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| Operating income net of direct expenses |
Profit from operations before non-trading and capital items |
|||||
|---|---|---|---|---|---|---|
| Rm | 2017 | % | 2016 | 2017 | % | 2016 |
| Institutional clients | ||||||
| Consulting | 802 | (2) | 818 | 74 | (9) | 81 |
| Retirements | 421 | 12 | 375 | 100 | 27 | 79 |
| Investments | 640 | – | 641 | 276 | – | 277 |
| Group risk | 57 | (24) | 75 | 15 | (40) | 25 |
| 1 920 | 1 | 1 909 | 465 | 1 | 462 | |
| Retail clients | ||||||
| Wealth and investments | 797 | 5 | 758 | 378 | 15 | 329 |
| Retail insurance | 477 | 4 | 458 | 88 | (4) | 92 |
| 1 274 | 5 | 1 216 | 466 | 11 | 421 | |
| Emerging markets | 241 | (11) | 270 | 32 | (51) | 65 |
| Total group before items below | 3 435 | 1 | 3 395 | 963 | 2 | 948 |
| Accounting for property leases | – | – | (26) | (30) | ||
| Accounting for conditional share scheme costs | – | – | (4) | (13) | ||
| Total group | 3 435 | 1 | 3 395 | 933 | 3 | 905 |
| Depreciation and amortisation | |||
|---|---|---|---|
| Rm | 2017 | % | 2016 |
| Institutional clients | |||
| Consulting | 3 | 4 | |
| Retirements | 6 | 5 | |
| Investments | 10 | 8 | |
| Group risk | 2 | 1 | |
| 21 | 17 | 18 | |
| Retail clients | |||
| Wealth and investments | 7 | 5 | |
| Retail insurance | 4 | 5 | |
| 11 | 10 | 10 | |
| Emerging markets | 3 | – | 3 |
| Total before unallocated items | 35 | 13 | 31 |
| Unallocated | |||
| Corporate services | 66 | 56 | |
| Discontinued operations | 15 | 22 | |
| Total group | 116 | 6 | 109 |
The segmental analysis provided above reflects the operating structure under which management currently reports. The above table reflects a change in presentation from the segmental report presented in the prior-year results. Owing to the change in structure and the reallocation of certain business lines the prior year’s numbers have been represented to provide the appropriate comparative numbers.
The group’s executive committee, which includes the chief executive, the chief financial officer and the divisional managing directors, examines the group’s performance both from a product and geographic perspective and has identified seven reportable segments of its business.
Institutional clients – within institutional clients, there are four strategic operating segments and these are described below:
Retail clients – within retail clients, there are two strategic operating segments which are described below:
Emerging markets – this geographical segment offers financial services products in Africa (outside South Africa). It focuses on and meets the demands of each local market, as well as adapts business products to local legislation.
Within the divisional units above, business units offer different products and services, and require different technology and marketing strategies.
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