Notes to the Consolidated And Separate Annual Financial Statements | Note 35

35. IFRS 17 INSURANCE CONTRACTS
 

Net insurance result

   Centriq 
R'000 		 Guardrisk 
R'000 		 Total 
R'000 
30 JUNE 2024      
INSURANCE REVENUE          
Gross Written Premiums  83 726  12 309  96 035 
TOTAL INSURANCE REVENUE  83 726  12 309  96 035 
INSURANCE SERVICE EXPENSE          
Incurred claims  (46 800) (3 920) (50 720)
Other insurance service expenses  (33 926) (5 454) (39 380)
TOTAL INSURANCE SERVICE EXPENSES  (80 726) (9 374) (90 100)
INSURANCE SERVICE RESULT  3 000  2 935  5 935 
INSURANCE FINANCE INCOME          
NET CELL CAPTIVE INTEREST INCOME  3 788  2 943  6 731 
TOTAL INSURANCE FINANCE INCOME  3 788  2 943  6 731 
NET INSURANCE RESULT  6 788  5 878  12 666 

 

30 JUNE 2023      
INSURANCE REVENUE          
Gross Written Premiums  70 734  11 681  82 415 
TOTAL INSURANCE REVENUE  70 734  11 681  82 415 
INSURANCE SERVICE EXPENSE          
Incurred claims  (35 522) (3 131) (38 653)
Other insurance service expenses  (28 982) (5 236) (34 218)
Changes to liabilities for incurred claims  (210) –  (210)
TOTAL INSURANCE SERVICE EXPENSES  (64 714) (8 367) (73 081)
INSURANCE SERVICE RESULT  6 020  3 314  9 334 
INSURANCE FINANCE INCOME          
NET CELL CAPTIVE INTEREST INCOME  2 105  1 986  4 092 
TOTAL INSURANCE FINANCE INCOME  2 105  1 986  4 092 
NET INSURANCE RESULT  8 125  5 300  13 426 

Insurance contract assets

   Estimates of 
the present 
value of 
future cash 
flows 
R'000 		 Risk 
adjustment 
R'000 		 Total 
asset/ 
(liability)
R'000 
INSURANCE CONTRACT ASSETS AS AT 1 JULY 2023  70 879  (901) 69 978 
CHANGES THAT RELATE TO PAST SERVICES          
Risk adjustment recognised for the risk expired  27  (27) – 
CHANGES THAT RELATE TO FUTURE SERVICES          
Contracts initially recognised in the period  (54) 54  – 
Insurance revenue  96 035  –  96 035 
Insurance services expenses  (90 100) –  (90 100)
INSURANCE SERVICE RESULT  5 935  –  5 935 
Insurance finance income  6 731  –  6 731 
TOTAL CHANGES IN THE INCOME STATEMENT  12 666  –  12 666 
CASH FLOWS          
Premiums received          
Dividends paid  (15 000) –  (15 000)
Recapitalisation of the cell  –  –  – 
Insurance finance income/(expense) –  –  – 
TOTAL CASH FLOWS  (15 000) –  (15 000)
Risk adjustment recognised for the risk expired          
INSURANCE CONTRACT ASSETS AS AT 30 JUNE 2024  68 518  (874) 67 644 
INSURANCE CONTRACT ASSETS AS AT 1 JULY 2022  56 619  (467) 56 152 
CHANGES THAT RELATE TO PAST SERVICES          
Risk adjustment recognised for the risk expired  (48) 48  – 
CHANGES THAT RELATE TO FUTURE SERVICES  482  (482) – 
Insurance revenue  82 415  –  82 415 
Insurance services expenses  (73 081) –  (73 081)
INSURANCE SERVICE RESULT  9 334  –  9 334 
Insurance finance income  4 092  –  4 092 
TOTAL CHANGES IN THE INCOME STATEMENT  13 426  –  13 426 
CASH FLOWS          
Premiums received          
Dividends paid  400  –  400 
Recapitalisation of the cell  –  –  – 
Insurance finance income/(expense) –  –  – 
TOTAL CASH FLOWS  400  –  400 
INSURANCE CONTRACT ASSETS AS AT 30 JUNE 2023  70 879  (901) 69 978