640 048 16th Annual Report Of The Long Term Insurance 2013
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16th annual report of the Registrar of Long-term Insurance 2013 Contents 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE TABLE PAGE Report by the Registrar of Long-term Insurance – 1 Names and addresses of registered long-term insurers 1 21 Transfers of long-term business 2 24 Policies for which long-term insurers were registered 3 28 Name changes of long-term insurers 4 31 Individual ranking 5 36 Individual market share 6 38 Net premiums received and outstanding – classes 7(a) 40 Net premiums received and outstanding – business type 7(b) 42 Net benefits paid and provided for – classes 8(a) 46 Net benefits paid and provided for – business type 8(b) 48 Summary of key figures – income and expense items 9 50 Movement in the number of policies/ schemes in force 10 52 Summary of statutory valuation method of assets and liabilities 11 56 Assets 12 60 Liabilities under unmatured policies 13 64 Other insurance liabilities 14 68 Summary of key ratios 15 72 Physical address Postal address Telephone Toll-free numbers Telefax E-mail Internet Riverwalk Office Park, Block B 41 Matroosberg Road Ashlea Gardens, Extension 6 Pretoria 0081 PO Box 35655 Menlo Park 0102 012 428 8000 0800 202 087 and 0800 110 443 012 347 0221 info@fsb.co.za www.fsb.co.za 1 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE I, the Registrar of Long-term Insurance, hereby submit the 16th annual report in terms of section 5 of the Long-term Insurance Act 52 of 1998. The text of the report and information in tables 1 to 4, relate to the period 1 January 2013 to 31 December 2013. Tables 5 to 16 contain figures for long-term insurance companies with financial years ending in 2013.1 1 STATISTICS 1.1 General Net premium income (after deducting premiums for reinsurance) for primary insurers (that do not conduct business solely as reinsurers) increased by 15.1% in 2013, compared to an increase of 14.6% in 2012. Benefit payments increased by 18.2%, compared to a 16.2% increase in 2012. In total, the excess of income over expenditure for primary insurers increased from R252.5 billion in 2012 to R300.2 billion in 2013. In 2013, long-term insurers continued to benefit from strong equity performance. However, the lacklustre performance of the bond market offset the equity market’s performance to an extent. While long-term insurers have benefited from strong investment market performance over the past two years, the outlook remains challenging. The assets of the primary long-term insurance industry increased by 14.2% in 2013. The asset mix of long-term insurers stayed fairly consistent, with the majority of the assets invested in equities or collective investment schemes. The ratio of assets to liabilities for primary insurers was 1:06 in 2013 (2012: 1:07). The long-term insurance industry faced the following challenges and opportunities during 2013: External Volatility in equity prices and low interest rates The lacklustre performance of the bond market ●● High levels of unemployment ●● Low GDP growth rates ●● Volatility of currency exchange rates. ●● ●● Internal Quality of risk management, internal controls and governance, including the outsourcing of core functions The need to update information and administrative systems ●● Attracting and retaining skilled staff and directors ●● Adequate asset liability matching of long-dated annuity contracts and investment guarantees, due to the limited supply of suitably long-dated fixed income assets ●● Growing competition, resulting in pressure on cost structures. ●● ●● Regulatory Adequate compliance with general regulatory requirements The proposed introduction of a risk-based capital approach ●● International Financial Reporting Standards (IFRS) developments. ●● ●● Transformation ●● ●● 1 Uncertainties about the implementation of the Financial Sector Charter Addressing the needs of the low-income market by introducing appropriate and affordable products. Financial years of long-term insurers differ and may cover periods other than 12 months where companies have changed their financial year ends. 2 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 1.2 Financial summary Summarised results of the primary long-term insurance industry: Change Change 2013 2011 to 2012 2012 to 2013 Rm % % 2011 Rm 2012 Rm Net premiums Investment income* Other income 283 242 133 626 12 367 324 617 239 126 16 135 373 687 290 927 21 690 14.6 78.9 30.5 15.1 21.7 34.4 Total 429 415 579 878 686 304 35.0 18.4 Benefits Management expenses Commission Other expenditure 236 145 25 886 14 332 8 375 274 464 29 252 16 296 7 387 324 485 32 222 18 489 10 895 16.2 13.0 13.7 (11.8) 18.2 10.2 13.5 47.5 Total 284 738 327 399 386 091 15.0 17.9 176 181 1 640 048 1 407 703 252 479 1 868 908 1 727 691 300 213 2 121 847 1 993 320 74.5 13.2 13.8 18.9 14.3 15.4 Primary insurers Income Expenditure Excess of income over expenditure Assets Liabilities * Investment income includes realised and unrealised gains/losses on sale of investments. Summary of the long-term insurance business of reinsurers: 2011 Rm 2012 Rm Change Change 2013 2011 to 2012 2012 to 2013 Rm % % Net premiums Investment income* Other income 5 912 659 10 6 808 832 49 7 366 745 67 15.2 26.3 390.0 8.2 (10.5) 36.7 Total 6 581 7 689 8 178 16.8 6.4 Benefits Management expenses Commission Other expenditure 4 377 399 204 272 4 990 451 465 257 5 569 503 482 272 14.0 13.0 127.9 (5.5) 11.6 11.5 3.7 5.8 Total 5 252 6 163 6 826 17.4 10.8 1 329 11 838 10 066 1 526 13 050 11 178 1 352 13 952 11 761 14.8 10.2 11.1 (11.4) 6.9 5.2 Reinsurers Income Expenditure Excess of income over expenditure Assets Liabilities * Investment income includes realised and unrealised gains/losses on sale of investments. 3 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 1.3 Investment spread The spread and categories of assets for primary insurers and reinsurers for the long-term insurance industry were as follows: 2011 Rm Kinds of assets % 2012 Rm 2013 Rm % % In South Africa Cash and deposits Fixed interest investments Equities and collective investment schemes Debentures and loan stock Immovable properties Fixed assets Current assets Foreign (covering domestic liabilities) Foreign (covering foreign liabilities) Total 156 553 164 024 779 489 175 620 54 237 1 995 118 176 162 329 39 463 1 651 886 9 10 47 11 3 0* 7 10 2 100 173 303 186 982 917 714 171 017 55 764 1 458 135 827 215 692 13 676 1 870 434 9 10 49 9 3 0* 7 12 1 100 163 351 186 967 1 057 909 237 060 48 733 1 768 161 009 214 479 64 524 2 135 799 8 9 50 11 2 0* 8 10 3 100 * Result is less than 0.5% but not necessarily 0%. 1.4 Excess assets to capital adequacy requirement The number of times that the capital adequacy requirement (CAR) is covered by excess assets (assets in excess of liabilities determined on a statutory basis) – also known as the CAR cover – indicates of the financial strength of a long-term insurer. The median for long-term insurers, with a 2013 financial year end for which data was available at the time of writing, was 2.8 (2012: 2.7). The minimum requirement is one. All insurers with a CAR cover below one are investigated and corrective measures are implemented. The following table provides a breakdown, based on available audited data, of the ratio of excess assets to CAR for long-term insurers for all year ends in 2011, 2012 and 2013. Number of insurers Excess assets to CAR 2011 2012 2013 Covered 0 – 1 times Covered 1 – 2 times Covered 2 – 5 times Covered 5 – 10 times Covered 10+ times 5 25 33 11 2 0 25 40 12 3 0 19 41 9 5 Total 76 80 74 Growing numbers of insurers are actively targeting a specific level of capital to achieve, for instance, a preferred credit rating or an efficient return on capital. The improvement in domestic financial markets resulted in the industry’s total CAR increasing slightly to R38.3 billion in 2013 (R36.4 billion in 2012 and R35.2 billion in 2011). Management actions reduce the capital requirement by 41% on average1. However, this reduction differs depending on the market sector. 1 “ Management action” is the term used for decisions taken by the management of an insurer that result in offsetting factors that normally lead to a reduction in CAR. Credit for offsets may be taken only where management action has been resolved by the board and where the statutory actuary is satisfied that the insurer would, in practice, exercise such discretion, should circumstances require it; the required action is not constrained by policy guarantees and such action is not contrary to any representations made to policyholders (including marketing literature) that may have impacted on policyholders’ reasonable expectations. 4 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE The table below reflects the average ratio of CAR after management action to CAR before management action, the average CAR cover and the average funding factor1 for the long-term insurance industry during 2011, 2012 and 2013: CAR CAR after management actions divided by CAR before management actions (%) CAR cover Funding factor (excluding CAR) Funding factor (including CAR) 2011 2012 2013 Change 2011 to 2012 % 48 3.22 1.08 1.05 56 3.51 1.08 1.05 59 3.31 1.06 1.04 17 9 0 0 Change 2012 to 2013 % 5 (6) (2) (1) A large number of smaller-sized companies in the long-term insurance industry are obliged to hold only the minimum capital requirement. Consequently, 49% of the industry (by number of insurers) hold the minimum capital requirement, although this amounts to only 5% of the total capital requirement held by the industry. The industry average figures are thus mostly reflective of the financial position of the larger insurers. 1.5 Primary insurance Classes of policies These diagrams indicate the net premiums according to the classes of policies of primary insurers in and outside South Africa during 2012 and 2013: 2012 – Total: R324 617 million 2.4% 2013 – Total: R373 687 million 3.2% 1.7% 46.9% 46.2% 1.2% ● Assistance ● Life ● Disability 1.8% 45.3% 1.7% 46.8% 1.1% ● Health ● Fund ● Sinking fund ● Assistance ● Life ● Disability 1.8% ● Health ● Fund ● Sinking fund Types of business in South Africa This diagram indicates the net premiums according to the types of business of primary insurers in South Africa during 2012 and 2013: 2012 – Total: R324 617 million 2013 – Total: R373 687 million 4.4% 3.6% 11.9% 13.6% 19.1% ● Investment ● Risk 1 64.6% ● Annuities ● Universal life 18.9% ● Investment ● Risk 63.8% ● Annuities ● Universal life T he funding factor is calculated as total assets divided by total liabilities, where liabilities can include or exclude CAR. The weighted average funding factor (both excluding and including CAR) remains above one, which indicates a solvent industry in aggregate. The weighted average is based on assets. 5 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Surrenders The chart below reflects the number of policies and annualised premiums for surrenders (a policy that is discontinued, with an early termination value payable to the policyholder) of primary long-term insurance business over the past five years. The figures exclude pension fund and group life business: Surrenders 500 400 R(m) 1 000 3 200 900 3 100 800 3 000 700 2 900 600 100 2 800 500 2 700 400 50 0 2 600 300 200 2 500 100 2 400 0 2009 2010 2011 2012 2 300 2013 ● Policies (‘000) ■ Annualised premiums (Rm) * “Annualised premiums” refers to the number of premiums that must be paid annually to meet the contractual requirements of a policy. Surrenders as a percentage of new business Number of policies Annualised premiums 2008 % 2009 % 2010 % 2011 % 2012 % 2013 % 9.3 20.4 8.0 22.4 8.8 17.7 6.1 16.5 5.6 7.4 5.9 14.0 Lapses The chart below reflects the number of policies and the annualised premiums for lapses (a policy that is discontinued, with no early termination value payable to the policyholder, as the debt against the policy exceeds or is equal to its cash value) of primary long-term insurance business over the past five years. The figures exclude pension fund and group life business. Lapses 500 R(m) 9 000 12 000 8 000 400 10 000 7 000 6 000 100 8 000 5 000 6 000 4 000 3 000 50 4 000 2 000 2 000 1 000 0 0 2009 2010 2011 2012 ● Policies (‘000) * “Annualised premiums” refers to the number of premiums that must be paid annually to meet the contractual requirements of a policy. 2013 ■ Annualised premiums (Rm) 0 6 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Lapses as a percentage of new business Number of policies Annualised premiums 2008 % 2009 % 2010 % 2011 % 2012 % 57.8 35.1 62.7 43.2 69.4 41.6 50.9 37.0 49.3 22.6 2013 % 57.4 44.2* * In 2013, a corporate restructuring by a major insurance group resulted in an increase in lapses for technical reasons. 1.6 Actuarial valuation assumptions The following table gives an overview of the main actuarial valuation assumptions used by statutory actuaries to perform the year-end valuation of long-term insurers in 2013 on individual business. The industry average was weighted according to insurers’ assets: Assumption 2012 Change 2012 to 2013 2013 % Discount rate (individual business) (%) Expense inflation (%) Renewal expenses per policy (R) Initial expenses per policy (R) 7.52 5.3 242 1 470 8.01 6.0 253 1 595 6 12 5 8 Mortality rate assumptions are also very important in actuarial valuations. Amongst others, these assumptions differ with respect to gender and smoking status. Mortality rate assumptions have been adjusted over time to allow for the projected impact of HIV/Aids. The adjustments made to mortality assumptions for male and female smokers and non-smokers followed similar trends. The graph below indicates a reducing adjustment (weighted average) to projected mortality rates to take into account the impact of HIV/Aids for male non-smokers aged between 20 and 80, for the years 2011 to 2013: Mortality rate assumptions (%) 500 140 120 400 100 80 100 60 40 50 20 0 0 -20 ■ 20 2011 ■ 25 2012 ■ 30 2013 35 40 45 50 55 60 65 70 75 80 7 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE The following table reflects the weighted average of the relationship between the insurers’ expected and actual mortality experience, net of reinsurance: Ratio of actual mortality to expected mortality experience Assurance products* Annuity products** Mortality experience 2012 % Change 2013 2012 to 2013 % % 2012 % Change 2013 2012 to 2013 % % Individual business 85 80 (5) 115 118 3 Group business 86 91 6 109 114 5 * A figure lower than 100% means that the business is profitable (based on mortality only). ** A figure higher than 100% means that the business is profitable (based on mortality only). 2 REGULATORY POLICY PROJECTS This section outlines the policy issues, in some instances driven by the National Treasury, to which the insurance division actively contributed during the period under review. 2.1 Solvency Assessment and Management (SAM) project The FSB aims to promote the soundness of insurers and reinsurers by the effective application of international regulatory and supervisory standards. The FSB is developing a new risk-based solvency regime for the South African long and short-term insurance industries, termed the SAM regime. The SAM regime will be based on the principles of the Solvency II Directive, as adopted by the European Parliament, but adapted to suit South African circumstances where necessary. As an overarching principle, the recommendations arising from the SAM project should meet the requirements of a third-country equivalence assessment under Solvency II. Solvency II is based on three pillars: ●● Quantitative requirements, dealing with issues such as the valuation of assets and liabilities and the setting of capital requirements. This can be based on a standardised model prescribed by the supervisor or an insurer’s own internal model approved by the supervisor ●● Qualitative requirements, including standards and guidance on governance, internal controls, risk management and supervisory processes ●● Reporting and disclosure. The proposed implementation date for the SAM regime is 1 January 2016, when SAM requirements will become effective for all insurers and reinsurers. To achieve these target dates, a cooperative process is in place with the active participation of industry experts and other stakeholders. Thirteen task groups, with a further 49 sub-working groups (comprising members from the FSB, industry bodies, insurers and other stakeholders) present their recommendations to subcommittees, after which recommendations are escalated to a SAM steering committee, before being published as discussion documents for comment. The process is iterative and, when the second draft has been updated with industry inputs, it is published again to ensure there are no further inputs before it is approved as a final position paper. The FSB will use the position papers as input for drafting SAM legislation. An internal model approval process (IMAP) was initiated to govern the review process insurers need to follow if they intend to use an internal model to calculate their regulatory capital requirements. This process is underway for a number of insurers that have demonstrated enough progress in developing and embedding their internal model. The third South African Quantitative Impact Study (SA QIS3) is under way to understand the potential impact of SAM on insurers’ solvency positions and assist in designing quantitative requirements under the SAM regime. This exercise is the final quantitative impact study for the SAM project and completion has been made compulsory for all insurers. Looking forward, a parallel run has been designed to assist all stakeholders in preparing for the implementation of the SAM regime where insurers will be requested to submit SAM data alongside their current regulatory reporting requirements. The parallel run will start in July 2014, and consists of two phases: ●● A light parallel run from 1 July to 31 December 2014 in which insurers will be requested to submit quarterly data on a SAM basis ●● A comprehensive parallel run throughout 2015 in which insurers will be requested to submit quarterly and annual reporting on a SAM basis, along with a mock Own Risk and Solvency Assessment (ORSA) report. 