| |
|
2017
R’000 |
|
|
2016
R’000 |
|
| 28. |
Life assurance fund |
|
|
|
|
|
| |
The carrying value of the assurance funds agree with the amount of the actuarial values of liabilities under life
insurance policies and contracts at that date. Policyholder liabilities include liabilities for insurance contracts and
investment contracts. |
|
|
|
|
|
| |
Insurance contract liabilities |
15 605 |
|
|
24 761 |
|
| |
Balance at beginning of year |
24 761 |
|
|
26 733 |
|
| |
Movement during the year |
(9 156) |
|
|
(1 972) |
|
| |
Investment contract liabilities |
295 750 |
|
|
– |
|
| |
Balance at beginning of year |
– |
|
|
– |
|
| |
Movement during the year |
295 750 |
|
|
– |
|
|
|
|
|
|
|
|
| |
Net assurance fund at end of year |
311 355 |
|
|
24 761 |
|
| |
Gross assurance fund |
310 028 |
|
|
29 579 |
|
| |
Reinsurer’s share |
1 327 |
|
|
(4 818) |
|
| |
Net assurance fund |
311 355 |
|
|
24 761 |
|
| |
Insurance contracts |
|
|
|
|
|
| |
Insurance contracts are predominantly credit life policies sold by motor dealerships. |
|
|
|
|
|
| |
Investment contracts |
|
|
|
|
|
| |
Investment contracts are linked living annuities sold by independent financial advisers and administered by Global
Fund Administrators, who operate under an underwriting manager agreement. Bidvest Life commenced the
investment contracts business on 1 October 2016. |
|
|
|
|
|