Hollard Full Report 2011

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Annual Financial Statements
for the year ended 30 June 2011

Contents
Corporate Governance Report Group Audit Committee Report 2 6

LIFE
Group salient features Directors’ responsibility statement and approval of annual financial statements Statement of actuarial values of assets and liabilities Notes to the statement of actuarial values of assets and liabilities Embedded value statement Independent Auditors’ Report Directors’ Report Statements of financial position Income statements Statements of comprehensive income Statements of changes in equity Statements of cash flows Notes to the annual financial statements Directorate and administration 10 11 13 15 17 18 19 22 23 24 25 26 27 93

QUICK TAKE-OUT
Combined annual gross premium income: R15.5 billion – and rising Total assets: R24.7 billion – and increasing Financial strength: R2.7 billion in shareholders’ funds Policyholders: In excess of six million people and still growing Gross premium income: R’000

15 000 000 12 000 000 12 000 000 10 000 000 8 000 000 6 000 000 6 000 000 4 000 000 3 000 000 2 000 000 0 2007 2008 2009 2010 2011 0 2007 2008 2009 2010 2011

Net premium income: R’000

9 000 000

HOLLARD/ ANNUAL REPORT 2011/ QUICK TAKE-OUT

1

INSURANCE
Group salient features Directors’ responsibility statement and approval of annual financial statements Independent Auditors’ Report Directors’ Report Statements of financial position Income statements Statements of comprehensive income Statements of changes in equity Statements of cash flows Notes to the annual financial statements Directorate and administration 96 97 98 99 102 103 104 105 107 108 191

Life Insurance

Net profit attributable to owners of the parent: R’000

Total assets: R’000

1000 000

800 000

25 000 000 20 000 000 15 000 000

600 000

400 000 10 000 000 200 000 5 000 000 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

0

2

Corporate Governance Report
for the financial year ended 30 June 2011

The corporate governance statement set out below is a joint statement from the Boards of Directors of The Hollard Insurance Company Limited and The Hollard Life Assurance Company Limited (the Group) which hold joint Board meetings (the Board).

Introduction
This corporate governance report is a joint report from the Boards of Directors of The Hollard Insurance Company Limited and Hollard Life Assurance Company Limited (the Group). The Boards are responsible for monitoring compliance with the Group’s corporate governance policy, and subscribe to and are committed to ensuring that the Group complies with the principles of good corporate governance as outlined in the King III Code of Corporate Governance Principles of South Africa (King III). During the year ended 30 June 2010, a review process to identify the gaps between the King III recommendations and the level of governance applied in the Group was conducted. As a result of the review, additional principles were implemented in line with the Group strategy. established in line with King III recommendations and a charter for this Committee was approved by the Board; and aligned with both King III and the new Act. committees appears under “Board Committees”.

FSB Solvency Assessment Management (SAM) project
During the year under review, both project which was initiated by the FSB in early 2010. The project requires insurers to participate in task teams formed by the FSB to assist, inter alia, with the drafting of new prudential legislation that will govern insurers in the future. The Group also created an internal steering committee and project teams to

During the year under review, the following governance and legislative matters were considered: The Companies Act of 2008, as amended (the new Act): on the new Act and its implications for the business; require immediate attention to ensure compliance with the new Act was embarked upon and an implementation plan was put in place; to ensure...
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