8 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 2.2 Treating Customers Fairly (TCF) initiatives During the review period, the focus has been on embedding TCF principles into current market conduct regulatory frameworks and supervisory approaches, ahead of the shift to a dedicated market conduct mandate in the pending twin peaks model of financial sector regulation. Under this model, the TCF approach will underpin the new market conduct authority’s approach to conduct supervision. Steps taken during the year included: ●● The twin peaks implementation steering committee (TPISC) was established in March 2013, mandated to give effect to the FSB’s approach to implementing this model of regulation and reporting to the FSB executive committee. The TPISC established a number of working groups to assist the FSB to prepare adequately for the twin peaks regulatory reform implementation. One of these is a conduct of business supervision working group which has developed an overarching outline for conduct of business (CoB) supervision of entities the FSB will regulate. The outline considers TCF principles, the various elements and phases of CoB supervision, new and existing supervisory tools, as well as the overarching principles of supervision set out in Implementing a twin peaks model of financial regulation in South Africa. This outline will inform the development and implementation of a comprehensive CoB supervisory framework for all FSB supervisory teams from the 2015/16 year. ●● Pending completion of the full CoB supervisory framework, FSB line departments, including the insurance compliance and microinsurance teams, have already developed action plans to enhance specific current supervisory tools to cater for TCF principles. Supervisors have also started to apply TCF principles, over and above specific legislative provisions, when engaging with regulated entities during day-to-day supervision and with concerns or complaints being investigated. ●● The multi-stakeholder TCF regulatory framework steering committee, established in mid-2011, completed a series of regulatory gap analyses in the third quarter of 2013. The gap analyses, which compare a wide range of existing FSB and non-FSB supervised consumer protection legislative measures against TCF outcomes, are being used to inform both medium-term and longer-term twin peaks market conduct regulatory and legislative architecture developments. ●● Pending further progress on the twin peaks legislative architecture, the FSB is identifying areas where TCF-aligned requirements can be built into existing subordinate regulatory frameworks, where primary legislative amendment is not necessary. Examples include developing compulsory pre-sale key information documents for retail financial products (including long-term insurance risk and savings policies and short-term personal lines motor and household policies), introducing TCF-aligned customer complaints management requirements for regulated firms, developing new insurance CoB reporting requirements on TCF indicators, and enhancing advertising and marketing standards. Consultation with industry on all these developments is in progress. ●● Further progress has been made, in consultation with National Treasury, on key strategic regulatory policy projects informed by TCF principles. These include the review of consumer credit insurance; the retail distribution review; a range of retirement reform proposals; microinsurance policy framework; and an enhanced financial services ombud scheme model. ●● Ongoing TCF awareness and promotion activities, including participation in various industry and FSB-hosted conferences and workshops; meetings with senior management of individual firms; developing TCF guidance material for small financial intermediaries and investment managers; and engaging with the financial consumer media. ●● Support for using TCF principles in equity-based complaints adjudication has also been secured from the voluntary ombud schemes in the banking, long-term insurance and short-term insurance sectors as well as the pension funds adjudicator. ●● The TCF implementation update and baseline study feedback report was published on the FSB’s website www.fsb.co.za in December 2013. The document provides feedback on a comprehensive TCF baseline study the FSB undertook between December 2012 and August 2013, aimed at providing an initial snapshot of how customer treatment practices in the financial services industry measure up against TCF outcomes, and against which to assess future industry progress in delivering TCF outcomes. The document also updates the FSB’s implementation of the TCF framework, confirming that the FSB is adopting an incremental approach to embedding TCF principles into its existing regulatory and supervisory frameworks, pending full implementation of the twin peaks model. ●● Input and support is being provided to National Treasury’s preparation of a market conduct policy discussion document, which will articulate the policy framework and intent for market conduct regulation in the twin peaks model. This includes engagement with National Treasury on, among others: the draft Financial Sector Regulation Bill (published for comment by National Treasury in December 2013) as the first phase of the twin peaks legislative architecture; proposals on market conduct legislative architecture, including overarching CoB legislation as the next phase; and a future market conduct licensing model. 2.3 Microinsurance In response to prevalent abusive practices pertaining to the underwriting and intermediation of funeral and consumer credit insurance products, as well as the need to enhance financial inclusion and consumer protection, the National Treasury and FSB took a robust policy position to regulate and licence the microinsurance industry. The National Treasury released a Microinsurance Policy paper in July 2011. Following the release of the policy paper, the Microinsurance Supervision Department (MISD) in the FSB’s Insurance Division, was established in October 2011. MISD’s mandate is to oversee the implementation and supervision of microinsurance legislation in South Africa. The MISD currently supervises the market conduct of insurers that underwrite funeral business in terms of the ambit of the Long-term Insurance (Act 52 1998). 9 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE National Treasury, in conjunction with the FSB, established a steering committee to oversee the drafting of microinsurance legislation. Five working groups were established to provide recommendations to the steering committee on how to give effect to the policy proposals in the microinsurance policy paper. The working groups consisted of National Treasury and FSB members as well as insurance industry representatives: ●● Financial advisory and intermediary services (FAIS) ●● Product standards ●● Legislation ●● Actuarial and accounting ●● Tax. The initial policy position was that a standalone act had to be introduced to regulate microinsurance. With the move to the twin peaks model of regulation, National Treasury has decided to provide for the microinsurance regulatory framework in the planned Insurance Bill, 2015 and future cross-cutting market conduct legislation. The possibility of implementing certain aspects of this framework progressively (pending 2016) through existing legislative means is being explored. 2.4 Market practices in the consumer credit insurance market National Treasury constituted a joint Consumer Credit Insurance (CCI) task team, comprising the FSB, National Credit Regulator (NCR) and the Competition Commission, to review practices in the market and formulate a joint response to identified concerns. The final CCI report that assessed information received in respect of Information Request 3/2011: Request for information on consumer credit insurance and Form 45 of the NCR was received and considered by the CCI task team. National Treasury is engaging with the NCR and the Department of Trade and Industry (dti) on the draft discussion document on consumer credit insurance practices and appropriate regulatory responses to undesirable practices. It is envisaged that the document will be released for consultation once this engagement is concluded. 2.5 Intermediary services and related remuneration A letter calling for contributions on intermediary services and related remuneration in the insurance sector was issued to industry associations on 11 November 2011 for inputs by 30 March 2012. The purpose was to solicit contributions on possible refinements to the definition of intermediary services in current insurance laws and reforms to related remuneration structures to: ●● Promote appropriate, affordable and fair advice and services to potential and existing policyholders ●● Support a sustainable business model for financial advice. This followed concerns that, despite recent reforms in FAIS regulatory environment, which have clearly raised standards of professionalism and the managing of conflicts of interest in the intermediary sector, the potential for miss-selling and poor outcomes for policyholders persists and may require a structural change. This is consistent with the TCF initiative. Initial feedback from the FSB was provided at the Insurance Regulatory Seminars with industry in November 2012 and 2013. Industry was informed on broadening the review to encompass a comprehensive cross-sector Retail Distribution Review (RDR). 2.6 Third-party cell arrangements and similar arrangements The FSB is aligning and revising registration conditions of cell captive insurers. To enable informed decisions, a detailed assessment is being undertaken to facilitate the FSB’s understanding of, among others, existing ownership structures and business models of third-party cell captive arrangements (including affinity cell captive arrangements) and arrangements that have the same effect, as well as the financial soundness and market conduct risks that may arise from such structures and business models. The assessment was translated into a discussion paper released on 11 June 2013, with comments due by 31 July 2013. Comments received are being considered. A number of meetings were held with certain commentators in the second half of 2013. 2.7 Reinsurance regulatory framework As part of developing the new SAM framework for the long and short-term insurance industries (which includes reinsurance), the insurance division initiated a review of the regulatory framework applied to the conduct of reinsurance business in South Africa. 10 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 2.8 Increase in insurance benefits provided under an assistance policy The Minister of Finance approved, in terms of the definition of “assistance policy” in section 1(1) of the Long-term Insurance Act, an increase of the maximum amount of benefits that can be offered under this policy to R30 000 from R18 000, with effect from 11 November 2013 (date of publication of the notice in the Gazette). The increase was informed by: ●● an adjustment for inflation as the existing limit was last adjusted in 2008 ●● a progressive alignment with the benefit limit proposed in the National Treasury policy Document entitled “South African Microinsurance Regulatory Framework”, published in July 2011, which recommends a maximum amount of R50 000 for life cover. 3 REGULATORY FRAMEWORK 3.1 Acts Insurance Laws Amendment Act, 2008 A task team with representation from the National Treasury, FSB, relevant industry associations and fellow regulators was constituted to draft a set of regulations, following the enactment of the Insurance Laws Amendment Act 27 of 2008, dealing with the demarcation between health insurance and medical schemes business. The draft demarcation regulations were published for public comment in the Government Gazette on 2 March 2012. National Treasury and the FSB considered comments received and the most appropriate way forward with the Department of Health and the Council for Medical Schemes. On 15 October 2013 National Treasury and the Department of Health announced they would publish revised draft regulations for a further period of public comment before these were finalised and gazetted. It is envisaged that the revised second draft regulations will be published for a further 60-day period of comment after commencement of the amended to the definition of a “business of a medical scheme” contained in the Financial Services Laws General Amendment Act. The final regulations are expected to be published in the second quarter of 2014. 3.2 Bills Financial Services Laws General Amendment Bill The Financial Services Laws General Amendment Bill was submitted to National Treasury on 14 September 2012. The Bill addresses necessary and urgent amendments to various laws administered by the FSB including proposed amendments to the Long-term Insurance Act and Short-term Insurance Act. The National Assembly passed the Bill on 31 October 2013. The Bill was enacted on 28 February 2014. Insurance Laws Amendment Bill The Insurance Laws Amendment Bill (ILAB) was tabled in parliament on 21 June 2013. The Bill mainly provides for interim measures on governance, risk management, internal controls and group supervision. Given challenges with the parliamentary timetable, the FSB and National Treasury conducted an analysis to consider the most appropriate way to take the Bill forward. They also met with various industry associations and SAM stakeholders to discuss comments received pertaining to the ILAB. 3.3 Board notices The following notices were published: ●● Board Notice 39 of 2013, prescribing the revised insurance fees under the Long-term Insurance Act, was published in the Government Gazette on 28 March 2013. The notice came into operation on 1 April 2013. ●● Board Notice 187 of 2013, amending Board Notice 39 of 2013 on the prescribed insurance fees in terms of the Long-term Insurance Act, was published in the Government Gazette on 30 August 2013 and came into operation on the same date. ●● Board Notice 868 of 2013, prescribing a new maximum amount as contemplated in the definition of “assistance policy” in the Long-term Insurance Act, came into operation on 11 November 2013. ●● Board Notice 241 of 2013, dealing with amendments to statutory returns in terms of the Long-term Insurance Act, was published in the Government Gazette on 29 November 2013 and applies to every registered long-term insurer whose financial year ends on or after 1 January 2013. 3.4 Directives The insurance division issued the following directives: Subject Purpose Number Issue date Maximum causal event charges that may be deducted under part 5 (requirements and limitations regarding the values and benefits of policies) of the regulations issued under the Long-term Insurance Act To clarify maximum causal event charges that may be deducted under part 5A or 5B of the regulations issued under the Long-term Insurance Act in a manner consistent with the purpose. 153.A.i (LT) 11 October 2013 Maximum causal event charges that may be deducted under part 5 (requirements and limitations regarding the values and benefits of policies) of the regulations issued under the Long-term Insurance Act The directive was amended by the addition of footnote 3 that clarifies what constitutes compliance with the directive. 153.A.ii (LT) 26 November 2013 11 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 3.5 Information letters The insurance division issued the following information letters and requests: Subject Purpose Number Issue date Treatment of deferred tax liabilities relating to goodwill (intangible assets) that arise from the transfer of a portfolio of insurance policies referred to as “present value of in-force business” and negative rand reserves for statutory reporting purposes To provide guidance to insurers on the treatment of deferred tax liabilities relating to the following matters in return referred to in section 36 of the Long-term Insurance Act 52 of 1998: 1.1 Goodwill (intangible assets) that arise from the transfer of a portfolio of insurance policies referred to as “present value of in-force business” 1.2 Negative rand reserves. 1/2013 (LT) 4 February 2013 Clarification on the application of section 11(3)(b) of the Companies Act 71 of 2008 to registered insurers To inform long-term and short-term insurers of the guidance received from the Commission of Companies and Intellectual Property on the application of section 11(3)(b) of the Companies Act 71 of 2008 to registered insurers. 4/2013 (LT&ST) 10 May 2013 Deductions for funeral insurance or scheme under Regulation 26A of the Regulations issued under the Social Assistance Act 13 of 2004: Request for information To direct all long-term and short-term insurers (excluding linked insurers, captive insurers, insurers in run-off and reinsurers) to furnish information to the Registrar of Long-term and Short-term Insurance on deductions for funeral insurance or scheme under Regulation 26A of the regulations issued under the Social Assistance Act 13 of 2004. 5/2013 (LT&ST) 30 August 2013 Binder Regulations: System changes required to comply with Regulation 6.3 of the Binder Regulations To re-emphasise to insurers certain requirements of Regulation 6.3 of the Binder Regulations issued under the Long-term Insurance Act 52 of 1998 and Short-term Insurance Act 53 of 1998, and to indicate the supervisory approach that will be applied in ensuring compliance. 6/2013 (LT&ST&LL) 10 September 2013 Binder functions: Request for information To direct all insurers to furnish information to the Registrar on binder functions outsourced to third parties. 7/2013 (LT&ST&LL) 12 September 2013 Closing date for applications under the Long-term and Short-term Insurance Acts requiring consideration and approval by 31 December 2013 To inform insurers of the closing date for applications under the Long-term and Short-term Insurance Acts requiring consideration and approval by 31 December 2013. 8/2013 (LT&ST) 11 October 2013 Increase in amount contemplated in the definition of “assistance policy” in section 1(1) of the Long-term Insurance Act 52 of 1998 To inform long-term insurers that the Minister of Finance has determined on 11 November 2013 that the maximum amount contemplated in the definition of “assistance policy” in section 1(1) of the Long-term Insurance Act 52 of 1998 is R30 000. 9/2013 (LT) 15 November 2013 12 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 3.6 Letters to industry The insurance division issued the following letters to industry: Subject Purpose Issue date Call for contributions: Regulating life insurance settlements (also referred to as second-hand or traded risk policies) To solicit contributions from industry associations on possible refinements to the existing regulatory framework on life insurance settlements (also referred to as second-hand or traded risk policies). Contributions were due by 31 August 2013 and are being considered. 3 July 2013 Call for contributions: Policyholder protection scheme To solicit contributions on the benefits, risks and features that should inform the establishment of a policyholder protection scheme in South Africa. Contributions were due by 16 September 2013. The establishment of a policyholder protection scheme will be taken forward by the resolution policy working group (NT/SARB/FSB). 