insurance operations

3

540

498

Insurance premiums earned

2 123

1 909

Less: Amounts ceded to reinsurers

(1 258)

(1 114)

Plus: Investment income from insurance operations

32

11

Less: Insurance claims and withdrawals

(1 507)

(1 326)

Plus: Insurance claims and benefits covered by reinsurance contracts

1 150

1 018

Operating income net of direct expenses

5 376

4 851

Operating expenses

4

(4 166)

(3 714)

Profit from operations before non-trading and capital items

1 210

1 137

Non-trading and capital items

5

(137)

(355)

Operating profit

1 073

782

Investment income

6

294

226

Finance costs

7

(71)

(119)

Reported profit/(loss) arising from accounting for policyholder investments in treasury shares

11

59

(26)

Share of net profit of associates (net of income tax)

17

4

3

Profit before taxation

1 359

866

Income tax expense

8

(468)

(361)

Profit for the year from continuing operations

891

505

Discontinued operations

Loss on discontinued operations (net of income tax)

22

(17)

(145)

Profit for the year

874

360

Profit attributable to:

Equity holders

729

253

Non-controlling interest

9

145

107

874

360

Basic earnings/(loss) per share

– From continuing operations

58.4

32.9

– From discontinued operations

(1.5)

(12.4)

– From total operations

10

56.9

20.5

Diluted earnings per share from total operations

10

56.4

20.2