Zurich Insurance Company
South Africa Annual Report 2010


Currently viewing » Statement of financial position

» Statement of financial position
    as at 31 December 2010
 
Group   
Company
 
  
2010  
2009  
2010  
2009  
 
Note   
R’000  
R’000  
R’000  
R’000  
Assets          
Land, buildings and equipment
4  
112,690  
127,719  
107,389  
118,325  
Goodwill
5  
-  
2,002  
-  
-  
Intangible assets
6  
53,519  
17,779  
45,168  
9,675  
Investments in subsidiaries
7  
-  
-  
58,569  
65,482  
Investments in associates
8  
4,560  
1,151  
3,752  
522  
Financial instruments
9  
3,036,859  
2,779,066  
2,714,511  
2,378,334  
– Available-for-sale
9.1  
1,664,568  
1,530,588  
1,403,799  
1,187,626  
– At fair value through income
9.2  
406,868  
381,010  
406,868  
381,010  
– Loans and receivables
9.3  
965,423  
867,468  
903,844  
809,698  
Deferred taxation asset
10  
18,468  
75,199  
15,794  
73,691  
Prepayment
11.1  
134,544  
47,703  
134,544  
47,703  
Deferred acquisition costs
12  
102,192  
121,408  
88,734  
107,917  
Reinsurance assets
13  
970,283  
716,568  
819,100  
671,781  
– Reinsurance outstanding claims
13  
759,161  
486,690  
645,639  
467,610  
– Reinsurance unearned premiums
13  
211,122  
229,878  
173,461  
204,171  
Income tax asset
  
26,355  
114,050  
21,949  
111,342  
Cash and cash equivalents
14  
1,072,454  
1,032,696  
679,608  
524,119  
Total assets
  
5,531,924  
5,035,341  
4,689,118  
4,108,891  
Equity and liabilities
  
  
  
  
  
Equity
  
  
  
  
  
Share capital
15  
4,650  
4,650  
4,650  
4,650  
Translation reserve
  
(36,908) 
(31,662) 
-  
-  
Revaluation reserve
16  
293,941  
208,605  
293,941  
208,482  
Statutory contingency reserve
  
375,365  
414,174  
347,448  
407,016  
Retained income
  
1,246,779  
1,063,553  
1,145,222  
902,003  
Non-controlling interest
  
-  
2,859  
-  
-  
Total equity
  
1,883,827  
1,662,179  
1,791,261  
1,522,151  
Liabilities
  
  
  
  
  
Retirement benefit obligation
11.2  
41,494  
31,272  
41,317  
31,250  
Financial liabilities held at amortised cost
17  
281,597  
320,375  
-  
-  
Insurance liabilities
13  
2,447,738  
2,298,714  
2,169,072  
2,173,768  
– Gross outstanding claims
13  
1,691,964  
1,458,202  
1,549,936  
1,436,569  
– Gross unearned premiums
13  
755,774  
840,512  
619,136  
737,199  
Deferred reinsurance commission
18  
17,264  
26,496  
15,739  
24,887  
Current tax payable
  
-  
8,386  
-  
-  
Trade and other payables
19  
838,848  
687,919  
650,573  
356,835  
Provisions
19.1  
21,156  
-  
21,156  
-  
Total liabilities
  
3,648,097  
3,373,162  
2,897,857  
2,586,740  
Total equity and liabilities
  
5,531,924  
5,035,341  
4,689,118  
4,108,891