9 July 2013 Call for contributions: Conduct of business return To solicit contributions from industry associations on the proposed Quarterly Insurance Conduct of Business Return and supporting Guidance Manual (long-term and short-term, respectively). Comments were due by 31 January 2014. 31 October 2013 4 SUPERVISORY MATTERS 4.1 Risk-based supervision Risk-based supervision is an approach that evaluates the risk profile of a regulated institution, taking into account its financial condition, future strategy, governance, management processes and compliance with applicable laws and regulations. It is a tool to assess, monitor and prioritise supervisory focus and allocate supervisory resources. This approach has been integrated into most operational activities in the insurance division. It is ongoing and the division continues to assess supervisory areas for further improvement, including enhanced stress testing capabilities. 4.2 Insurance group supervision The insurance division continues to perform reviews on insurance groups with the cooperation of their management. Reviews are done quarterly for the five largest groups. The division, with the assistance of the SAM structures, developed formal proposals for the regulatory and supervisory framework for insurance groups. Regulatory proposal contained in the ILAB have been withdrawn. Alternative measures to replace the ILAB through a board notice and possible consequential amendments through the Financial Sector Regulation Bill are being considered. The division is undertaking of various projects to put its framework for insurance group supervision in place. This includes information gathering, reporting requirements and adapting the risk-based supervisory regime for application to insurance groups. A formal framework for insurance group supervision will be provided for through the twin peaks process. To enhance supervision of internationally-active insurance groups, lead insurance supervisors are arranging supervisory colleges for fellow supervisors responsible for subsidiaries of such insurance groups operating in other countries. Two representatives of the insurance division attended a college in Switzerland in June 2013. One representative attended an Old Mutual Plc college in the UK in March 2013. A pilot supervisory college for the Old Mutual Group was hosted by the FSB in August 2013, where fellow supervisors from other jurisdictions attended and shared information. The FSB, in conjunction with SARB’s Bank Supervision Department, organised quarterly cross-sector supervisory colleges in order to discuss the major domestic banking and insurance groups. 4.3 Stress testing In line with international developments, the insurance division requires biannual economic stress tests for the four to six largest long-term and short-term insurers, and annual economic and non-economic (insurance) stress tests for all registered long-term and short-term insurers (with the exception of linked insurers). The impact of each of the stress tests was measured in terms of the change (before and after the stress event) in the ratio of excess assets to the CAR cover. The results are based on unweighted averages. 13 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE The economic single factor stresses applied were as follows: Economic single factor tests Interest rate shock A 50% upwards shift in the yield curve A 35% upwards shift in the yield curve Equity price shock A 50% drop in equity prices A 30% drop in the prices of preference shares (fixed rate) A 10% drop in the prices of preference shares (variable rate) Property shock A 30% drop in property prices Exchange rate shock A 30% appreciation in exchange rate A 30% depreciation in exchange rate Volatility shock A 15% absolute increase in long and short-term equity volatilities A 10% absolute increase in long and short-term interest rate volatilities Credit risk shock A 100% increase in the CAR credit risk allowance The results are as follows: Economic single-factor tests (industry average) 500 4.5 4.0 400 100 3.5 3.0 2.5 50 2.0 1.5 0 1.0 Interest rate up Interest rate down ● CAR cover post stress test ■ Equity shock Base CAR cover Property shock Exchange rate appreciation Exchange rate depreciation Volatility shock Credit risk shock It is clear from the results that, on average, the industry is well capitalised. The equity shock has the largest impact, which is mostly a function of the investment risk that insurers are absorbing on behalf of policyholders. 14 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Economic scenario A stress test, based on a prescribed economic scenario (ie most of the market stresses are applied simultaneously), is also conducted. The parameters of this test are as follows: Economic scenario test Interest rates Shift in the yield curve – 35% down Equity prices Ordinary shares – 50% down Preference shares (fixed rate) – 30% down Preference shares (variable rate) – 10% down Property prices 30% down Exchange rate 30% depreciation Credit risk Double the CAR credit risk allowance Volatility 15% addition for equity 10% addition for interest rate The results (per industry type) are as follows: Economic scenario 500 6 5 400 4 100 3 2 50 1 0 0 Industry average ● Base CAR cover Assistance Cell captives Niche Reinsurer Run-offs Typical ● CAR cover post stress test The average industry CAR cover decreases by 20% after the economic scenario stress test. However, for reinsurers there is a slight increase in CAR cover after the stress test. This increase is primarily driven by reinsurers’ relatively large exposure to bonds and resulting impact of the interest rate shock. 15 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Non-economic stresses The non-economic (insurance risk) stresses applied, were the following: Mortality and morbidity shock A 30% increase in expected risk rates (decrease in payment for annuities) Expense per policy shock A 10% increase in maintenance expense with a 20% increase in expense inflation Withdrawals shock A 40% increase in assumption The results are as follows: Non-economic single-factors tests (Industry average) 500 4.5 4.0 400 100 3.5 3.0 2.5 50 2.0 1.5 0 1.0 Mortality and morbidity ● CAR cover post stress test ■ Expenses shock Withdrawals Base CAR cover The mortality and morbidity stress test has the largest negative impact on CAR cover when compared to other stresses (including economic stresses). The average industry CAR cover decreases by 22% after this stress. Overall, the FSB is comfortable that the insurance sector, on average, remains financially sound in the face of severe stress events. 4.4 Licences, transfers and de-registrations New insurers registered, run-offs of business and dormant companies are indicated in table 3 of this report. During the period under review, there was one new long-term insurer registered and six long-term insurance licences were cancelled. Number of registered primary long-term insurers and reinsurers 2011 2012 2013 Primary insurers Reinsurers 80 7 79 7 74 7 Total 87 86 81 Name changes of insurers are indicated in table 4. 16 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 4.5 On-site visits Ten prudential on-site visits to long-term insurers were conducted, highlighting the following areas of concern: ●● Poor oversight over outsourcing arrangements ●● Undue reliance on individuals in insurers – ie key-person risk ●● IT system challenges. Six prudential insurance group on-site visits were conducted. These on-site visits continue to assist with the development of an insurance group risk-based on-site programme. This programme will, going forward, be rolled out to other large and small insurance groups. These are some of the focus areas which the FSB paid attention to: ●● Governance structures and systems ●● Oversight functions particularly compliance and risk management ●● Governance around intragroup transactions. Twenty one market conduct on-site visits were conducted with an added focus on assessing various steps taken by insurers in embedding the principles of Treating Customers Fairly. The on-site visits highlighted similar areas of concern that had been identified during the prudential on-site visits as well as challenges experienced by insurers with regard to recording management information relating to strides accomplished in embedding the Treating Customers Fairly principles in daily activities. There were also some areas of non-compliance with various provisions of the Long-term Insurance Act. Any non-compliance identified during the market conduct on-site visits was corrected and various contraventions were referred for enforcement action. 4.6 Inspections During the review period, the insurance division submitted two inspection requests to the inspectorate department relating to long-term insurers. These reports are still awaited. An inspection requested during the previous review period was finalised and a final report was received and reviewed for possible regulatory action. 4.7 Prosecutions For the current reporting period, no long-term insurers were referred to the South African Police Service (SAPS) for further investigation into alleged contraventions of the Act. 4.8 Consumer complaints The insurance division received 212 complaints (2012: 108) during the review period. Consumer complaints can be broadly categorised as follows: 12% 7% 5% 5% ● Alleged Act/PPR contravention ● Poor service ● Misrepresentation/Misselling 71% ● Premium refund ● Claims dispute 17 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 4.9 Enforcement committee referrals During the review period, two entities and two long-term insurers were referred to the enforcement committee for contraventions of the Act. 4.10 Curatorships At the beginning of this financial year, two long-term insurers were under curatorship. During the reporting period, the Registrar successfully lifted the curatorship on one of these registered long-term insurers. The curatorship was lifted as a result of a change in the shareholding of the registered insurer addressing the Registrar’s concerns. The curatorship of the other long-term insurer is ongoing. 4.11 Appeals During the reporting period one long-term insurer appealed the decision of the Registrar to reject a change in shareholding under section 26 of the Long-term Insurance Act. The appellant applied to the Appeal Board that further evidence and factual information be made available to the Registrar for reconsideration of the Registrar’s decision. The Registrar did not oppose the application and, at the end of the reporting period, was considering further evidence and factual information submitted to make a final decision. The appeal is therefore ongoing. 5 INTERNATIONAL ENGAGEMENTS 5.1 Committee of insurance, securities and non-banking financial authorities (CISNA) for the SADC The committee of insurance, securities and non-banking financial authorities (CISNA) was established as a subcommittee of the Committee of Senior Treasury Officials in the Southern African Development Community (SADC). Its members are supervisory authorities of capital markets, retirement funds, collective investment schemes, insurance companies and providers of intermediary services from SADC countries. The CISNA secretariat is located at the FSB and the committee conducts its business via meetings, at least bi-annually. It has two subcommittees, dealing with insurance and retirement funds, and capital markets, respectively. The division attended the following CISNA meetings: ●● The strategic planning and performance review committee meetings in: – Blantyre, Malawi, 18 to 21 March 2013 – Lusaka, Zambia, 13 to 16 August 2013 – Swakopmund, Namibia, 30 September to 1 October 2013. ●● The CISNA bi-annual meeting hosted by the FSB in Fourways, South Africa 23 to 26 April 2013 ●● Presentation on the microinsurance policy framework in South Africa at the CISNA microinsurance forum in Sandton, Johannesburg on 5 August 2013 ●● The CISNA bi-annual meeting in Swakopmund, Namibia, 2 to 4 October 2013. The division participated in the familiarisation programme hosted by the FSB in South Africa for supervisors of SADC countries in August 2013. 5.2 Memorandums of Understanding (MoUs) The FSB is party to a number of bilateral memorandums of understanding (MoUs) with international supervisors. By becoming a signatory to the International Association of Insurance Supervisors (IAIS) multilateral memorandum of understanding (MMoU), the need to enter into multiple bi-lateral MoUs falls away. It was therefore recommended and approved by the executive officer that requests from insurance supervisors that are IAIS members be advised that the Registrar had applied to become a signatory to the IAIS MMoU and encourages them to become signatories to this MMoU. The insurance division submitted the application for the FSB to become a signatory to the IAIS MMoU on 10 January 2013. In November 2013 additional information was requested. An extension for submitting this information was secured to allow for the enactment and commencement of the Financial Services Laws General Amendment Act. 5.3 International associations 5.3.1 The FSB is a member of the Association of African Insurance Supervisory Authorities (AAISA), which is an independent forum that promotes cooperation amongst supervisory authorities and provides a platform for the exchange of views. The African Insurance Organisation (AIO) is a body that promotes strong institutional leadership in Africa’s insurance sector. 5.3.2 The FSB is a member of the International Association of Insurance Supervisors (IAIS) which is the international standard-setting body for insurance regulation. The membership of the IAIS consists of over 200 jurisdictions worldwide. The deputy executive officer (DEO): insurance, is an executive committee member of IAIS; the IAIS regional coordinator for the sub-Saharan Africa region; and the chairperson of the IAIS implementation committee. 18 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE The DEO/senior representatives from the insurance division attended a number of meetings during the year: IAIS executive committee strategic planning meetings in New Orleans, USA 14 to 16 January 2013 IAIS ICP 23 task force meeting and the insurance groups subcommittee in Basel, Switzerland 25 to 30 January 2013 IAIS tri-annual meetings in Basel, Switzerland 16 to 23 March 2013 IAIS solvency subcommittee meeting in Basel, Switzerland 16 to 24 March 2013 IAIS meetings in Bonn, Germany: ●● Financial inclusion subcommittee ●● IAIS drafting group for the “Issues paper on market conduct, distribution and consumer protection in inclusive markets”. 9 to 12 April 2013 IAIS ICP 23 task force meeting in Washington, USA 13 to 14 May 2013 IAIS common framework for the supervision of internationally active insurance groups (ComFrame) review meeting in Basel, Switzerland 13 to 23 May 2013 Access to insurance initiative (A2ii) governing board meeting in Basel, Switzerland 21 May 2013 IAIS solvency subcommittee meeting in Basel, Switzerland 3 to 6 June 2013 Joint Forum meeting in Busan, South Korea 12 to 13 June 2013 IAIS tri-annual meetings in Basel, Switzerland 17 to 20 June 2013 IAIS financial inclusion subcommittee meetings in Manila, Philippines 16 to 19 July 2013 IAIS ComFrame field testing task force meeting in London, UK 23 to 26 July 2013 Sub-group meeting of the IAIS executive committee in Washington DC, USA 19 to 20 August 2013 IAIS ICP 23 review working group meeting in London, United Kingdom 19 to 20 August 2013 Strategic task force meeting of the IAIS executive committee in Washington DC, USA 19 to 20 August 2013 IAIS ComFrame field testing task force meeting in Washington DC, USA 3 to 7 September 2013 IAIS insurance groups and subcommittee meeting in Krakow, Poland 16 to 18 September 2013 IAIS governance working group meeting in Washington DC, USA 18 to 20 September 2013 IAIS executive committee meeting in London, UK 20 September 2013 IAIS tri-annual meetings and 20th annual general conference in Taipei, Taiwan 14 to 19 October 2013 IAIS seminar on insurance groups and system-wide vulnerabilities in Basel, Switzerland 29 to 31 October 2013 IAIS field testing task force meeting in Sydney, Australia, 5 to 8 November 2013 IAIS insurance groups and cross sectoral issues subcommittee meeting in Sydney, Australia 11 to 13 November 2013 IAIS macroprudential policy and surveillance subcommittee meeting in Washington DC, USA 14 November 2013 IAIS field testing task force meeting in Frankfurt, Germany 2 to 6 December 2013 IAIS coordination group meeting in Vienna, Austria 4 to 5 December 2013 19 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE 5.3.3 The division hosted a one-day regional meeting for members of the IAIS sub-Sahara Africa region at the Indaba Hotel in Johannesburg, South Africa, 22 April 2013. 5.3.4 The HoD: insurance groups supervision made presentations at the IAIS regional seminar in Livingston, Zambia on 24 to 25 September 2013. 5.3.5 A manager in the insurance groups supervision department attended the IAIS regional seminar in Livingston, Zambia on 24 to 26 September 2013. 5.3.6 The HoD: insurance regulatory framework department attended the second international forum of insurance guarantee schemes held in Taipei, 21 to 22 October 2013. 5.3.7 The DEO: insurance spoke at the Asian Development Bank’s global insurance seminar in Manila, Philippines, on 21 October 2013 on the IAIS’ approach to standards implementation and supervisory development, in his capacity as chair of the IAIS implementation committee. 5.3.8 The DEO: insurance hosted the Joint Forum meeting of the group of senior financial sector supervisors working under the auspices of their parent committees: the Basel Committee on banking supervision, the International Organization of Securities Commissions (IOSCO) and the IAIS, in Cape Town on 5 to 6 November 2013. 5.3.9 A representative of the insurance regulatory framework department attended the OECD insurance and pensions committee meeting in Paris, France, from 5 to 6 December 2013. 5.4 Liaison and cooperation with foreign supervisors The FSB is in regular contact with, and hosts attachments from international supervisors; responds to numerous queries from abroad; and liaises with Interpol on the policing of global financial fraud and crime. 