Zurich Insurance Company
South Africa Annual Report 2010


Currently viewing » Statement of financial performance

» Statement of financial performance
    for the year ended 31 December 2010
   
Group
Company
 
 
2010  
2009  
2010  
2009  
 
Note  
R’000  
R’000  
R’000  
R’000  
Gross written insurance premium
13  
4,632,362  
5,404,362  
4,212,214  
4,991,623  
Insurance premium ceded to reinsurers
13  
(978,900) 
(1,139,621) 
(737,736) 
(920,564) 
Net written insurance premium
  
3,653,462  
4,264,741  
3,474,478  
4,071,059  
Change in unearned premium
  
  
  
  
  
- Gross amount
13  
73,738  
(36,553) 
118,063  
(13,272) 
– Reinsurers’ share
13  
(13,435) 
37,074  
(30,710) 
25,791  
Net insurance premium earned
13  
3,713,765  
4,265,262  
3,561,831  
4,083,578  
Reinsurance commission earned
18  
168,526  
137,380  
137,134  
130,387  
Investment income
20  
240,696  
258,667  
283,331  
273,943  
Employee benefits surplus
11.1  
105,552  
-  
105,552  
-  
Other income
  
5,747  
28,007  
1,200  
1,200  
Net realised gains on available-for-sale financial assets
21  
6,809  
108,631  
6,809  
108,631  
Net income
  
4,241,095  
4,797,947  
4,095,857  
4,597,739  
– Gross amount paid
13  
(3,269,131) 
(3,905,335) 
(2,968,357) 
(3,739,099) 
– Reinsurers’ share paid
13  
654,764  
370,835  
414,262  
349,351  
– Gross amount change in provision
13  
(237,035) 
(270,344) 
(113,368) 
(283,828) 
– Reinsurers’ share of change in provision
13  
274,550  
134,701  
178,030  
158,069  
Net insurance claims
13  
(2,576,852) 
(3,670,143) 
(2,489,433) 
(3,515,507) 
Acquisition costs
12  
(747,659) 
(809,691) 
(689,507) 
(773,599) 
Impairment of available-for-sale financial assets
22  
(11,998) 
(1,539) 
(11,998) 
(1,539) 
Administrative and other operating expenses
23  
(692,029) 
(565,052) 
(660,459) 
(495,619) 
Investment expenses
  
(4,939) 
(4,824) 
(4,666) 
(3,628) 
Expenses
  
(1,456,625) 
(1,381,106) 
(1,366,630) 
(1,274,385) 
Profit/(loss) from operating activities
  
207,618  
(253,302) 
239,794  
(192,153) 
Finance costs
24  
(13,511) 
(31,772) 
(13,511) 
(7,536) 
Share of (loss)/income in associates
  
(1,708) 
-  
233  
-  
Profit/(loss) before taxation
  
192,399  
(285,074) 
226,516  
(199,689) 
Income tax (expense)/credit
25  
(47,982) 
100,509  
(42,865) 
99,418  
Profit/(loss) for the year
  
144,417  
(184,565) 
183,651  
(100,271) 
Earnings per share (cents)
  
  
  
  
  
Basic and diluted (cents)
26  
1,186  
(1,515) 
-  
-