michelle

MICHELLE CALITZ

Executive Head: Finance

“2012 was a financially successful year for the Centriq Group. We grew our net income after tax by 88%, albeit off a low base. We are looking forward to grow the business and we are geared to do just that with our cohesive leadership team, solid infrastructure and an exciting vision for the years ahead.”

Financials

INCOME STATEMENT HIGHLIGHTS (R’000) 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009
GWP 2 044 531 2 265 316 2 246 165 2 140 71 2 034 887
PROMOTER NET INCOME AFTER TAX 42 553 51 722 27 469 37 013 39 748
BALANCE SHEET HIGHLIGHTS (R’000) 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009
TOTAL SHAREHOLDER FUNDS (Including cell-owner capital) 1 038 551 886 786 789 708 733 457 780 979
TOTAL ‘PROMOTER’ SHAREHOLDER FUNDS 217 974 175 421 154 957 127 488 238 799
STATUTORY SOLVENCY 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009
CENTRIQ INSURANCE COMPANY LIMITED 54.9% 49.3% 31.0% 30.1% 32.9%
NOVA RISK PARTNERS LIMITED 2433.0% 157.3% 140.5% 198.4%
CENTRIQ LIFE INSURANCE COMPANY LIMITED (Capital adequacy ratio) 5.79 4.64 6.04 5.57 4.97

F2013 Financial Review

GWP

In line with IFRS, Centriq reclassified certain premiums as investment contracts. Total gross premiums before IFRS reclassifications grew by 6,3% compared to 2012, against an industry growth level of 6.4% (KPMG short-term insurance industry analysis of Top 10 insurers March 2014).

PROFITABILITY

Centriq continues to deliver good results for shareholders with a net profit after tax of R42.5m.

SOLVENCY

The main short-term insurance trading licence, Centriq Insurance Company Limited, and the life insurance licence, Centriq Life Insurance Company Limited, are both adequately capitalised with solvency and CAR cover ratios well above targeted levels and the statutory minimum requirements.