6 OPERATIONAL 6.1 Organisational overview of the insurance division The FSB’s insurance division supervises the long-term and short-term insurance industries in terms of the Act, and the Short-term Insurance Act. Only insurers registered in terms of these Acts may conduct business in South Africa. The division comprises: ●● Insurance groups supervision department ●● Insurance prudential supervision department ●● Microinsurance supervision department ●● Insurance regulatory framework department ●● Insurance compliance department ●● Insurance enforcement department ●● SAM unit. At 31 December 2013, the staff complement of the insurance division was as follows: Deputy executive officer Heads of department Head of SAM unit Managers Specialists Analysts Contractors Administrative staff 1 6 1 13 18 33 3 8 Total 83 20 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE As at 31 December 2013, the insurance division’s executive management was comprised as follows: EXECUTIVE OFFICER Dube Tshidi (Registrar of Long-term Insurance) DEPUTY EXECUTIVE OFFICER: INSURANCE Jonathan Dixion HEAD: INSURANCE GROUPS Suzette Vogelsang HEAD: MICROINSURANCE Jacky Huma HEAD: INSURANCE COMPLIANCE Lesedi Letwaba HEAD: SAM UNIT Ian Marshall HEAD: INSURANCE PRUDENTIAL Kerwin Martin HEAD: INSURANCE REGULATORY FRAMEWORK Jo-Ann Ferreira HEAD: INSURANCE ENFORCEMENT Makgompi Raphasha CONCLUSION I, the Registrar, wish to record my appreciation for the cooperation that this office received from insurers and representative bodies of insurers, intermediary associations and consumer forums, as well as from the auditing and actuarial professions. The close working relationship with the National Treasury is much appreciated. DP Tshidi Registrar of Long-term Insurance 2015 21 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 1: REGISTERED LONG-TERM INSURERS: NAMES AND ADDRESSES (AS AT 31 DECEMBER 2013) No Direct insurers Postal address Auditor Statutory actuary 1. 1 Life Insurance Limited PO Box 11250 Johannesburg 2000 KPMG Inc CR van der Riet 2. Absa Life Limited PO Box 421 Johannesburg 2000 PriceWaterhouseCoopers Inc AB Rayner 3. African Unity Insurance PO Box 12270 Moffat Place 6002 PriceWaterhouseCoopers Inc RD Williams 4. AIG Life South Africa Limited PO Box 31983 Braamfontein 2017 PriceWaterhouseCoopers Inc CR van der Riet 5. Alexander Forbes Life Limited PO Box 787240 Sandton 2146 PriceWaterhouseCoopers Inc GT Waugh 6. Allan Gray Life Limited PO Box 51318 V&A Waterfront Cape Town 8002 Ernst & Young AB Rayner 7. Assupol Life Limited PO Box 35900 Menlo Park 0102 PriceWaterhouseCoopers Inc RD Williams 8. AVBOB Mutual Assurance Society Posbus 1661 Pretoria 0001 PriceWaterhouseCoopers Inc RR van der Riet 9. Bidvest Life Limited PO Box 25038 Gateway 4321 Deloitte & Touche PC Falconer 10. Cadiz Life Limited PO Box 44547 Claremont 7735 PriceWaterhouseCoopers Inc CT van Zyl 11. Centriq Life Insurance Company (RF) Limited PO Box 55674 Northlands 2116 KPMG Inc P Burra 12. Channel Life Limited PO Box 1941 Houghton 2041 PriceWaterhouseCoopers Inc S Louw 13. Citadel Life Limited PO Box 23388 Claremont 7735 KPMG Inc AB Rayner 14. Clientele Life Assurance Company Limited PO Box 1316 Rivonia 2128 PriceWaterhouseCoopers Inc RD Williams 15. Community Life Insurance Company Limited Private Bag X 1 Mowbray 7705 Deloitte & Touche JD Malan 16. Constantia Life & Health Assurance Company Limited PO Box 1436 Cramerview 2060 Grant Thornton Kessel Feinstein PC Falconer 17. Constantia Life Limited PO Box 1436 Cramerview 2060 Grant Thornton Kessel Feinstein RD Williams 18. Coronation Life Assurance Company Limited PO Box 44684 Claremont 7735 Ernst & Young AB Rayner 19. Covision Life Limited PO Box 782577 Sandton 2146 Grant Thornton Kessel Feinstein CE du Plessis 20. Discovery Life Limited PO Box 3888 Rivonia 2128 PriceWaterhouseCoopers Inc RD Williams 21. Fedgroup Life Limited PO Box 782823 Sandton 2146 Grant Thornton Kessel Feinstein RD Williams 22. Frank Life Limited PO Box 10499 Johannesburg 2000 PriceWaterhouseCoopers Inc DJ Park 23. Goodall and Company Funeral Assurance Society Proprietary Limited PO Box 2215 Cape Town 8000 Grant Thornton Kessel Feinstein RD Williams 24. Guardrisk Life Limited PO Box 786015 Sandton 2146 PriceWaterhouseCoopers Inc AB Rayner 25. Hollard Life Assurance Company Limited PO Box 87428 Houghton Johannesburg 2041 Deloitte & Touche GG Hughes 26. Investec Assurance Limited PO Box 1655 Cape Town 8000 KPMG Inc AB Rayner 27. Investec Employee Benefits Limited PO Box 785700 Sandton 2146 Ernst & Young AB Rayner 28. Investment Solutions Limited PO Box 786055 Sandton 2146 PriceWaterhouseCoopers Inc GT Waugh 29. JDG Micro Life Limited PO Box 4208 Johannesburg 2000 Deloitte & Touche CT van Zyl 22 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Direct insurers Postal address Auditor Statutory actuary 30. KGA Lewens Beperk PO Box 884 Bellville 7535 Moore Stephens Vda Inc CFN Hugo 31. Land Bank Life Insurance Company Limited* PO Box 375 Pretoria 0001 32. Liberty Growth Limited PO Box 10499 Johannesburg 2000 PriceWaterhouseCoopers Inc MB Drutman 33. Lion of Africa Life Assurance Company Limited Private Bag X1 Mowbrary 7705 Deloitte & Touche RD Williams 34. Lombard Life Limited PO Box 2740 Parklands 2121 Deloitte & Touche CT van Zyl 35. Metropolitan Life International Limited PO Box 2212 Bellville 7535 PriceWaterhouseCoopers Inc GT Waugh 36. Metropolitan Odyssey Limited PO Box 2212 Bellville 7535 PriceWaterhouseCoopers Inc GT Waugh 37. Momentum Ability Limited PO Box 7400 Centurion 0046 PriceWaterhouseCoopers Inc J Dippenaar 38. MMI Group Limited PO Box 7400 Centurion 0046 PriceWaterhouseCoopers Inc CT van Zyl 39. Ms Life Assurance Company Limited PO Box 66 Cape Town 8000 KPMG Inc AB Rayner 40. Nedgroup Life Assurance Company Limited PO Box 1144 Johannesburg 2000 Deloitte & Touche PC Falconer 41. Nedgroup Structured Life Limited PO Box 149175 East End 4018 Deloitte & Touche JD Malan 42. Nestlife Assurance Corporation Limited PO Box 2919 Houghton 2041 PriceWaterhouseCoopers Inc MJ Harrison 43. Netcare Life Limited Private Bag X34 Benmore 2010 Grant Thornton Kessel Feinstein RD Williams 44. New Era Life Insurance Company Limited PO Box 784996 Sandton 2146 KPMG Inc RD Williams 45. Oasis Crescent Insurance Limited PO Box 1217 Cape Town 8000 PriceWaterhouseCoopers Inc CFN Hugo 46. Old Mutual Alternative Risk Transfer Limited PO Box 66 Cape Town 8000 KPMG Inc NM Patchett 47. Old Mutual Life Assurance Company (South Africa) Limited PO Box 66 Cape Town 8000 KPMG Inc GS Palser 48. Outsurance Life Insurance Company Limited PO Box 8443 Centurion 0046 PriceWaterhouseCoopers Inc AB Rayner 49. Prescient Life Limited PO Box 31142 Tokai 7966 KPMG Inc J Bagg 50. Professional Provident Society Insurance Company Limited PO Box 1089 Houghton 2041 PriceWaterhouseCoopers Inc CR van der Riet 51. Prudential Portfolio Managers (South Africa) Life Limited PO Box 44813 Claremont 7735 South Africa KPMG Inc P Tripe 52. PSG Asset Management Limited PO Box 41258 Craighall 2024 PricewaterhouseCoopers Inc MJ Harrison 53. Real People Assurance Company Limited PO Box 19610 Tecoma 5214 Sizwentsaluba Vsp RD Williams 54. Regent Life Assurance Company Limited PO Box 674 Edenvale 1610 Deloitte & Touche PC Falconer 55. Relyant Life Assurance Company Limited Private Bag X12 Gallor Manor 2052 Deloitte & Touche PC Falconer 56. Resolution Life Limited PO Box 1555 Fontainebleau 2032 PricewaterhouseCoopers Inc MJ Harrison 57. RMA Life Assurance Company Limited PO Box 61413 Marshalltown 2107 Ernst & Young CC van der Meulen 58. RMB Structured Life Limited PO Box 652659 Benmore 2010 PricewaterhouseCoopers Inc MJ Harrison 59. Safrican Insurance Company Limited PO Box 616 Johannesburg 2000 Ernst & Young PC Falconer 60. SAHL Life Assurance Company Limited Deloitte & Touche PC Falconer 61. Sanlam Customised Insurance Limited Ernst & Young W Barnard PO Box 1 Sanlamhof 7532 NM Patchett** 23 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Direct insurers Postal address Auditor Statutory actuary 62. Sanlam Developing Markets Limited PO Box 1941 Houghton 2041 Ernst & Young S Louw 63. Sanlam Life Insurance Limited Posbus 1 Sanlamhof 7532 Ernst & Young AP Zeeman 64. Standard General Insurance Company Limited, The Private Bag X170 Halfway House 1685 Deloitte & Touche WJ Haslam 65. Stanlib Multi-Manager Limited PostNet Suite 245 Private Bag X1 Melrose Arch 2076 Sizwentsaluba Vsp GT Waugh 66. Strategic Investment Service Life Company Limited PO Box 44604 Claremont Western Cape 7735 KPMG Inc JD Malan 67. Superflex Limited PO Box 786055 Sandton 2146 PriceWaterhouseCoopers Inc GT Waugh 68. Sygnia Life Limited PO Box 51591 Waterfront 8002 Deloitte & Touche JD Malan 69. Ten-50-Six Life Limited KPMG Inc AB Rayner 70. The Smart Life Insurance Company Limited PO Box 2424 Parklands 2121 PriceWaterhouseCoopers Inc CFN Hugo 71. Union Life Limited PO Box 1781 Durbanville 7551 PriceWaterhouseCoopers Inc M Schreuder 72. Vodacom Life Assurance Company Limited PO Box 3306 Cramerview 2060 Deloitte & Touche Gl Marx 73. Workers Life Assurance Company PostNet Suite 676 Private Bag X4 Menlo Park Pretoria 0102 Ernst & Young RD Williams 74. Zurich Life SA Limited PO Box 61489 Marshalltown 2107 PriceWaterhouseCoopers Inc GT Waugh No Reinsurers Postal address Auditor Statutory actuary 80. General Reinsurance Africa Limited PO Box 444 Cape Town 8000 Deloitte & Touche J Cooper-Williams 81. Hannover Life Reassurance Africa Limited PO Box 85321 Emmarentia 2029 82. Munich Reinsurance Company Of Africa Limited PO Box 6636 Johannesburg 2000 KPMG Inc RD Williams 83. Rga Reinsurance Company Of South Africa Limited PO Box 13422 Mowbray 7705 Deloitte & Touche CFN Hugo 84. Saxum Reinsurance Limited PO Box 1634 Houghton 2041 KPMG Inc PC Falconer 85. Scor Africa Limited 4th Floor Blend On Baker 17 Baker Street Rosebank 2196 Ernst & Young DJ Park 86. Swiss Re Life And Health Africa Limited PO Box 1109 Woodstock 7915 PriceWaterhouseCoopers Inc J de Bruijn * New insurers registered during the period under review. CE du Plessis 24 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 2: TRANSFERS OF BUSINESS (CONFIRMED UP TO 31 DECEMBER 2013) No Transferor Transferee 1. AA Life Assurance Association Limited Amalgamated General Assurances Limited 2. ACA Insurers Limited Capital Alliance Life Limited 3. Adlams Funeral Benefit Society Proprietary Limited Homes Trust Life Assurance Company Limited 4. Affiliated Insurance Company Limited Standard General Insurance Company Limited 5. African Eagle Life Assurance Society Limited Guarantee Life Assurance Company Limited 6. African Funeral Furnishers Proprietary Limited Homes Trust Life Assurance Company Limited 7. Alexander Brothers (WM and WFJ Alexander, trading as) Homes Trust Life Assurance Company Limited 8. Alexander Brothers Funeral Fund Proprietary Limited Homes Trust Life Assurance Company Limited 9. Alliance Assurance Company Limited Protea Assurance Company Limited 10. Allianz Life Limited Momentum Lewensversekeraars Beperk 11. Allied Insurance Company Limited ABSA Life Limited 12. APO Burial Society Proprietary Limited (TWJ and FC Roberts, trading as) African People Organization Burial Society Proprietary Limited 13. Auto & General Insurance Company Limited Budget insurance Company Limited 14. Auto Protection Insurance Company Limited Homes Trust Life Assurance Company Limited 15. Avon Insurance Company Limited South African Mutual Life Assurance Society 16. Barinor Insurance Limited Bollard Investment Holdings Limited 17. Berrange Begrafnisfonds Eiendoms Beperk Homes Trust Life Assurance Company Limited 18. Bodley’s Funeral Fund Proprietary Limited Funeral Assurances Group Limited 19. Bolt & Seuns, EE (RH Bolt, trading as) E.J. Grobbelaar Versekeringsmaatskappy Eiendoms Beperk 20. Bourne Brothers Insurers Proprietary Limited Rogers Insurance Company Proprietary Limited 21. Brummers & Seun, JPS (WH Brummer, trading as) Brummers Funeral Insurance Company Proprietary Limited 22. Cape of Good Hope Assurance Limited Rogers Insurance Company Proprietary Limited 23. Capital Assurance Company Limited South African Mutual Life Assurance Society 24. Colonial Mutual Life Assurance Society South African Mutual Life Assurance Society 25. Commercial Union Assurance Company Limited Commercial Union Assurance Company of SA Limited 26. Commercial Union Assurance Company of SA Limited Commercial Union Life Assurance Company of SA Limited 27. Commercial Union Life Assurance Company of SA Limited Metropolitan Life Limited 28. Cook, David T Homes Trust Life Assurance Company Limited 29. Crusader Insurance Company Limited Security Life Assurance Corporation Limited 30. Crusader Life Assurance Corporation Limited (under judicial management) Hollard Life Assurance Company Limited 31. Crusader Life Assurance Corporation Limited (under judicial management) Southern Life Association Limited, The 32. Dove Insurance Corporation Limited Metropolitan Homes Trust Life Limited 33. Dove Insurance Corporation Limited (funeral business) Homes Trust Life Assurance Company Limited 34. Dove, JW Homes Trust Life Assurance Company Limited 35. Dove’s SA Funeral Fund Proprietary Limited Homes Trust Life Assurance Company Limited 36. Eagle Star Insurance Company Limited African Eagle Life Assurance Society Limited 37. Eastern District Burial Society (NFH Horace, trading as) Homes Trust Life Assurance Company Limited 38. EJ Grobbelaar Versekeringsmaatskappy Eiendoms Beperk Rentmeester Assurance Limited 39. Equity Life Assurance Company Limited Ned-Equity Insurance Company Limited 40. Erasmus, N.J. Homes Trust Life Assurance Company Limited 41. Fedsure Life Assurance Limited (all credit life business) Hollard Life Assurance Company Limited 42. Firstrand Limited Firstrand Insurance Limited Effective date 1/7/2012 25 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Transferor Transferee Effective date 43. Funeral Fund Proprietary Limited Homes Trust Life Assurance Company Limited 44. Global Insurance Company Limited Capital Alliance Life Limited 45. Goodall & Company Funeral Assurance Society Proprietary Limited Constantia Life & Health Assurance Company Limited 46. Goodall & Williams Limited Homes Trust Life Assurance Company Limited 47. Goodwill Burial Society (PR Mosaka, trading as) Homes Trust Life Assurance Company Limited 48. Guarantee Life Assurance Company Limited African Eagle Life Assurance Society Limited 49. Guardian National Insurance Company Limited Charter Life Insurance Company Limited 50. Homes Trust Life Assurance Company Limited Metropolitan Homes Trust Life Limited 51. Hoogendoorn Limited, JS Funeral Assurances Group Limited 52. Hottentots-Holland Begrafnismaatskappy Eiendoms Beperk Homes Trust Life Assurance Company Limited 53. Human & Pitt Funeral Limited Funeral Assurances Group Limited 54. Human & Sons Proprietary Limited, JA Funeral Assurances Group Limited 55. International Funeral Insurance Company Homes Trust Life Assurance Company Limited 56. Investec Employee Benefits Limited (portion) Liberty Group Limited 1/1/2007 57. Investec Employee Benefits Capital Alliance Limited 19/11/2008 Investec Employee Benefits Limited Investec Assurance Limited 22/3/2011 58. Johannesburg Begrafnis Versekeringsmaatskappy Eiendoms Beperk Homes Trust Life Assurance Company Limited 59. Jones Funeral Fund, JG (WF Miles and EAG Jones, trading as) Funeral Assurances Group Limited 60. Jones Funeral Fund Proprietary Limited Funeral Assurances Group Limited 61. Jones & Rice Funeral Insurers Proprietary Limited Homes Trust Life Assurance Company Limited 62. Jones & Rice Proprietary Limited Homes Trust Life Assurance Company Limited 63. Kganya Insurance Company Limited Sanlam Developing Markets Limited 64. Law Union and Rock Insurance Company Limited Royal Insurance Company Limited 65. Legal & General Assurance Society Limited Legal & General Assurance of SA Limited 66. Lewensversekeraarsmaatskappy van die Nederlanden van 1845 NV Netherlands Insurance Company of SA Limited 67. Lifegro Assurance Limited Momentum Lewensversekeraars Beperk 68. London and Scottish Assurance Corporation Limited Commercial Union Assurance Company of SA Limited 69. London Assurance Protea Assurance Company Limited 70. London Guarantee and Accident Company Limited Phoenix of SA Assurance Company Limited 71. Manufactures’ Life Insurance Company Liberty Life Association of Africa Limited 72. Mcubed Life Limited PSG Futurewealth Limited 73. Mercantile & General Reinsurance Company Limited Mercantile & General Reinsurance Company of SA Limited 74. Metropolitan Life Namibia Limited (Registered in Namibia) Metropolitan Life Limited 75. Metropolitan Life Limited (Lesotho Business) Metropolitan Lesotho Limited 1/1/2004 76. Metropolitan Odyssey Limited Metropolitan Life Limited 1/1/2006 77. Momentum Assuransie Korporasie Momentum Lewensversekeraars Beperk 78. MsLife Assurance Company Limited Lombard Life Limited 79. Natal Burial Society Proprietary Limited Homes Trust Life Assurance Company Limited 80. National Farmers Union Mutual Insurance Company Limited South African Mutual Life Assurance Society 81. National Funeral Assurance Proprietary Limited Homes Trust Life Assurance Company Limited 26/6/2012 11/12/2012 28/2/2008 5/4/2011 26 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Transferor Transferee 82. National Mutual Life Association of Australasia Limited Sage Life Limited 83. National Union Life Assurance Proprietary Limited Homes Trust Life Assurance Company Limited 84. NBS Insurance Company (1993) Limited NBS Life Assurance Company Limited 85. Neaser’s Funeral Fund Proprietary Limited Homes Trust Life Assurance Company Limited 86. Nedcor (SA) Insurance Company Limited Mutual & Federal Risk Financing 87. New India Assurance Company Limited Universal Assurance Company Limited 88. New Zealand Insurance Company (SA) Limited AA Life Association Limited 89. North British and Mercantile Insurance Company Limited Commercial Union Assurance Company of SA Limited 90. Northern Assurance Company Limited Commercial Union Assurance Company of SA Limited 91. Norwich Life SA Limited Fedsure Life Assurance Limited 92. Norwich Union Life Insurance Society Norwich Life SA Limited 93. Omega Versekeraars Beperk Onderlinge Versekeringsgenootskap AVBOB 94. Outsurance Holdings Limited Outsurance Insurance Company Limited 95. Paarl Funeral Fund Proprietary Limited Funeral Assurances Group Limited 96. Pearl Assurance Company Limited Union National South British Insurance Company Limited 97. Peter Robertson & Company (P Robertson and GW Minnaar, trading as) Homes Trust Life Assurance Company Limited 98. Pietermaritzburg and District Burial Society Limited Homes Trust Life Assurance Company Limited 99. Pitt Proprietary Limited, L Funeral Assurances Group Limited 100. Pretorium Trust (Koöp) Beperk Rentmeester Versekeraars Beperk 101. Prosperity Insurance Company Limited New Era Life Insurance Company Limited 102. Protea Assurance Company Limited Protea Life Company Limited 103. Prudential Assurance Company Limited Prudential Assurance Company of SA Limited 104. Prudential Assurance Company of SA Limited Liberty Life Assurance Company of Africa Limited 105. Prudential Funeral Company Proprietary Limited Homes Trust Life Assurance Company Limited 106. Rand Life Assurance Company Limited Momentum Lewensversekeraars Beperk 107. Robert Brothers (JJ and FC Robertson, trading as) African Peoples’ Organization Burial Society Proprietary Limited 108. Rogers Funeral Fund Rogers Insurance Company Proprietary Limited 109. Rogers Funeral Fund Proprietary Limited GEO H Funeral Assurances Group Limited 110. Rogers GH Funeral Assurances Group Limited 111. Rogers & Sons, WH (PJ and HH Rogers, trading as) Rogers Insurance Company Proprietary Limited 112. Royal Exchange Assurance Liberty Life Assurance of Africa Limited 113. Royal Insurance Company Limited South African Mutual Life Assurance Society 114. Sage Life Limited Momentum Group Limited 115. Sanlam Life Insurance Limited (Namibian Business) Sanlam Namibia Limited 116. Sanlam Life Insurance Limited (linked investment service business) Sanlam Personal Portfolios Proprietary Limited 117. Senator Versekeringsmaatskappy Beperk Rentmeester Versekeraars Beperk 118. Sentry Assurance of SA Limited Sanlam Developing Markets Limited 119. South African Eagle Insurance Company Limited African Eagle Life Assurance Society Limited 120. South African Fire and Accident Insurance Company Limited African Eagle Life Assurance Society Limited Effective date 15/2/2011 1/7/2007 11/12/2012 27 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 No REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Transferor Transferee 121. South African Mutual Fire and General Insurance Company Limited South African Mutual Life Assurance Society 122. South African Railways & Harbours Friendly Society Rogers Insurance Company Proprietary Limited 123. South African Trade Union Assurance Society Limited, The Amalgamated General Assurances Limited 124. Southern Cross Assurance Company Limited South African Metropolitan Life Assurance Company Limited 125. Southern Life Association, The Anglo American Life Assurance Company Limited 126. Standard Genera Insurance Limited, The Capital Alliance Life Limited 127. Standard Life Assurance Company Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy 128. STBS Insurance Company Limited UBS Insurance Company Limited 129. Suid-Afrikaanse Federasie van Begrafnisversekeringsverenigings Beperk Metropolitan Homes Trust Life Limited 130. Suid-Afrikaanse Verbandversekeringsmaatskappy Beperk Land en Landbouland van Suid-Afrika 131. Sun Life Assurance Company of Canada Liberty Life Association of Africa Limited 132. Superflex Limited Investment Solutions Limited 133. Swift Funeral Assurance Society Proprietary Limited, John Homes Trust Life Assurance Company Limited 134. Swift Limited, John Homes Trust Life Assurance Company Limited 135. Swiss Re Life and Health Southern Africa Limited (short-term business) Swiss Re Southern Africa Limited 136. Swiss Re Southern Africa Limited (long-term business) Swiss Re Life and Health Southern Africa Limited 137. The Parktown Insurance Company Limited Saxum Insurance Limited 138. UBS Insurance Company Limited ABSA Life Limited 139. Unie Versekeraars Beperk Onderlinge Versekeringsgenootskap AVBOB 140. Union Guarantee and Insurance Company Limited South African Metropolitan Life Assurance Company Limited 141. Uni-Protection Company Limited Permanent Life Assurance Company Limited 142. United Provident and Assurance Association of SA Limited Provident Assurance Corporation of Africa Limited, The Liquidator (Mr AH Gunn) 143. Universal Burial Company Proprietary Limited Permanent Life Assurance Company Limited 144. Universal Insurance Company Limited Capital Assurance Company Limited 145. Wasserfall & Hardick Funeral Fund and Assurance Society Limited Funeral Assurances Group Limited 146. Waterberg Begrafnisgenootskap (DJ Coetzee, trading as) Suid-Afrikaanse Federasie van Begrafnisversekeringsverenigings Beperk 147. Western Assurances Limited Onderlinge Versekeringsgenootskap AVBOB 148. Wilson Davey Proprietary Limited Homes Trust Life Assurance Company Limited 149. Yorkshire-General Life Assurance Company Limited Momentum Lewensversekeraars Beperk 150. Yorkshire Insurance Company Limited Yorkshire-General Life Assurance Company Limited Effective date 1/1/2012 28 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 3: POLICIES FOR WHICH LONG-TERM INSURERS WERE REGISTERED (AS AT 31 DECEMBER 2013) Assistance Assistance amount (R’000) Disability Fund Sinking fund Health Life X X X X X X X X X X X X X X X X X X X Section 4(7) reclassified No Insurers 1. 1 Life Insurance Limited X* 18 000 X 2. Absa Life Limited X 18 000 X X 3. African Unity Insurance Limited X 18 000 X 4. AIG Life South Africa Limited X 18 000 5. Alexander Forbes Life Limited X 18 000 6. Allan Gray Life Limited 7. Assupol Life Limited X* 18 000 X X 8. AVBOB Mutual Assurance Society X 18 000 X X 9. Bidvest Life Limited X 18 000 X 10. Cadiz Life Limited 11. Centriq Life Insurance Company (RF) Limited X 18 000 X X 12. Channel Life Limited X 18 000 X X 13. Citadel Life Limited 14. Clientele Life Assurance Company Limited 15. Community Life Insurance Company Limited 16. Constantia Life & Health Assurance Company Limited X 18 000 17. Constantia Life Limited X 18 000 18. Coronation Life Assurance Company Limited 19. Covision Life Limited X 18 000 X 20. Discovery Life Limited X 18 000 X X X X X 21. Fedgroup Life Limited X 18 000 X X X X X 22. Frank Life Limited X X X X 23. Goodall And Company Funeral Assurance Society Proprietary Limited X 5 000 24. Guardrisk Life Limited X 18 000 X X X X X X 25. Hollard Life Assurance Company Limited X 18 000 X X X X X X 26. Investec Assurance Limited X X 27. Investec Employee Benefits Limited 28. Investment Solutions Limited 29. JDG Micro Life Limited X 18 000 30. KGA Lewens Beperk X 18 000 31. Land Bank Life Insurance Company Limited* 32. Liberty Growth Limited X 18 000 X X 33. Lion Of Africa Life Assurance Company Limited X 18 000 X X 34. Lombard Life Limited X 18 000 X X X 18 000 X X X X X X X X X X X X X X X X X X X X X X X X X X X X 18 000 X X X X X X X X X X X X X X X X X X X X X X X X X X X X X* X X X X 29 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Assistance Assistance amount (R’000) Disability Fund Health Life Sinking fund X X Section 4(7) reclassified No Insurers 35. Metropolitan Life International Limited 36. Metropolitan Odyssey Limited 37. Momentum Ability Limited X 18 000 X X 38. MMI Group Limited X 18 000 X X 39. Ms Life Assurance Company Limited X 18 000 X X 40. Nedgroup Life Assurance Company Limited X X 41. Nedgroup Structured Life Limited 42. Nestlife Assurance Corporation Limited 43. Netcare Life Limited 44. New Era Life Insurance Company Limited 45. Oasis Crescent Insurance Limited 46. Old Mutual Alternative Risk Transfer Limited X 18 000 X X X X X X 47. Old Mutual Life Assurance Company (South Africa) Limited X 18 000 X X X X X X 48. Outsurance Life Insurance Company Limited X X 49. Prescient Life Limited 50. Professional Provident Society Insurance Company Limited 51. Prudential Portfolio Managers (South Africa) Life Limited X X X 52. PSG Asset Management Limited X X X 53. Real People Assurance Company Limited X 18 000 X X X X X X 54. Regent Life Assurance Company Limited X 18 000 X X X X X X 55. Relyant Life Assurance Company Limited X 18 000 X X X 56. Resolution Life Limited 57. RMA Life Assurance Company Limited X 18 000 58. RMB Structured Life Limited X 18 000 X X 59. Safrican Insurance Company Limited X 18 000 X X 60. SAHL Life Assurance Company Limited X X 61. Sanlam Customised Insurance Limited X 18 000 X 62. Sanlam Developing Markets Limited X 18 000 X 63. Sanlam Life Insurance Limited X 64. Standard General Insurance Company Limited, The X 18 000 65. Stanlib Multi-Manager Limited X X X 66. Strategic Investment Service Life Company Limited X X X 67. Superflex Limited X X 68. Sygnia Life Limited X X X X X X X X X X X X X X X X X X X X X X X 18 000 18 000 X X X X X X X X X X X X X X X X X X X X X X X X X X X X* X X X X X X X X X X X X X X X X 30 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Assistance Assistance amount (R’000) Disability Fund Health Life Sinking fund Section 4(7) reclassified X X X X No Insurers 69. Ten-50-Six Life Limited 70. The Smart Life Insurance Company Limited X 18 000 X 71. Union Life Limited X 18 000 X X 72. Vodacom Life Assurance Company Limited X X 73. Workers Life Insurance Limited X 18 000 X X 74. Zurich Life Sa Limited X 18 000 X X X X X Assistance amount (R’000) Disability Fund Health Life Sinking fund X Assistance X X X No Reinsurers 75. General Reinsurance Africa Limited X 18 000 X X X X 76. Hannover Life Reassurance Africa Limited X 18 000 X X X X X 77. Munich Reinsurance Company Of Africa Limited X 18 000 X X X X X 78. RGA Reinsurance Company Of South Africa Limited X 18 000 X X X X X 79. Saxum Reinsurance Limited X 18 000 X X X X 80. Scor Africa Limited X 18 000 X X X X X 81. Swiss Re Life And Health Africa Limited X 18 000 X X X X X Total insurers 81 * Run-off of business, as well as dormant companies during the period under review. Section 4(7) reclassified X X X 31 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 4: NAME CHANGES OF LONG-TERM INSURERS (UP TO 31 DECEMBER 2013) No Previous name Changed name Effective date 1. 1 Life Direct Insurance Limited 1 Life Insurance Limited 18/9/2012 2. AA Life Association Limited BOE Life Limited 15/7/1996 3. AA Mutual Life Assurance Association Limited AA Life Assurance Association Limited 4. ACA Insurers Limited Capital Alliance Risk Assurers Limited 5. African Eagle Life Assurance Company Limited Anglo American Life Assurance Company Limited 6. African Guarantee and Indemnity Company Limited Guarantee Life Assurance Company Limited 7. African Harvest Life Assurance Company Limited Sygnia Life Limited 8. African Homes Trust and Insurance Company Limited Homes Trust Life Assurance Company Limited 9. African Life Assurance Company Limited Sanlam Developing Markets Limited 10. African Life Assurance Society Limited African Eagle Life Assurance Society Limited 11. African Peoples’ Organization Burial Society Proprietary Limited Lion of Africa Life Assurance Company Limited 12. Afrikaanse Verbond Begrafnisonderneming Beperk Onderlinge Versekeringsgenootskap AVBOB 13. Afrikaanse Verbond Lewensversekeringsgenootskap Beperk Momentum Lewensversekeraars Beperk 14. AIG Life South Africa Limited Chartis Life South Africa Limited 21/8/2009 15. Algoa Insurance Company Limited African Unity Insurance Limited 5/11/2008 16. Alternative Channel Limited PSG Futurewealth Limited 5/2/2008 17. Amalgamated General Assurances Limited Capital Alliance Life Limited 11/3/1996 18. Anchor Life Assurance Company of M and T Limited Anchor Life Assurance Company Limited 19. Anchor Life Assurance Company Limited PSG Anchor Life Limited 20. Anglo American Life Assurance Company Limited The Southern Life Association Limited 21. Assupol Life Assupol Life Limited 22. Atlantic and Continental Assurance Company of SA Limited ACA Versekeraars Beperk 23. Barinor Insurance Limited Community Life Insurance Company Limited 29/11/2007 24. BOE Life Assurance Company Limited Nedlife Assurance Company Limited 22/10/2004 25. BOE Life Limited Nedgroup Structured Life Limited 23/10/2012 26. Bollard Investment Holdings Limited Barinor Insurance Limited 30/1/2001 27. Bonben Assurance Limited Sekunjalo Life Assurance Limited 3/4/2006 28. Bourne Brothers Funeral Insurers Proprietary Limited Bourne Brothers Insurers Proprietary Limited 29. Brummers Funeral Insurance Company Proprietary Limited Constantia Life & Health Assurance Company Limited 30. Cape of Good Hope Funeral Assurance and Undertakers Proprietary Limited Cape of Good Hope Funeral Assurance Limited 31. Cape of Good Hope Funeral Assurance Limited Cape of Good Hope Assurance Limited 32. Capital Alliance Risk Assurers Limited Standard General Insurance Company Limited, The 1/2/2000 33. Centriq Life Insurance Company Limited Centriq Life Insurance Company (RF) Limited 22/11/2012 34. Charter Life Insurance Company Limited Liberty Active Limited 3/12/2004 35. Chartis Life South Africa Limited AIG Life South Africa Proprietary Limited 24/10/2012 36. Cologne Reinsurance Company of SA Limited, The General & Cologne Re Africa Limited, The 1/6/1999 37. Commercial Union Life Assurance Company of SA Limited Metropolitan International Limited 9/9/2003 38. Commercial Union Life Limited Protea Life Company Limited 24/2/1999 39. Covision Limited Covision Life Limited 13/7/2009 7/7/1999 15/3/2007 1/7/2008 22/1/1998 28/3/2012 32 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Previous name Changed name Effective date 40. Crusader Life Assurance Corporation Limited Clientele Life Assurance Company Limited 18/6/1997 41. Direct Life Assurance Limited 1 Life Direct Insurance Limited 13/3/2006 42. Discovery Health Limited Discovery Life Limited 4/12/2000 43. Dominion Insurance Company of SA Limited AA Mutual Life Assurance Association Limited 44. Falken Funeral Fund Proprietary Limited Bourne Brothers Funeral Insurance Proprietary Limited 45. Federated Employer’ Fire and General Insurance Company Limited Federated Employers’ Insurance Company Limited 46. Federated Employers’ Insurance Company Limited Federated Insurance Company Limited 47. Federated Insurance Company Limited Federated Life Assurance Company Limited 48. Federated Life Assurance Company Limited Fedlife Assurance Limited 49. Fedhealth Assurance Limited Fedsure Health Assurance Limited 18/10/1996 50. Fedlife Assurance Limited Fedsure Life Assurance Limited 18/10/1996 51. Fedsure Health Assurance Limited Normkow Assurance Limited 52. Fedsure Life Assurance Limited Investec Employee Benefits Limited 4/12/2001 53. Firstrand Insurance Limited Momentum Group Limited 24/7/2000 54. Forbes Life Limited Investment Solutions Limited 29/9/1999 55. Funeral Assurance Group Limited Western Assurances Limited 56. General & Cologne Re Africa Limited, The Generalcologne Re Africa Limited 57. Generalcologne Re Africa Limited General Reinsurance Africa Limited 58. General Life Assurance Company Yorkshire-General Life Assurance Company 59. Gerling Global Reinsurance Company of SA Saxum Reinsurance Limited 6/12/2003 60. Goodall and Bourne Assurance Proprietary Limited Constantia Life 20/5/2009 61. Grobbelaar Begrafnisfonds Eiendoms Beperk, EJ EI Grobbelaar Versekeringsmaatskappy Eiendoms Beperk 62. Guarantee Life Assurance Company Limited African Life Assurance Company Limited 63. Harvest Life Assurance Company Limited Coronation Life Assurance Company Limited 23/5/2000 64. Harvest Life Assurance Company Limited African Harvest Life Assurance Company Limited 7/3/2006 65. Haven Life Assurance Company Limited Hollard Life Assurance Company Limited 66. Hollandia Life and Health Reassurance Company Limited Hannover Life Reassurance Africa Limited 27/3/2000 67. Hollandia Life Reassurance Company Limited Hollandia Life and Health Reassurance Company Limited 1/7/1999 68. HTG Life Limited Union Life Limited 4/12/2007 69. IGI Life Assurance Company Limited Amalgamated General Assurances Limited 6/2/1996 70. Incentive Life Limited Anglo Dutch Limited 71. International Burial Society Limited International Funeral Insurance Company Limited 72. Legal & General Assurance of SA Limited Legal & General Volkskas Assurance Limited 73. Legal & General Volkskas Assurance Limited Lifegro Assurance Limited 74. Les’ Nest Life Assurance Corporation Limited Nestlife Assurance Corporation Limited 1/8/2003 75. Liberty Life Association of Africa Limited Liberty Group Limited 23/5/2000 76. Life and Pensions Assurance Corporation Limited Les’ Nest Life Assurance Corporation Limited 4/8/1999 77. Lodestone Investment Limited Stanlib Multi-Manager Limited 78. Lombard Waarborg Versekering Maatskappy Beperk Lombard Versekering Maatskappy Beperk 79. M Cubed Capital Limited M Cubed Capital Life Limited 80. M Cubed Capital Life Limited M Cubed Life Limited 11/6/2004 33 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE No Previous name Changed name Effective date 81. M Cubed Investment Life Limited Alternative Channel Life Limited 8/9/2005 82. Magnum National Life Assurance Company Limited Momentum Health Limited 83. McLife Assurance Company Limited Bidvest Life Limited 3/7/2012 84. Medscheme Life Assurance Company Limited MS Life Assurance Company Limited 6/9/2004 85. Medscheme Life Assurance Company Limited Ms Life Assurance Company Limited 14/10/2009 86. Mercantile and General Reinsurance Company of SA Swiss Re Life and Health SA Limited 31/10/1997 87. Metropolitan Homes Trust Life Limited Metropolitan Life Limited 88. Metropolitan International Limited Metropolitan Life International Limited 3/9/2003 89. Momentum Group Limited MMI Group Limited 22/11/2012 90. Momentum Health Limited Discovery Health Limited 3/9/1998 91. Momentum Lewensversekeraars Beperk Firstrand Limited 18/6/1998 92. Ms Life Assurance Company Limited Medscheme Life Assurance Company Limited 15/3/2007 93. Munich Reinsurance Company of SA Limited Munich Reinsurance Company of Africa Limited 25/8/1995 94. National Employers Life Assurance Company Limited Magnum National Life Assurance Company Limited 95. NBS Insurance Company Limited NBS Insurance Company (1993) Limited 96. NBS Life Assurance Company Limited BoE Life Assurance Company Limited 97. Nedlife Assurance Company Limited Nedgroup Life Assurance Company Limited 98. Ned-Equity Insurance Company Limited Sage Life Limited 99. Netherlands Insurance Company of SA Limited Ned-Equity Insurance Company Limited 11/5/2000 100. Normkow Assurance Limited Netcare Life Limited 101. Nova Life Limited Nova Life Partners Limited 28/11/2000 102. Nova Life Partners Limited Centriq Life Insurance Company Limited 7/9/2006 103. Permanent Life Assurance Company Limited Sentry Assurance of SA Limited 104. Pinnafrica Life Limited Lombard Life Limited 20/5/2009 105. Preflife Assurance Company Limited Relyant Life Assurance Company Limited 28/1/1999 106. Prosperity Insurance Company Limited Prosperity Life Limited 15/3/2007 107. Protea Life Company Limited Commercial Union Life Limited 19/10/1998 108. Protea Life Company Limited Metropolitan Odyssey Limited 29/7/1999 109. PSG Anchor Life Limited Channel Life Limited 4/6/2001 110. PSG Escher Life Limited M Cubed Investment Life Limited 111. PSG Futurewealth Limited* PSG Asset Management Limited 25/2/2013 112. PSG Life Limited PSG Escher Life Limited 19/9/2000 113. Real People Insurance Company Limited Real People Assurance Company Limited 14/8/2006 114. Rentmeester Versekeraars Beperk Liberty Growth Limited 27/1/2009 115. Rogers Insurance Company Proprietary Limited Goodall and Bourne Assurance Proprietary Limited 13/10/1999 116. Rondalia Versekeringskorporasie van SA Beperk Senator Versekeringsmaatskappy Beperk 117. Saambou Lewensversekeraars Beperk The Smart Life Insurance Company Limited 14/12/2011 118. SA Eagle Life Limited Zurich Life South Africa Limited 8/8/2007 119. SA Funeral Homes Life Limited Covision Limited 10/5/2007 120. Saflife Funeral Association Limited Safrican Insurance Company Limited 13/10/1995 121. Safrican Association for Burial and Aid Proprietary Limited Safrican Association for Burial and Aid Limited 34 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 No REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Previous name Changed name Effective date 122. Safrican Association for Burial Aid Limited Safrican Association Limited 123. Safrican Association Limited Saflife Funeral Association Limited 124. Security Life Assurance Corporation Limited Crusader Life Assurance Corporation Limited 125. Sekunjalo Life Assurance Limited Workers Life Assurance Company 126. Shield Life Insurance Limited Allianz Life Limited 127. Shilling Assurance Limited Permanent Life Assurance Company Limited 128. South African Liberal Insurance Company Proprietary Limited South African Mutual Fire and General Insurance Company Limited 129. South African Metropolitan Life Assurance Company Limited Metropolitan Homes Trust Life Limited 130. South African Mining and General Assurance Company Proprietary Limited Rondalia Versekeringskorporasie van SA Beperk 131. South African Mutual Life Assurance Society Old Mutual Life Assurance Company (SA) Limited 132. South African Police Assurance Fund Assupol Life 133. South African Trade Union Assurance Society Limited, The Investec Assurance Limited 134. South African Workmen’s Insurance Proprietary Limited Rogers Insurance Company Proprietary Limited 135. Southern Life Association Limited, The Firstrand Insurance Limited 136. Southern Life Association of Africa Southern Life Association 137. Southern Life Association, The Westerford Assurance Society 138. Standard General Insurance Company Limited, The Nova Life Limited 1/2/2000 139. Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy Sanlam Life Insurance Limited 27/10/1998 140. Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy Beperk Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy 141. Swiss Re Life AJ’d Health Southern Africa Limited Swiss Re Life and Health Africa Limited 142. Swiss South African Reinsurance Company Limited Swiss Re Southern Africa Limited 143. Time Life Insurance Limited M Cubed Capital Limited 144. Union and National General Assurance Company of SA Limited Union National South British Insurance Company Limited 145. Union National South British Insurance Company Limited Guardian National Insurance Company Limited 146. Universal Assurance Company Limited Kganya Insurance Company Limited 147. Vista Assurance Corporation Limited Rand Life Assurance Company Limited 148. Volks Lewensassuransiemaatskappy Beperk Equity Life Assurance Company Limited 149. Voorsorg Beperk Omega Versekeraars Beperk 150. Woltemade Versekeraars Beperk Saambou Lewensversekeraars Beperk 151. Yorkshire-General Life Assurance Company Yorkshire-General Life Assurance Company Limited * The most recent addresses, auditors and statutory actuaries appear in the table. 12/9/1994 3/7/2012 17/5/1999 27/2/1997 14/12/1999 1/8/2003 12/11/2010 35 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 5: INDIVIDUAL RANKING (AS AT 31 DECEMBER 2013) Short name Total net premiums of insurer R’000 Percentage of total net premiums % Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 636 939 172 727 28 107 089 950 958 200 175 0 41 449 137 114 922 83 250 26 736 0 53 689 142 1 676 667 194 054 2 800 550 4 485 253 309 526 0.08 1.50 0.11 0.18 0.03 3.40 0.47 0.46 0.01 0.48 0.04 0.45 0.15 0.29 0.00 0.00 0.00 4.32 0.00 2.87 0.03 0.01 0.00 0.50 1.54 11.68 0.05 7.52 0.25 0.05 0.00 11.09 0.03 0.02 0.01 0.00 14.37 0.45 0.05 0.75 1.20 0.08 Short name Total net premiums of insurer R’000 Percentage of total net premiums % Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited 0 0 92 084 577 950 60 750 039 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 554 942 228 405 0 6 308 100 38 635 847 2 918 353 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 0.00 0.00 0.02 0.15 16.26 0.04 0.66 0.77 0.35 0.77 0.11 0.16 0.18 0.09 0.00 0.42 0.06 0.00 1.69 10.34 0.78 0.00 1.01 0.00 0.09 1.41 0.00 0.07 0.00 0.00 0.03 0.00 373 687 528 100.00 1 956 510 1 662 091 1 846 553 418 484 10 502 85 079 1 387 199 26.56 22.56 25.07 5.68 0.14 1.15 18.83 7 366 417 100.00 Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Saxum Re SCOR Africa Swiss Re 2013 Total 36 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Total assets of insurer R’000 Percentage of total assets % 205 471 23 073 800 143 796 595 908 1 532 537 81 677 644 2 755 581 8 656 727 326 072 4 870 283 185 881 2 956 017 4 001 080 2 655 181 23 696 23 311 43 430 64 656 974 44 890 25 223 491 749 782 50 762 363 3 988 804 14 895 822 86 387 003 4 323 075 207 380 955 558 882 35 369 0 269 686 412 235 618 165 057 219 746 299 815 305 047 589 2 100 027 414 846 4 848 774 11 165 302 74 799 0.01 1.09 0.01 0.03 0.07 3.85 0.13 0.41 0.02 0.23 0.01 0.14 0.19 0.13 0.00 0.00 0.00 3.05 0.00 1.19 0.04 0.00 0.00 0.19 0.70 4.07 0.20 9.77 0.03 0.00 0.00 12.71 0.01 0.01 0.01 0.01 14.38 0.10 0.02 0.23 0.53 0.00 Short name Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Saxum Re SCOR Africa Swiss Re 2013 Total Total assets of insurer R’000 Percentage of total assets % 18 525 0 293 015 780 629 520 156 937 209 902 23 059 500 6 034 267 6 146 708 10 610 371 138 740 1 051 614 285 394 9 954 825 1 420 733 1 766 097 99 033 0 19 341 419 339 315 817 15 719 002 29 987 1 445 059 190 597 7 806 951 19 154 689 0 406 879 0 40 251 71 747 17 969 0.00 0.00 0.01 0.04 24.51 0.01 1.09 0.28 0.29 0.50 0.01 0.05 0.01 0.47 0.07 0.08 0.00 0.00 0.91 15.99 0.74 0.00 0.07 0.01 0.37 0.90 0.00 0.02 0.00 0.00 0.00 0.00 2 121 847 231 100.00 3 608 566 2 783 226 2 382 084 1 803 730 40 182 111 461 3 222 526 25.86 19.95 17.07 12.93 0.29 0.80 23.10 13 951 775 100.00 37 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Total liabilities of insurer R’000 Percentage of total liabilities % 66 382 21 876 208 68 608 276 764 1 287 663 81 317 354 2 019 239 4 529 547 52 816 4 850 612 79 713 2 477 734 3 980 613 2 225 385 9 428 2 812 19 311 64 410 343 30 578 23 397 496 737 367 32 602 359 3 632 441 14 073 673 86 054 317 753 733 206 439 299 85 782 12 279 0 258 011 831 204 405 102 389 117 731 251 282 290 268 131 1 631 001 359 081 4 152 048 11 118 595 48 817 0.00 1.10 0.00 0.01 0.06 4.08 0.10 0.23 0.00 0.24 0.00 0.12 0.20 0.11 0.00 0.00 0.00 3.23 0.00 1.17 0.04 0.00 0.00 0.18 0.71 4.32 0.04 10.36 0.00 0.00 0.00 12.94 0.01 0.01 0.01 0.01 14.56 0.08 0.02 0.21 0.56 0.00 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. Short name Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Saxum Re SCOR Africa Swiss Re 2013 Total Total liabilities of insurer R’000 Percentage of total liabilities % 2 830 0 278 407 590 799 476 534 192 76 366 22 795 905 5 995 030 6 104 883 10 507 482 56 016 855 623 95 668 9 889 825 1 361 700 1 562 511 46 933 0 16 292 688 305 681 159 15 641 361 17 513 665 428 42 874 7 680 755 19 093 490 0 337 177 0 7 719 36 269 3 738 0.00 0.00 0.01 0.03 23.91 0.00 1.14 0.30 0.31 0.53 0.00 0.04 0.00 0.50 0.07 0.08 0.00 0.00 0.82 15.34 0.78 0.00 0.03 0.00 0.39 0.96 0.00 0.02 0.00 0.00 0.00 0.00 1 993 320 105 100.00 2 887 495 2 252 664 1 922 561 1 683 156 22 141 83 053 2 910 208 24.55 19.15 16.35 14.31 0.19 0.71 24.74 11 761 277 100.00 38 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 6: INDIVIDUAL MARKET SHARES (AS AT 31 DECEMBER 2013) Net premiums received and outstanding Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life Financial Assistance year end business (month) % Disability business % Fund business % Health business % Life business % Sinking fund business % Total net premiums % Total assets % Total liabilities % 6 12 2 11 3 2 6 6 6 3 12 12 3 6 12 8 8 9 6 6 2 12 8 3 6 0.37 3.75 3.12 0.00 0.13 0.00 12.70 1.51 0.01 0.00 0.40 0.02 0.00 4.60 0.00 0.24 0.09 0.00 0.21 0.26 0.03 0.00 0.00 2.55 20.53 0.24 0.09 0.00 0.00 0.55 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24.44 0.00 0.13 0.00 0.90 0.92 0.00 0.33 0.00 0.00 0.00 4.73 0.00 0.00 0.00 0.86 0.00 0.00 0.02 0.00 0.00 0.00 0.00 7.90 0.00 0.86 0.06 0.00 0.00 0.00 0.39 0.17 0.77 4.76 15.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.24 0.00 0.04 0.00 0.00 0.00 21.45 0.00 0.03 0.00 8.14 3.88 0.15 2.06 0.01 0.00 0.04 2.28 0.59 0.95 0.02 0.13 0.06 0.62 0.28 0.23 0.00 0.00 0.00 0.14 0.00 3.82 0.00 0.01 0.00 0.77 2.12 0.00 14.53 0.00 0.00 0.00 4.74 0.00 0.00 0.00 0.38 0.00 7.26 0.50 1.25 0.00 0.00 0.00 21.37 0.00 1.89 0.00 0.00 0.00 0.00 0.04 0.08 1.50 0.11 0.18 0.03 3.40 0.47 0.46 0.01 0.48 0.04 0.45 0.15 0.29 0.00 0.00 0.00 4.32 0.00 2.87 0.03 0.01 0.00 0.50 1.54 0.01 1.02 0.01 0.03 2.08 3.55 0.12 0.38 0.01 0.21 0.01 0.13 0.17 0.12 0.00 0.00 0.00 2.81 0.00 1.59 0.03 0.01 0.00 0.17 0.65 0.00 1.10 0.00 0.01 0.06 4.08 0.10 0.23 0.00 0.24 0.00 0.12 0.20 0.11 0.00 0.00 0.00 3.23 0.00 1.17 0.04 0.00 0.00 0.18 0.71 3 3 3 6 9 3 12 12 6 0.00 0.00 0.00 0.23 3.33 0.00 17.66 1.33 0.04 0.00 0.00 0.00 6.20 0.00 0.00 18.08 0.02 1.02 22.31 0.00 14.59 0.00 0.00 0.00 3.60 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25.33 0.01 0.00 1.74 0.01 1.26 0.32 0.00 0.00 18.62 0.01 0.01 11.52 1.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.68 0.05 7.52 0.25 0.05 0.00 11.09 0.03 0.02 3.76 0.19 9.02 0.02 0.00 0.00 12.98 0.01 0.01 4.32 0.04 10.36 0.00 0.00 0.00 12.94 0.01 0.01 6 6 6 6 12 12 12 3 9 0.00 0.00 5.35 0.00 0.23 0.00 0.00 2.81 0.00 0.00 0.00 20.49 0.20 0.20 0.00 0.00 0.42 0.00 0.00 0.00 15.03 0.00 0.00 0.00 2.19 0.00 0.00 0.00 0.00 0.29 0.00 0.44 0.00 0.00 0.00 0.00 0.02 0.00 14.85 0.98 0.01 1.64 0.35 0.07 0.00 0.00 0.00 0.02 0.00 1.51 0.00 0.00 0.00 0.00 0.01 0.00 14.37 0.45 0.05 0.75 1.20 0.08 0.00 0.01 0.01 13.56 0.01 0.02 0.21 0.48 0.00 0.00 0.01 0.01 14.56 0.08 0.02 0.21 0.56 0.00 0.00 39 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Net premiums received and outstanding Short name New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Financial Assistance year end business (month) % Total Fund business % Health business % Life business % Sinking fund business % Total net premiums % Total assets % Total liabilities % 3 3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.01 12 12 0.00 0.02 2.26 11.51 0.00 14.65 0.00 2.67 0.25 18.60 0.00 24.71 0.15 16.26 0.04 23.54 0.03 23.91 6 12 3 12 2 3 6 9 12 6 12 12 12 0.00 0.00 0.00 0.00 0.00 1.25 0.27 0.27 0.00 0.00 10.21 0.00 0.00 0.17 0.00 0.00 0.00 0.00 0.71 0.00 0.00 0.00 0.00 0.00 0.37 0.00 0.00 0.00 1.56 0.71 0.22 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.24 4.20 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 1.34 0.05 0.03 1.26 0.15 0.31 0.39 0.19 0.00 0.55 0.12 0.00 0.00 0.00 0.16 0.00 3.89 0.35 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.04 0.66 0.77 0.35 0.77 0.11 0.16 0.18 0.09 0.00 0.42 0.06 0.00 0.01 1.00 0.26 0.27 0.46 0.01 0.05 0.01 0.43 0.06 0.08 0.00 0.00 0.00 1.14 0.30 0.31 0.53 0.00 0.04 0.00 0.50 0.07 0.08 0.00 0.00 12 0.06 0.00 0.00 2.81 3.61 0.46 1.69 0.91 0.82 12 12 6 9 12 3 9 6 12 12 12 2 12 0.00 0.00 0.08 0.21 0.00 0.00 0.00 0.00 4.34 0.00 0.00 1.80 – 10.98 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 – 5.78 1.07 0.00 0.00 0.00 0.15 2.94 0.00 0.00 0.00 0.00 0.00 – 1.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 – 16.10 0.51 0.00 2.20 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.43 1.70 0.00 0.00 0.00 0.00 0.39 0.00 0.00 0.00 0.00 0.00 – 10.34 0.78 0.00 1.01 0.00 0.09 1.41 0.00 0.07 0.00 0.00 0.03 0.00 16.43 0.68 0.01 0.07 1.02 0.35 0.83 0.00 0.02 0.00 0.00 0.00 0.00 15.34 0.78 0.00 0.03 0.00 0.39 0.96 0.00 0.02 0.00 0.00 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 7.37 58.17 34.46 0.00 0.00 0.00 38.28 16.90 17.96 2.71 0.08 0.18 23.89 1.68 0.00 89.87 8.45 0.00 0.00 0.00 29.93 34.08 0.18 4.10 0.00 7.43 24.28 24.15 24.01 26.90 6.42 0.19 0.60 17.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.56 22.56 25.07 5.68 0.14 1.15 18.83 25.86 19.95 17.07 12.93 0.29 0.80 23.10 24.55 19.15 16.35 14.31 0.19 0.71 24.74 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00 100.00 Total Reinsurers Gen Re Hannover Life Re Munich Re RGA SaXum Re SCOR Africa Swiss Re Disability business % 12 12 12 12 12 12 12 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 40 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 7(a): NET PREMIUM RECEIVED AND OUTSTANDING – CLASSES (AS AT 31 DECEMBER 2013) Individual Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Group Financial year end (month) Recurring business R’000 Nonrecurring business R’000 All business R’000 Total Premium R’000 6 12 2 11 3 2 6 6 6 3 12 12 3 6 12 8 8 9 6 6 2 12 8 3 6 3 3 3 6 9 3 12 12 6 6 6 6 6 12 12 12 3 285 039 2 399 697 0 668 772 6 970 0 1 182 349 1 679 879 39 766 0 45 535 315 711 0 986 930 194 26 5 297 6 324 18 434 6 127 148 0 19 345 0 732 989 3 776 144 0 11 558 36 729 937 288 200 175 0 18 094 040 22 561 63 253 0 0 12 679 533 118 382 44 723 2 223 183 0 116 439 0 2 498 392 629 0 0 4 298 655 0 6 242 936 228 604 0 658 826 552 028 107 904 0 0 0 2 077 301 0 3 814 917 0 11 712 0 711 079 1 194 324 4 013 708 161 169 2 114 284 0 0 0 15 008 498 0 0 26 736 0 12 148 196 10 130 166 577 367 587 822 0 22 355 705 620 413 571 0 111 789 8 417 712 585 527 16 312 0 1 567 365 85 866 712 542 0 0 0 16 117 76 14 042 680 0 772 833 116 322 0 0 431 774 795 064 39 623 231 0 25 956 076 13 669 0 0 8 346 600 92 361 19 997 0 0 28 861 414 1 558 276 19 165 0 3 897 431 193 087 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 636 939 172 727 28 107 089 950 958 200 175 0 41 449 138 114 922 83 250 26 736 0 53 689 142 1 676 667 194 054 2 800 550 4 485 253 309 526 41 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Individual Short name Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Financial year end (month) Recurring business R’000 Nonrecurring business R’000 All business R’000 Total Premium R’000 9 3 3 12 12 6 12 3 12 2 3 6 9 12 6 12 12 12 12 12 12 6 9 12 3 9 6 12 12 12 2 12 0 0 649 507 590 19 393 983 147 705 2 287 474 0 0 11 241 373 820 524 722 661 450 0 972 43 092 228 405 0 2 658 101 12 068 243 0 4 358 3 752 055 0 0 0 0 227 294 0 0 108 189 73 0 0 91 435 0 15 296 219 0 174 095 99 738 53 366 2 135 724 30 000 0 0 331 814 6 217 913 766 0 0 3 140 466 13 872 725 1 015 390 0 0 0 70 866 33 945 0 1 113 0 0 0 0 0 0 0 70 359 26 059 838 0 0 2 772 204 1 270 565 721 143 1 564 84 329 16 162 0 624 598 085 0 0 509 533 12 694 879 1 902 963 6 626 12 916 0 259 778 5 235 395 0 35 409 0 0 0 113 0 0 92 084 577 950 60 750 039 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 554 942 228 405 0 6 308 100 38 635 847 2 918 353 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 95 843 828 88 196 384 189 647 316 373 687 528 1 356 704 1 504 739 997 482 399 165 10 502 78 218 902 968 0 102 189.37 0 0 1 443 0 599 806 157 250 848 882 19 319 0 5 418 484 231 1 956 510 1 662 091 1 846 553 418 484 10 502 85 079 1 387 199 5 249 777 1 734 2 114 905 7 366 417 101 093 606 88 198 118 191 762 221 381 053 945 Total Reinsurers Gen Re Hannover Life Re Munich Re RGA SaXum Re SCOR Africa Swiss Re Group 12 12 12 12 12 12 12 Total GRAND TOTAL (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 42 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 7(b): NET PREMIUMS RECEIVED AND OUTSTANDING – BUSINESS TYPE (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life Assistance business R’000 Disability business R’000 Fund business R’000 Health business R’000 Life business R’000 Sinking fund business R’000 22 355 225 969 187 529 0 7 678 0 764 142 90 607 687 0 24 072 1 468 0 277 016 0 14 441 5 374 0 12 875 15 780 2 105 0 0 153 314 1 235 635 0 0 0 13 669 200 175 0 1 062 786 80 087 2 184 0 0 322 021 0 13 879 0 0 168 971 0 15 361 5 855 67 0 35 370 0 0 0 0 0 5 740 0 0 0 0 0 0 0 0 1 578 450 259 8 511 0 58 039 59 696 0 0 0 399 323 0 0 1 167 579 1 310 65 563 0 0 1 323 123 12 997 12 792 0 0 27 130 0 0 580 372 0 0 0 8 417 712 0 0 0 1 534 886 0 3 991 34 390 0 0 0 0 14 042 680 0 1 527 105 113 173 0 0 0 691 322 39 669 337 0 25 956 076 0 0 0 6 400 908 17 747 0 0 0 26 727 977 0 0 0 3 896 627 0 0 7 482 33 281 205 185 668 772 0 0 0 0 0 0 0 0 0 312 186 0 1 702 0 0 0 925 407 51 1 472 0 351 155 167 246 0 0 0 0 0 0 1 092 858 220 132 0 0 12 613 0 18 861 0 0 0 0 262 196 3 504 879 21 419 0 75 711 3 889 459 1 003 734 1 611 826 40 016 228 604 101 590 1 055 295 474 299 397 728 194 0 0 240 876 5 559 6 505 297 733 21 073 0 1 313 334 3 608 490 2 973 626 14 941 2 151 013 535 994 0 0 31 720 493 15 558 15 372 26 736 0 25 298 195 1 663 670 18 356 2 800 550 588 626 113 425 0 0 1 253 354 0 0 0 409 196 0 0 0 32 479 0 626 324 43 339 107 904 0 0 0 1 842 749 0 162 859 0 0 0 0 3 143 898 167 157 786 0 0 0 0 0 0 0 0 0 2 052 0 130 166 0 0 0 0 Total in RSA R’000 Total in and outside RSA R’000 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 541 131 172 727 28 107 089 948 986 200 175 0 41 444 624 114 922 83 250 26 736 0 53 685 980 1 676 667 194 054 2 800 550 4 485 253 309 526 0 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 636 939 172 727 28 107 089 950 958 200 175 0 41 449 137 114 922 83 250 26 736 0 53 689 142 1 676 667 194 054 2 800 550 4 485 253 309 526 0 43 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Assistance business R’000 Disability business R’000 Fund business R’000 Health business R’000 Life business R’000 Sinking fund business R’000 0 0 0 951 0 0 0 0 0 75 235 16 552 16 162 0 0 613 166 0 0 3 558 0 0 4 920 12 916 0 0 0 0 261 229 0 0 108 189 0 0 0 145 967 743 405 10 844 0 0 0 0 45 947 0 0 0 0 0 23 868 0 0 708 806 0 1 344 0 0 0 0 0 0 0 0 0 0 0 0 0 26 059 841 0 0 2 772 204 1 270 565 385 606 0 67 423 0 0 0 0 0 0 0 10 281 380 1 902 963 0 0 0 259 778 5 235 395 0 0 0 0 0 0 0 0 0 115 289 10 410 181 316 0 0 0 1 777 0 0 0 0 0 0 0 121 421 86 053 0 0 0 0 0 0 0 0 0 0 0 0 0 92 084 431 983 31 697 252 126 451 2 280 253 86 222 53 366 2 146 963 252 425 525 075 661 450 331 814 1 596 940 577 204 537 0 6 143 703 27 399 132 868 944 4 720 3 752 055 0 70 866 0 0 2 587 0 0 0 186 0 0 0 2 131 169 0 0 13 517 0 335 539 30 000 0 0 0 6 217 0 0 0 39 418 123 063 131 502 0 0 0 0 33 945 0 0 0 0 0 0 6 017 696 6 457 344 177 849 458 4 314 889 170 373 109 Total in RSA R’000 Total in and outside RSA R’000 0 92 084 577 950 60 747 906 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 553 742 228 405 0 6 308 100 38 598 434 2 903 409 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 0 92 084 577 950 60 750 039 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 554 942 228 405 0 6 308 100 38 635 847 2 918 353 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 8 513 887 373 526 383 373 687 528 1.61 1.73 47.59 1.15 45.59 2.28 Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life 0 2 321 21 906 13 995 0 0 0 549 782 234 444 263 291 39 364 1 008 2 170 341 639 2 551 0 241 764 23 605 0 0 0 204 057 241 347 1 053 29 292 0 53 199 81 688 1 108 125 984 533 1 256 941 308 121 8 908 27 782 776 467 0 0 0 0 0 0 0 1 864 515 1 462 646 1 784 956 414 377 9 916 83 152 1 199 794 1 956 510 1 662 091 1 846 553 418 484 10 502 85 079 1 387 199 Total 38 222 1 431 698 267 920 610 637 4 470 878 0 6 819 356 7 366 417 GRAND TOTAL 6 055 918 7 889 043 178 117 378 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 4 925 526 174 843 987 8 513 887 380 345 739 381 053 945 44 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life New Era Oasis Crescent Investment business R’000 Risk business R’000 0 1 820 971 0 0 0 8 826 908 0 69 326 0 1 795 969 0 666 273 77 729 107 904 0 0 0 15 885 429 0 3 621 072 113 173 0 0 663 728 1 722 977 43 541 131 157 786 26 142 768 0 0 0 22 485 600 17 747 0 26 736 0 34 977 515 691 131 260 746 479 4 485 253 0 0 0 1 135 307 393 2 192 299 414 200 668 772 118 759 0 1 406 926 1 633 107 40 703 0 131 402 1 013 060 0 674 796 194 16 143 5 374 0 18 434 5 889 526 3 148 31 057 0 1 108 023 3 957 821 0 11 558 0 948 986 200 175 0 9 327 817 97 176 83 250 0 0 8 126 729 1 654 577 62 794 2 004 713 0 282 396 0 0 0 Annuities R’000 Universal Life R’000 Total in RSA R’000 Total in and outside RSA R’000 0 1 244 931 0 0 0 3 889 459 0 0 0 0 0 0 474 299 0 0 0 0 240 876 0 1 204 300 0 0 0 104 091 82 765 0 3 383 1 964 321 0 0 0 6 777 787 0 0 0 0 8 256 726 21 399 0 0 0 27 130 0 0 90 949 0 345 509 0 0 0 0 360 950 0 0 0 0 7 745 0 312 135 0 0 0 0 0 0 0 0 0 0 1 969 0 0 0 0 0 0 2 853 419 0 0 0 0 2 325 010 0 0 49 358 0 0 0 0 0 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 541 131 172 727 28 107 089 948 986 200 175 0 41 444 623 114 922 83 250 26 736 0 53 685 980 1 676 667 194 054 2 800 550 4 485 253 309 526 0 0 92 084 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 636 939 172 727 28 107 089 950 958 200 175 0 41 449 138 114 922 83 250 26 736 0 53 689 142 1 676 667 194 054 2 800 550 4 485 253 309 526 0 0 92 084 45 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL Annuities R’000 Universal Life R’000 Total in RSA R’000 Total in and outside RSA R’000 577 950 11 307 866 147 705 2 278 599 0 0 0 375 384 517 026 677 612 0 1 596 639 977 228 405 0 2 566 901 4 847 503 0 10 984 3 764 971 0 0 0 0 263 816 0 0 108 189 186 70 745 974 0 12 577 419 0 142 383 86 222 53 366 528 898 0 0 0 331 814 0 0 0 0 0 11 704 980 868 944 0 0 0 58 988 0 0 0 0 0 0 0 50 735 430 0 3 086 359 0 0 0 0 0 0 0 0 0 0 0 0 0 256 093 4 035 025 0 0 0 0 0 0 0 0 0 0 0 0 13 633 572 577 950 60 747 906 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 553 742 228 405 0 6 308 100 38 598 434 2 903 409 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 373 526 381 577 950 60 750 039 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 554 942 228 405 0 6 308 100 38 635 847 2 918 353 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 373 687 528 63.8 18.9 13.6 3.6 100.0 0 0 0 0 0 0 0 0 1 864 515 1 444 821 1 759 923 414 377 9 916 83 152 1 199 795 6 776 499 0 17 824 25 033 0 0 0 0 42 858 0 0 0 0 0 0 0 0 1 864 515 1 462 646 1 784 956 414 377 9 916 83 152 1 199 795 6 819 357 1 956 510 1 662 091 1 846 553 418 484 10 502 85 079 1 387 199 7 366 417 238 411 405 77 522 473 50 778 288 13 633 572 380 345 738 381 053 945 Investment business R’000 Risk business R’000 0 33 776 262 0 40 587 2 785 721 1 270 565 2 339 210 30 000 92 025 0 0 6 217 913 766 0 0 3 485 107 18 010 926 2 034 465 0 0 0 271 656 5 269 340 0 0 0 0 0 0 238 411 405 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 46 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 8(a): NET BENEFITS PAID AND PROVIDED FOR – CLASSES (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life Assistance business R’000 Disability business R’000 Fund business R’000 Health business R’000 Life business R’000 Sinking fund business R’000 11 542 68 722 34 661 0 2 839 0 507 106 105 613 (357) 0 15 210 253 0 8 643 0 6 395 1 434 0 0 13 535 611 0 0 46 658 343 275 0 0 0 655 85 806 0 331 134 35 557 555 0 0 267 607 0 10 815 0 0 63 079 0 2 580 69 265 0 0 5 622 0 0 0 2 103 0 2 827 0 0 3 569 0 0 0 0 0 813 668 18 2 987 0 48 785 115 345 0 0 0 54 046 0 0 755 123 105 16 260 0 0 1 207 238 9 433 1 856 48 144 0 5 166 0 0 772 716 0 0 0 9 878 283 0 0 0 660 197 2 973 1 656 13 953 0 0 0 0 9 577 981 0 400 566 100 290 0 0 0 712 980 33 806 293 0 26 885 804 0 0 0 6 962 076 21 126 0 0 0 22 880 730 0 0 0 3 204 622 0 0 1 351 11 779 48 957 166 324 0 0 0 0 0 0 0 0 0 12 219 33 1 139 0 0 0 338 976 0 124 0 8 137 4 382 0 0 0 0 0 0 913 009 0 146 0 0 8 253 0 1 465 0 0 0 0 36 118 1 477 117 4 043 2 962 32 762 1 382 071 477 069 425 087 5 553 115 905 37 847 904 731 197 623 249 697 143 0 0 47 940 0 2 704 895 278 2 844 0 271 307 2 183 805 2 081 001 143 014 1 205 368 74 475 0 0 28 362 201 3 222 4 121 1 100 6 595 23 098 777 490 488 6 948 747 525 651 415 56 734 0 0 2 589 781 0 0 0 97 616 0 0 0 10 708 0 10 198 343 771 208 726 0 0 0 4 598 310 0 83 654 0 0 0 0 906 592 954 22 578 0 0 0 0 369 845 0 0 7 192 0 64 868 0 53 105 0 2 472 0 0 Total in RSA R’000 Total in and outside RSA R’000 51 591 4 989 381 87 661 169 286 41 223 11 357 970 984 175 530 700 7 299 786 810 58 857 916 839 555 347 482 854 176 7 534 1 434 14 224 231 0 4 355 294 101 196 5 955 0 374 887 3 360 693 36 480 248 165 592 28 091 172 129 175 85 806 0 37 693 388 60 010 21 082 8 292 6 595 47 527 473 499 920 74 189 795 669 3 858 509 124 979 0 51 591 4 992 811 87 661 169 286 41 223 11 357 970 984 175 530 700 7 299 786 810 58 857 916 839 555 347 482 854 176 7 534 1 434 14 224 231 0 4 355 294 101 196 5 955 0 374 887 3 360 693 36 569 837 165 592 28 091 172 129 440 85 806 0 37 713 184 60 010 21 082 12 845 6 595 47 529 733 501 401 74 189 795 669 3 858 509 124 979 0 47 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Assistance business R’000 Disability business R’000 Fund business R’000 Health business R’000 Life business R’000 Sinking fund business R’000 0 0 0 842 0 0 0 0 0 30 064 9 110 3 655 0 0 307 144 0 0 683 0 0 360 4 589 0 0 0 0 124 467 0 0 72 195 0 0 0 21 983 605 433 2 908 219 136 0 0 0 305 7 659 0 0 0 0 5 750 0 2 209 507 551 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 447 764 0 0 2 479 997 982 532 1 625 269 0 36 430 0 0 0 0 0 0 29 605 10 762 910 2 200 235 0 0 0 558 916 7 177 902 0 0 0 0 0 0 0 0 0 32 870 706 27 024 0 0 0 0 0 0 0 0 0 0 0 62 203 31 000 0 77 0 0 0 0 0 0 0 0 0 0 0 16 605 43 749 29 540 034 17 071 1 186 974 13 202 7 896 917 708 27 204 143 272 212 215 583 209 379 124 118 82 596 0 3 333 238 26 102 751 224 505 1 162 1 368 951 0 525 540 41 134 0 540 0 0 230 170 0 0 0 2 479 174 0 0 1 302 0 345 085 0 0 0 0 28 777 0 0 0 171 736 193 237 20 787 0 0 0 0 17 445 0 0 0 0 0 0 2 514 455 4 537 074 171 183 807 1 670 174 132 007 233 Total in RSA R’000 Total in and outside RSA R’000 0 16 605 65 732 62 106 118 20 685 1 433 134 2 494 501 990 428 2 888 062 57 573 196 471 215 869 583 209 29 156 431 262 88 346 0 3 599 676 37 597 449 2 445 527 1 598 1 373 540 0 1 084 456 7 236 481 0 125 007 0 0 72 425 170 0 16 605 65 732 62 128 802 20 685 1 433 134 2 494 501 990 428 2 888 062 57 573 201 323 215 869 583 209 29 156 432 078 88 346 0 3 604 655 37 671 404 2 474 745 1 598 1 373 540 0 1 084 456 7 236 481 0 125 007 0 0 72 425 170 12 314 229 324 226 971 324 484 850 Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life 0 483 13 398 6 052 0 0 0 337 222 124 731 134 409 25 901 495 242 445 442 (475) 0 269 381 2 338 0 0 0 201 765 184 334 463 24 312 0 50 888 33 037 832 923 620 187 975 276 261 947 7 336 16 820 391 530 0 328 401 0 0 0 0 0 1 371 435 1 258 135 1 392 926 320 550 7 831 67 949 870 008 1 415 589 1 340 701 1 420 634 321 664 8 245 68 887 993 459 Total 19 933 1 068 441 271 244 494 798 3 106 018 328 401 5 288 835 5 569 179 GRAND TOTAL 2 534 388 5 605 515 171 455 050 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 2 164 973 135 113 252 12 642 629 329 515 806 330 054 028 48 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 8(b): NET BENEFITS PAID AND PROVIDED FOR – BUSINESS TYPE (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life Investment business R’000 Risk business R’000 Annuities R’000 0 3 353 967 0 0 0 9 975 899 0 55 469 0 693 743 2 973 302 761 357 724 208 726 0 0 0 14 176 291 0 1 298 053 100 290 0 0 4 320 2 313 083 36 480 248 22 578 27 337 064 0 0 0 22 595 786 21 126 0 8 292 6 595 31 464 337 4 415 53 707 499 429 3 858 509 0 0 51 591 745 848 87 661 166 324 35 720 0 602 644 475 231 5 072 0 55 883 600 906 0 44 480 176 7 534 1 434 0 0 2 562 932 906 5 955 0 198 406 863 746 0 1 458 0 129 175 85 806 0 4 636 794 38 884 21 082 0 0 4 480 717 374 718 19 878 255 093 0 119 813 0 0 685 910 0 2 962 5 504 1 382 071 0 0 2 227 93 067 0 835 197 623 0 0 0 0 47 940 0 494 309 0 0 0 172 161 182 051 0 141 556 754 108 0 0 0 5 671 618 0 0 0 0 7 612 230 120 787 604 0 0 5 166 0 Universal Life R’000 Total in RSA R’000 Total in and outside RSA R’000 0 203 656 0 0 0 0 381 530 0 0 0 0 12 337 0 229 648 0 0 0 0 0 0 0 0 0 0 1 813 0 0 0 0 0 0 4 789 190 0 0 0 0 3 970 189 0 0 41 147 0 0 0 51 591 4 989 381 87 661 169 286 41 223 11 357 970 984 175 530 700 7 299 786 810 58 857 916 839 555 347 482 854 176 7 534 1 434 14 224 231 0 4 355 294 101 196 5 955 0 374 887 3 360 693 36 480 248 165 592 28 091 172 129 175 85 806 0 37 693 388 60 010 21 082 8 292 6 595 47 527 473 499 920 74 189 795 669 3 858 509 124 979 0 51 591 4 992 811 87 661 169 286 41 223 11 357 970 984 175 530 700 7 299 786 810 58 857 916 839 555 347 482 854 176 7 534 1 434 14 224 231 0 4 355 294 101 196 5 955 0 374 887 3 360 693 36 569 837 165 592 28 091 172 129 440 85 806 0 37 713 184 60 010 21 082 12 845 6 595 47 529 733 501 401 74 189 795 669 3 858 509 124 979 0 49 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL Universal Life R’000 Total in RSA R’000 Total in and outside RSA R’000 0 16 171 0 12 777 309 0 24 377 13 305 7 896 206 031 0 18 052 0 583 209 0 0 0 0 6 042 7 025 913 224 505 0 0 0 524 463 0 0 0 0 0 0 0 0 0 0 11 357 891 0 0 0 0 0 0 0 0 0 0 0 0 0 164 664 10 414 794 0 0 0 0 0 0 0 0 0 0 0 0 0 16 605 65 732 62 106 118 20 685 1 433 134 2 494 501 990 428 2 888 062 57 573 196 471 215 869 583 209 29 156 431 262 88 346 0 3 599 676 37 597 449 2 445 527 1 598 1 373 540 0 1 084 456 7 236 481 0 125 007 0 0 72 425 170 0 16 605 65 732 62 128 802 20 685 1 433 134 2 494 501 990 428 2 888 062 57 573 201 323 215 869 583 209 29 156 432 078 88 346 0 3 604 655 37 671 404 2 474 745 1 598 1 373 540 0 1 084 456 7 236 481 0 125 007 0 0 72 425 170 30 739 161 39 000 002 31 566 858 324 226 972 324 484 850 1 371 435 911 671 1 270 100 320 550 7 764 67 950 870 008 0 18 063 122 827 0 67 0 0 0 0 0 0 0 0 0 1 371 435 1 258 135 1 392 926 320 550 7 831 67 950 870 008 1 415 589 1 340 701 1 420 634 321 664 8 245 68 887 993 459 Investment business R’000 Risk business R’000 Annuities R’000 0 434 0 32 631 842 0 1 933 2 481 196 982 532 2 682 031 0 92 087 0 0 28 777 112 499 0 0 2 479 872 16 214 719 2 221 023 0 0 0 559 993 7 236 481 0 0 0 0 147 0 0 0 65 732 5 339 076 20 685 1 406 824 0 0 0 57 573 86 331 215 869 0 379 318 763 88 346 0 949 097 3 942 023 0 1 598 1 373 540 0 0 0 0 125 007 0 0 72 278 170 222 920 951 0 328 401 0 0 0 0 0 328 401 4 819 478 140 957 0 5 288 836 5 569 179 223 249 352 35 558 639 39 140 958 31 566 858 329 515 808 330 054 029 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 50 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 9: SUMMARY OF KEY FIGURES – INCOME AND EXPENSES ITEMS (AS AT 31 DECEMBER 2013) Short name Gross premiums R’000 Net premiums R’000 Net benefits R’000 Acquisition costs R’000 Operating expenses R’000 Investment income R’000 Other income R’000 Other expenditure ’000 Dividends paid R’000 Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life 415 789 5 803 719 487 530 694 146 9 043 047 12 716 367 1 896 443 1 704 457 48 083 1 795 969 149 248 1 992 568 552 028 1 173 068 194 16 647 5 374 16 126 305 37 487 12 015 824 125 605 38 171 0 2 203 289 6 362 686 43 636 939 172 727 28 107 089 950 958 200 175 0 46 873 931 131 894 136 725 26 736 0 56 686 260 1 745 994 205 600 3 007 041 4 485 253 321 629 0 307 393 5 603 709 414 200 668 772 118 759 12 716 367 1 767 876 1 702 433 40 703 1 795 969 131 402 1 687 078 552 028 1 094 834 194 16 143 5 374 16 126 305 18 434 10 714 898 116 322 31 057 0 1 875 842 5 765 532 43 636 939 172 727 28 107 089 950 958 200 175 0 41 449 137 114 922 83 250 26 736 0 53 689 142 1 676 667 194 054 2 800 550 4 485 253 309 526 0 51 591 4 992 811 87 661 169 286 41 223 11 357 970 984 175 530 700 7 299 786 810 58 857 916 839 555 347 482 854 176 7 534 1 434 14 224 231 0 4 355 294 101 196 5 955 0 374 887 3 360 693 36 569 837 165 592 28 091 172 129 440 85 806 0 37 713 184 60 010 21 082 12 845 6 595 47 529 733 501 401 74 189 795 669 3 858 509 124 979 0 0 437 916 0 310 716 10 080 0 310 086 0 10 716 0 31 182 70 609 0 517 010 0 7 292 372 0 0 1 833 908 1 411 26 500 0 0 0 0 3 354 0 35 293 73 165 0 3 659 625 33 065 133 867 0 0 2 630 162 0 10 683 478 723 45 150 103 243 0 290 931 324 885 34 623 83 819 506 399 0 420 203 730 921 17 422 2 669 3 385 97 733 44 446 177 691 567 658 2 752 0 13 996 1 506 447 306 9 491 0 64 451 1 490 638 258 145 19 703 794 427 181 568 39 717 0 5 812 309 32 149 34 766 1 320 932 4 669 047 14 027 45 321 274 510 8 921 49 995 0 8 653 2 668 720 8 524 26 327 7 023 296 11 667 447 388 166 1 248 023 45 079 9 409 9 526 89 913 481 670 276 024 1 724 2 621 5 637 10 799 424 1 654 930 58 418 1 585 6 298 173 573 761 10 630 958 501 281 31 435 739 14 554 3 873 0 36 707 449 31 869 3 095 30 830 20 259 40 484 541 11 876 5 256 196 328 1 356 887 1 503 831 190 681 41 322 96 0 557 552 325 101 69 177 0 5 743 507 589 34 244 21 454 3 101 137 255 0 0 171 719 408 1 224 628 135 2 792 0 0 68 239 12 012 4 428 0 1 202 734 0 645 0 1 510 562 126 79 364 1 205 0 2 831 716 17 113 2 757 7 400 11 385 4 0 0 130 762 232 473 0 0 781 516 16 608 24 280 0 506 234 4 565 0 0 4 704 0 0 0 568 449 342 (3 757) 4 729 0 6 277 116 484 780 0 (16 411) 0 0 0 0 1 211 861 17 312 10 087 0 0 1 610 941 11 0 0 32 276 24 0 0 798 000 34 883 160 500 31 570 249 500 293 225 0 13 944 12 000 0 304 000 0 219 060 0 0 0 5 000 0 0 0 0 0 10 000 776 820 180 000 0 0 270 000 0 0 1 652 818 17 500 0 0 0 2 036 471 137 672 0 576 000 0 0 0 51 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Short name Gross premiums R’000 Net premiums R’000 Net benefits R’000 Acquisition costs R’000 Operating expenses R’000 Investment income R’000 Other income R’000 Other expenditure ’000 Dividends paid R’000 New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited 0 92 084 683 244 64 772 867 162 607 2 597 539 2 871 942 1 323 931 2 868 108 407 263 686 453 677 612 331 814 15 192 1 555 278 251 177 0 6 321 401 39 541 425 2 918 353 34 103 4 426 421 2 685 326 330 644 5 269 340 0 263 816 0 20 124 108 271 186 0 92 084 577 950 60 750 039 147 705 2 461 569 2 871 942 1 323 931 2 868 108 405 384 609 051 677 612 331 814 7 813 1 554 942 228 405 0 6 308 100 38 635 847 2 918 353 10 984 3 764 971 0 330 644 5 269 340 0 263 816 0 0 108 189 186 0 16 605 65 732 62 128 802 20 685 1 433 134 2 494 501 990 428 2 888 062 57 573 201 323 215 869 583 209 29 156 432 078 88 346 0 3 604 655 37 671 404 2 474 745 1 598 1 373 540 0 1 084 456 7 236 481 0 125 007 0 0 72 425 170 0 0 26 047 3 171 202 0 149 594 0 155 24 105 90 664 180 471 107 0 52 101 456 0 0 1 010 270 2 366 272 0 0 589 116 0 0 3 930 0 0 0 0 0 1 349 0 1 776 33 329 9 259 728 114 907 607 732 9 366 25 113 80 129 21 740 161 119 12 756 0 7 079 137 124 77 065 0 414 679 2 928 728 0 16 652 78 234 0 17 141 0 0 126 686 0 9 110 20 810 0 0 2 441 59 957 71 009 837 6 695 3 714 775 835 489 1 123 534 1 217 003 8 154 153 372 11 777 970 273 242 418 159 287 5 030 0 2 790 357 52 740 000 0 926 49 633 3 041 217 1 049 131 3 676 939 0 56 672 0 2 143 3 587 461 0 32 750 14 571 4 229 861 0 41 893 15 547 34 388 120 205 324 33 589 0 0 1 354 11 699 0 0 47 742 4 660 000 3 003 353 268 0 364 848 53 405 22 813 0 436 0 4 125 2 349 2 0 391 332 430 974 333 0 0 0 16 442 158 528 0 144 0 49 930 0 0 0 0 17 180 0 2 974 932 2 0 215 633 0 253 508 0 1 586 0 1 313 0 0 0 1 500 0 27 150 754 0 0 0 0 13 000 165 000 128 792 250 000 0 0 0 39 500 0 137 613 4 500 000 0 0 1 210 000 74 000 0 0 0 17 500 0 0 21 000 4 000 403 309 510 373 687 528 324 484 850 18 488 918 32 222 293 290 927 093 21 690 256 10 895 259 41 491 622 Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life 1 968 275 2 115 494 1 870 941 1 241 445 16 282 100 364 1 441 189 1 956 510 1 662 091 1 846 553 418 484 10 502 85 079 1 387 199 1 415 589 1 340 701 1 420 634 321 664 8 245 68 887 993 459 59 872 90 195 111 928 16 907 229 8 631 194 288 58 113 86 511 97 994 89 761 5 385 13 539 151 726 206 880 140 990 177 341 92 642 2 212 1 645 123 228 0 4 383 0 61 412 578 0 189 0 200 231 44 420 23 680 522 468 2 613 0 50 000 44 051 0 0 0 240 000 Total 8 753 990 7 366 417 5 569 179 482 051 503 029 744 938 66 562 271 934 334 051 412 063 501 381 053 945 330 054 028 18 970 969 32 725 322 291 672 032 21 756 818 11 167 194 41 825 673 GRAND TOTAL (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 52 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 10: MOVEMENT IN THE NUMBER OF POLICIES/SCHEMES IN FORCE (AS AT 31 DECEMBER 2013) INDIVIDUAL Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life New Era LESS Policies in force at start of financial period New policies Contractual terminations Surrenders Lapses 163 367 2 689 095 1 848 882 747 1 170 22 437 691 086 1 261 118 20 564 2 526 18 441 164 200 6 647 706 462 1 788 7 187 30 546 1 062 33 432 400 549 0 12 947 0 1 007 960 6 357 161 44 230 211 6 435 1 034 634 384 286 0 2 621 871 6 539 15 148 102 534 7 330 885 50 963 53 195 2 123 784 8 402 127 635 75 0 90 297 924 451 24 663 144 675 181 4 538 137 459 271 147 15 877 458 22 564 686 279 269 858 0 0 420 427 0 71 036 0 9 670 0 432 871 2 917 685 5 366 8 377 734 616 584 289 751 0 300 217 20 741 9 061 107 0 1 362 124 28 360 19 630 1 226 738 599 69 591 0 0 652 15 859 0 4 204 7 297 19 640 18 284 30 0 56 3 416 172 6 358 0 371 1 322 5 0 906 0 3 0 9 503 41 151 0 4 110 12 966 5 682 0 62 505 112 46 1 9 139 329 1 764 201 44 190 154 1 268 0 0 0 10 723 0 44 642 0 177 13 050 29 629 0 71 0 6 253 1 684 20 396 24 0 0 27 0 5 898 0 0 0 59 17 048 3 322 15 235 0 0 0 78 330 0 0 16 0 98 719 0 0 36 035 330 0 0 0 40 508 691 923 0 156 913 109 0 58 386 141 699 9 978 0 5 760 12 145 0 218 779 129 17 1 575 0 5 944 34 916 0 8 620 0 118 206 2 617 900 0 0 0 42 647 224 601 0 147 260 591 3 670 0 0 1 032 895 17 892 16 739 640 540 0 20 419 0 0 53 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE GROUP Expired 0 29 562 25 873 0 0 0 0 1 096 2 245 0 0 0 0 47 311 0 0 0 0 0 634 0 0 0 46 929 44 276 0 0 18 176 381 0 0 869 26 623 0 0 316 0 0 0 0 242 0 0 Policies in force Schemes in force at end of at start of Other financial period financial period 0 9 068 95 0 0 2 046 (969) 7 846 0 0 5 458 (6 871) 0 1 229 0 (513) (2 018) 45 (568) (264) 0 (3) 0 19 221 0 0 30 73 283 065 0 0 8 098 0 466 0 0 (71 200) 0 (4 843) 10 235 0 13 195 0 0 212 504 2 856 412 543 821 663 1 235 24 455 738 438 1 333 711 24 188 2 913 29 731 149 943 5 070 682 247 1 612 7 312 30 087 1 412 28 056 429 495 0 13 997 0 1 246 913 6 554 471 46 274 8 539 6 733 1 136 159 443 754 0 2 625 026 26 551 19 404 192 525 7 492 950 59 667 60 728 2 619 522 8 517 162 102 75 0 0 18 214 3 659 306 417 228 12 129 7 36 0 0 0 20 3 662 0 1 710 154 1 0 60 1 331 444 3 1 980 1 0 0 12 727 92 1 096 0 0 6 697 13 155 0 82 71 0 0 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. LESS New schemes Group terminations 53 0 12 0 121 18 78 11 0 105 1 3 0 0 0 0 0 57 0 334 71 0 0 48 443 57 0 174 0 0 0 1 022 121 124 0 0 1 083 0 13 0 21 10 0 0 10 0 2 0 152 23 25 13 11 30 1 3 0 0 0 0 1 135 0 151 16 0 0 9 280 21 0 276 0 0 0 1 106 111 113 0 0 874 0 70 0 22 23 0 0 Schemes in force at end of Other financial period 0 0 0 0 0 0 (84) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 012 0 0 0 0 (32) 0 0 0 0 0 0 0 43 18 224 3 628 301 554 226 1 204 7 36 0 0 0 20 2 584 0 1 893 209 1 0 99 1 494 480 3 1 878 1 0 0 11 631 102 1 107 0 0 6 938 13 98 0 81 58 0 0 54 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE INDIVIDUAL LESS Policies in force at start of financial period New policies Contractual terminations Surrenders Lapses 404 332 662 8 217 713 57 866 228 189 158 174 11 383 274 135 297 843 762 783 20 403 1 053 117 233 49 027 0 1 170 138 2 614 725 3 361 6 872 3 590 893 1 2 814 291 0 194 849 0 0 0 371 148 282 917 1 596 118 41 968 22 010 142 24 5 591 324 143 91 585 370 596 1 742 4 334 27 127 5 382 0 414 212 166 100 677 14 754 1 822 299 0 3 2 0 58 505 0 92 562 0 0 3 1 296 195 824 135 328 0 0 670 6 887 1 058 198 087 391 2 2 208 322 0 26 204 122 773 28 67 1 049 207 0 32 0 0 4 414 0 13 0 10 13 0 388 420 0 5 862 15 0 569 0 3 883 0 0 0 89 0 0 26 872 43 429 0 364 0 0 130 39 0 71 0 10 468 0 0 0 190 273 549 028 24 983 10 297 0 0 0 269 757 59 794 76 799 0 996 16 059 4 123 0 235 135 52 304 0 767 408 336 0 0 0 0 35 174 0 3 073 0 278 46 248 610 14 640 163 2 000 535 846 906 8 207 936 Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 46 248 610 14 640 163 2 000 535 846 906 8 207 936 Short name Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total GRAND TOTAL 55 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE GROUP Expired Policies in force Schemes in force at end of at start of Other financial period financial period LESS New schemes Group terminations Schemes in force at end of Other financial period 0 154 509 3 993 1 173 0 0 0 0 184 322 6 541 0 0 0 0 0 0 3 291 4 223 0 0 0 0 2 0 0 678 0 0 0 0 0 (185) 835 0 424 0 0 (1) (74 830) (95 531) 7 150 1 834 1 017 0 0 0 3 424 10 379 142 0 47 557 0 0 0 0 (2 031) 0 0 0 0 536 269 686 8 675 732 73 543 233 288 285 198 15 736 212 142 413 683 851 344 19 920 3 372 126 004 49 964 0 1 289 424 2 547 717 3 868 20 428 3 908 092 1 2 653 254 0 215 048 0 79 008 0 83 0 4 18 174 0 0 80 31 119 3 21 1 0 1 2 855 0 0 163 5 874 392 1 1 15 4 523 0 39 0 0 0 1 0 1 711 0 0 22 13 0 0 17 0 0 0 310 0 0 74 446 17 0 0 4 0 55 0 10 0 0 0 0 0 1 359 0 0 11 9 1 0 7 0 0 0 732 0 0 23 237 20 0 0 0 0 81 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 655 0 0 0 0 (4) 0 0 0 0 0 0 0 0 4 18 526 0 0 91 35 118 3 31 1 0 1 2 433 0 0 214 3 428 389 1 1 19 8 497 0 48 0 0 0 1 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 56 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 11: SUMMARY OF STATUTORY VALUATION METHOD OF ASSETS AND LIABILITIES (AS AT 31 DECEMBER 2013) In and outside RSA Liabilities Short name Total assets R’000 Linked R’000 Non-linked R’000 Current R’000 Other R’000 Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance 205 471 23 073 800 143 796 595 908 1 532 537 81 677 644 2 755 581 8 656 727 326 072 4 870 283 185 881 2 956 017 4 001 080 2 655 181 23 715 23 311 43 430 64 656 974 44 890 25 223 491 749 782 50 762 363 3 988 804 14 895 822 86 387 003 4 323 075 207 380 955 558 882 35 369 0 269 686 412 235 618 165 057 219 746 299 815 305 047 589 2 100 027 414 846 4 848 774 11 165 302 74 799 0 16 201 844 0 0 0 81 299 738 1 734 099 0 0 4 846 601 45 312 587 296 3 977 981 481 104 0 0 0 64 395 842 0 15 602 470 733 267 0 0 1 511 941 5 221 974 84 540 167 491 641 205 969 352 0 0 0 550 347 153 395 1 713 117 719 250 121 968 068 0 320 727 2 468 301 11 117 547 0 (14 292) 5 231 665 22 975 143 035 57 124 0 73 487 3 939 013 30 174 474 19 981 1 383 563 0 1 585 439 6 775 756 18 458 0 (1 184) 6 802 701 252 3 877 0 1 959 651 7 955 623 0 67 859 0 73 569 3 656 0 243 310 351 38 677 29 133 0 248 532 148 705 720 1 521 835 16 446 1 357 834 0 34 310 80 674 349 270 45 633 133 728 1 230 539 9 796 211 653 590 534 22 641 3 450 14 420 506 875 2 632 158 842 607 1 552 853 14 501 31 762 43 431 3 848 28 725 0 160 849 896 076 1 514 150 118 506 469 947 12 213 7 575 0 14 151 134 12 333 71 543 12 2 500 19 594 343 109 165 21 907 325 912 1 047 14 507 0 93 429 0 0 0 7 820 0 0 0 87 0 0 0 0 2 046 504 0 0 0 948 894 0 0 359 0 0 0 75 727 0 0 1 048 0 0 0 0 0 0 0 0 0 0 0 0 57 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In and outside RSA Total R’000 Excess assets R’000 CAR R’000 Free assets R’000 CAR cover R’000 66 382 21 876 208 68 608 276 764 1 287 663 81 317 354 2 019 239 4 529 547 52 816 4 850 612 79 713 2 477 734 3 980 613 2 225 385 9 428 2 812 19 311 64 410 343 30 578 23 397 496 737 367 32 602 359 3 632 441 14 073 673 86 054 317 753 733 206 439 299 85 782 12 279 0 258 011 831 204 405 102 389 117 731 251 282 290 268 131 1 631 001 359 081 4 152 048 11 118 594 48 817 139 090 1 197 591 75 188 319 144 244 874 360 290 736 342 4 127 180 273 256 19 671 106 169 478 283 20 467 429 797 14 287 20 500 24 119 246 631 14 312 1 825 995 12 414 18 160 3 356 363 855 066 332 686 3 569 342 941 656 473 100 23 090 0 11 674 583 31 214 62 668 102 015 48 533 14 779 457 469 027 55 765 696 726 46 707 25 982 66 801 339 035 28 975 51 318 138 854 243 899 372 866 961 229 10 259 14 541 18 340 126 374 11 934 175 804 6 000 10 000 10 000 193 188 10 000 454 693 10 000 10 000 0 62 177 304 944 253 620 10 000 320 744 43 122 9 929 0 4 601 499 10 000 15 187 10 000 10 000 5 600 518 92 203 10 268 100 990 33 353 20 843 72 288 858 557 46 213 267 826 106 020 116 391 363 476 3 165 951 262 997 5 130 87 829 351 909 8 533 253 993 8 287 10 500 14 119 53 443 4 312 1 371 302 2 414 8 160 3 294 186 550 123 79 066 3 559 342 620 912 429 978 13 161 0 7 073 083 21 214 47 481 92 015 38 533 9 178 940 376 824 45 497 595 736 13 354 5 140 2,1 3,5 2,6 6,2 1,8 1,5 2,0 4,3 26,6 1,4 5,8 3,8 1,7 2,4 2,4 2,0 2,4 1,3 1,4 4,0 1,2 1,8 345 100,0 5,7 2,8 1,3 356,9 2,9 11,0 2,3 0,0 2,5 3,1 4,1 10,2 4,9 2,6 5,1 5,4 6,9 1,4 1,2 58 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In and outside RSA Liabilities Short name Total assets R’000 Linked R’000 Non-linked R’000 Current R’000 Other R’000 Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited 18 525 0 293 015 780 629 520 156 937 209 902 23 059 500 6 034 267 6 146 708 10 610 371 138 740 1 051 614 285 394 9 954 825 1 420 733 1 766 097 99 033 0 19 341 419 339 315 817 15 719 002 29 987 1 445 059 190 597 7 806 951 19 154 689 0 406 879 0 40 251 71 747 17 969 0 0 275 115 0 146 965 600 0 1 075 722 5 992 624 6 104 380 9 110 650 42 823 332 941 0 4 448 000 1 358 249 1 446 179 0 0 2 079 816 123 262 607 15 622 454 0 0 0 7 648 107 19 082 099 0 0 0 0 4 092 0 1 771 0 0 534 078 290 060 480 42 938 21 276 988 0 0 1 344 728 84 289 847 87 901 5 436 248 1 630 26 440 26 187 0 12 629 198 168 687 200 0 8 313 506 838 0 0 0 0 303 888 0 2 258 9 758 2 205 1 059 0 2 590 56 721 39 508 113 31 496 443 195 2 406 503 52 104 13 109 232 835 7 767 5 577 1 821 89 892 20 746 0 1 583 673 13 731 352 18 907 3 020 158 590 42 610 32 648 11 391 0 33 289 0 5 461 21 991 1 532 0 0 702 0 0 1 932 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 179 0 264 0 0 0 0 0 0 429 0 2 121 847 250 969 190 155 925 906 448 97 084 084 1 139 420 3 608 566 2 783 226 2 382 084 1 803 730 40 182 111 461 3 222 526 0 0 0 0 0 0 0 2 261 583 1 534 883 1 672 861 415 862 19 079 9 490 1 857 401 625 485 717 781 249 699 593 917 3 062 73 563 1 005 980 427 0 0 673 377 0 0 46 827 Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL 13 951 775 0 7 771 159 3 269 487 720 631 2 135 799 024 969 190 155 933 677 607 100 353 571 1 860 051 59 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In and outside RSA Total R’000 Excess assets R’000 CAR R’000 Free assets R’000 CAR cover R’000 2 830 0 278 407 590 799 476 534 192 76 366 22 795 905 5 995 030 6 104 883 10 507 482 56 016 855 623 95 668 9 889 825 1 361 701 1 562 510 46 933 0 16 292 688 305 681 159 15 641 361 17 513 665 428 42 874 7 680 755 19 093 490 0 337 177 0 7 719 36 269 3 737 15 695 0 14 608 189 830 43 622 745 133 536 263 595 39 237 41 825 102 889 82 724 195 991 189 726 65 000 59 032 203 587 52 100 0 3 048 731 33 634 658 77 640 12 474 779 631 147 723 126 196 61 200 0 69 702 0 32 532 35 478 14 232 10 000 0 10 000 34 688 13 769 836 42 842 99 391 17 978 18 313 55 664 10 000 59 126 54 640 29 653 10 000 17 757 16 626 0 649 099 7 550 000 46 867 10 000 172 980 69 829 19 516 55 656 0 32 492 0 10 000 12 894 10 000 5 695 0 4 608 155 142 29 852 909 90 694 164 203 21 260 23 512 47 225 72 724 136 866 135 086 35 347 49 032 185 830 35 475 0 2 399 633 26 084 658 30 773 2 474 606 651 77 894 106 680 5 543 0 37 210 0 22 532 22 584 4 232 1,6 0,0 1,5 5,5 3,2 3,1 2,7 2,2 2,3 1,8 8,3 3,3 3,5 2,2 5,9 11,5 3,1 0,0 4,7 4,5 1,7 1,2 4,5 2,1 6,5 1,1 0,0 2,1 0,0 3,3 2,8 1,4 1 993 320 106 128 560 062 37 669 354 90 890 707 345 710 2 887 495 2 252 664 1 922 561 1 683 156 22 141 83 053 2 910 208 721 071 530 562 459 524 120 574 18 041 28 408 312 318 159 759 183 421 170 223 27 825 10 000 10 909 145 002 561 312 347 141 289 300 92 749 8 041 17 499 167 316 4,5 2,9 2,7 4,3 1,8 2,6 2,2 11 761 277 2 190 498 707 139 1 483 359 3,10 2 005 081 383 130 750 559 38 376 493 92 374 066 345713,28 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 60 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 12: ASSETS (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life Cash and deposits R’000 Fixed interest investments R’000 Equities and collective investment schemes R’000 92 920 4 474 157 52 127 148 997 1 274 587 6 511 871 500 024 1 012 630 60 403 746 737 73 383 1 549 113 12 279 1 354 690 1 518 12 653 17 477 10 368 152 22 758 3 134 348 137 793 17 952 363 2 772 999 7 721 238 10 580 822 658 396 16 936 310 119 471 3 337 0 13 087 997 25 753 112 681 71 470 42 531 20 184 135 617 666 383 245 645 295 1 510 126 17 737 18 327 79 057 505 048 0 229 805 0 2 226 711 599 625 1 576 874 37 309 373 843 1 007 18 063 0 29 868 0 236 5 905 17 551 806 0 3 277 920 0 0 0 94 750 28 107 3 593 141 3 272 12 670 870 93 544 0 0 10 469 836 0 0 0 0 34 959 247 625 930 0 0 73 320 0 0 0 13 330 508 49 943 25 465 92 845 54 486 069 1 003 005 4 244 107 189 674 2 176 588 45 312 201 917 1 486 646 629 960 16 137 8 806 14 323 24 493 274 0 13 620 468 275 445 28 000 0 392 965 2 051 382 49 978 517 1 957 992 94 164 426 0 25 643 0 155 863 751 187 600 1 459 0 0 151 404 859 439 320 6 926 1 676 702 8 675 796 25 580 0 Debentures and loan stock R’000 Immovable property R’000 0 869 940 0 96 539 0 3 771 892 343 550 0 0 360 257 16 701 1 090 619 1 284 885 502 424 0 0 0 2 725 324 0 1 397 571 260 456 0 0 291 152 1 809 053 19 047 402 124 124 24 438 604 0 0 0 16 281 440 0 0 54 759 191 583 35 997 510 0 0 2 256 177 868 403 0 0 0 0 0 0 0 0 0 137 521 0 0 0 0 0 0 0 0 2 270 0 0 0 71 808 0 0 0 0 0 344 068 0 0 1 415 0 26 388 927 0 0 0 0 5 728 402 0 0 0 0 0 0 61 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 Current assets R’000 33 495 2 209 332 41 112 95 101 163 632 206 443 182 997 219 433 38 686 107 891 48 582 47 090 306 91 057 6 060 1 616 3 246 424 014 22 056 1 672 009 4 279 4 676 0 171 385 2 647 979 2 036 066 885 003 13 547 041 345 866 3 627 0 9 558 411 21 234 50 867 8 881 399 29 469 388 410 720 23 521 231 383 37 657 29 770 198 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Fixed assets R’000 Foreign deemed to be in RSA R’000 Total in RSA and deemed to be in RSA R’000 Total in and outside RSA R’000 0 1 786 614 0 1 473 0 24 443 47 721 0 0 0 4 224 0 47 183 0 0 209 0 76 1 529 0 0 0 102 0 0 0 3 003 0 1 347 0 889 938 1 031 50 0 0 165 591 0 1 154 9 936 0 1 712 0 0 1 170 234 0 0 0 14 474 658 101 938 0 0 1 104 967 0 44 990 1 216 964 0 0 0 0 9 094 405 0 1 921 571 0 0 0 0 541 043 0 350 220 0 0 0 0 36 118 134 0 0 380 0 26 842 826 0 0 0 0 0 0 205 471 22 561 004 143 796 595 908 1 532 537 81 677 644 2 755 581 7 238 286 326 072 4 870 283 184 985 2 956 017 4 001 080 2 655 181 23 715 23 311 43 430 64 656 974 44 890 25 025 416 749 782 50 628 363 3 723 353 14 798 802 85 235 949 4 323 075 161 760 254 558 882 35 369 0 268 658 434 235 618 165 057 135 490 234 513 304 751 957 2 093 636 414 846 4 819 493 11 165 302 74 799 18 525 205 471 23 073 800 143 796 595 908 1 532 537 81 677 644 2 755 581 8 656 727 326 072 4 870 283 185 881 2 956 017 4 001 080 2 655 181 27 715 23 311 43 430 64 656 974 44 890 25 223 491 749 782 50 762 363 3 988 804 14 895 822 86 387 003 4 323 075 207 380 955 558 882 35 369 0 269 686 412 235 618 165 057 219 746 299 815 305 047 589 2 100 027 414 846 4 848 774 11 165 302 74 799 18 525 62 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL Cash and deposits R’000 Fixed interest investments R’000 Equities and collective investment schemes R’000 0 8 630 66 255 37 849 437 118 409 1 186 701 291 286 45 378 922 877 9 501 159 604 259 340 2 219 506 56 856 189 235 96 732 0 1 899 631 7 438 173 94 162 10 299 774 910 42 282 361 000 416 140 0 8 117 0 11 798 31 071 15 304 0 0 10 122 44 729 508 56 280 4 716 089 289 848 825 501 134 243 0 162 717 0 2 585 911 189 867 21 594 0 0 333 207 32 853 927 0 0 0 0 225 026 936 780 0 0 0 0 0 0 0 265 140 597 869 232 514 753 0 12 264 120 3 799 158 3 935 855 7 747 568 80 240 575 950 0 2 245 576 958 340 914 208 0 0 9 027 378 178 931 518 11 417 656 18 135 0 88 176 1 634 244 6 891 140 0 385 196 0 24 100 32 239 0 0 0 28 634 69 224 387 24 867 196 388 1 116 326 0 450 349 0 11 317 0 1 586 915 188 230 612 539 0 0 5 418 170 41 867 132 0 0 0 0 180 961 1 443 878 0 0 0 0 0 0 0 0 0 10 005 358 0 69 300 0 0 0 0 13 149 0 0 0 0 0 0 0 5 970 776 0 0 0 0 0 0 0 0 0 0 0 0 161 669 102 177 195 713 1 057 619 966 236 430 461 48 732 994 91 434 440 332 336 374 388 505 3 637 19 998 403 382 3 205 381 1 681 678 1 693 100 769 852 0 30 872 2 390 262 0 0 0 204 14 893 279 10 000 0 195 076 191 007 241 000 2 918 0 0 0 0 0 0 0 0 0 1 683 662 9 771 145 25 376 630 002 0 163 352 764 186 966 858 1 057 645 342 237 060 463 48 732 994 Debentures and loan stock R’000 Immovable property R’000 63 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Fixed assets R’000 Foreign deemed to be in RSA R’000 Total in RSA and deemed to be in RSA R’000 Total in and outside RSA R’000 0 923 76 635 52 506 146 9 899 91 780 178 198 3 858 1 293 080 48 999 101 134 25 274 109 108 768 26 671 2 269 0 103 270 27 669 639 6 775 428 667 670 60 109 5 358 479 6 162 972 0 12 994 0 4 353 1 126 (1 359) 0 0 0 223 169 447 46 273 0 0 552 0 327 780 0 0 1 564 32 0 32 177 236 642 0 1 125 2 479 30 0 2 753 0 572 0 0 0 0 0 18 322 1 115 71 681 241 0 0 0 1 336 116 0 0 0 0 1 207 809 0 0 0 0 2 173 404 38 370 609 3 698 807 0 0 0 0 3 005 397 0 0 0 0 0 4 024 0 293 015 780 629 518 734 000 209 902 18 570 651 5 674 815 6 146 708 10 548 669 138 740 1 024 197 285 394 9 954 825 1 394 061 1 765 811 99 033 0 18 987 236 333 338 416 15 217 399 29 987 1 445 059 190 597 7 759 710 18 859 059 0 406 879 0 40 251 64 436 17 969 0 293 015 780 629 520 156 937 209 902 23 059 500 6 034 267 6 146 708 10 610 371 138 740 1 051 614 285 394 9 954 825 1 420 733 1 766 097 99 033 0 19 341 419 339 315 817 15 719 002 29 987 1 445 059 190 597 7 806 951 19 154 689 0 406 879 0 40 251 71 747 17 969 159 623 705 1 752 045 214 479 174 2 057 503 160 2 121 851 249 308 016 375 037 160 828 177 371 17 899 57 852 294 236 3 735 760 774 8 383 656 54 1 095 0 0 0 0 0 0 0 3 608 566 2 692 882 2 382 084 1 585 315 40 003 109 055 3 098 975 3 608 566 2 783 226 2 385 881 1 803 730 40 182 111 461 3 222 526 1 391 238 15 457 0 13 516 880 13 955 572 161 014 944 1 767 501 214 479 174 2 071 020 040 2 135 806 822 Current assets R’000 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 64 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 13: LIABILITIES UNDER UNMATURED POLICIES (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Netcare Life New Era Assistance R’000 Disability R’000 Fund R’000 Health R’000 Life R’000 0 73 563 4 725 0 596 0 (26 057) 549 203 2 515 0 5 093 281 0 420 0 756 18 458 0 (1 269) 1 860 0 0 0 41 998 228 434 0 0 0 593 3 656 0 238 053 37 041 26 0 0 2 683 179 0 2 851 0 0 8 149 0 0 0 896 055 0 0 48 898 0 2 133 23 735 18 606 0 3 444 0 0 0 0 0 0 0 0 996 259 0 2 680 0 416 025 147 289 0 0 0 31 090 0 0 2 783 353 892 5 683 0 0 3 574 685 116 505 8 120 0 0 14 688 0 0 0 934 213 0 0 0 58 613 916 0 0 0 3 260 575 45 312 50 602 59 357 0 0 0 0 56 753 219 0 4 426 656 733 267 0 0 0 2 122 085 53 904 339 41 737 192 452 361 0 0 0 33 534 103 128 313 1 713 0 0 82 819 714 0 0 0 2 850 690 0 0 0 0 2 509 17 889 53 716 0 0 0 0 0 0 0 0 0 32 280 184 0 0 0 0 104 473 0 289 0 12 456 38 802 0 0 0 0 0 0 2 339 485 0 0 0 0 (1 642) 0 3 230 0 0 0 0 0 (14 292) 15 726 673 361 89 319 7 630 20 403 716 1 831 511 3 366 075 9 054 1 460 503 11 444 762 379 2 382 422 700 913 6 591 0 0 978 285 85 16 875 923 252 908 0 3 001 113 10 625 769 23 466 018 24 748 13 516 991 41 733 0 0 203 541 338 744 23 424 33 474 248 782 175 773 400 1 375 066 19 241 3 826 136 8 264 592 11 473 1 771 0 65 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Sinking fund R’000 Total in RSA R’000 Total in and outside RSA R’000 0 3 795 586 0 0 0 2 282 106 0 0 0 125 997 0 1 157 597 1 536 202 1 332 930 0 0 0 6 664 338 0 0 0 0 0 0 15 218 6 498 214 493 015 0 0 0 0 1 205 352 25 082 0 0 0 5 747 888 0 303 730 0 2 266 0 0 0 (14 292) 21 428 598 22 975 143 035 57 124 81 299 738 1 807 586 3 939 013 30 174 4 847 075 65 293 1 970 859 3 977 981 2 066 543 6 775 756 18 458 64 395 842 (1 184) 22 405 171 733 519 3 877 0 3 471 592 13 177 597 83 868 571 559 500 205 969 352 73 416 3 656 0 243 641 684 192 072 30 846 33 474 248 782 270 597 222 1 491 571 337 174 3 826 136 11 117 548 34 310 1 771 0 (14 292) 21 433 509 22 975 143 035 57 124 81 299 738 1 807 586 3 939 013 30 174 4 847 075 65 293 1 970 859 3 977 981 2 066 543 6 775 756 18 458 64 395 842 (1 184) 22 405 171 733 519 3 877 0 3 471 592 13 177 597 84 540 167 559 500 205 969 352 73 569 3 656 0 243 860 697 192 072 30 846 117 719 248 782 270 673 788 1 521 835 337 174 3 826 136 11 117 548 34 310 1 771 0 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 66 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL Assistance R’000 Disability R’000 Fund R’000 Health R’000 Life R’000 0 0 3 242 0 0 0 0 0 35 1 192 0 0 0 25 335 0 0 408 0 0 410 3 742 0 0 0 0 303 403 0 2 258 4 866 0 0 471 597 (592 451) 0 (117 463) 0 0 0 0 0 0 0 366 0 942 0 0 2 425 834 0 193 0 0 0 0 0 0 0 0 0 0 0 0 202 484 747 0 0 5 761 133 5 933 175 2 609 404 0 138 846 0 0 0 0 0 0 203 140 48 291 451 10 847 861 0 0 0 1 120 307 18 618 353 0 0 0 0 3 305 0 0 0 (307 413) 0 4 343 716 0 0 0 0 0 0 0 0 0 0 0 167 501 349 364 0 0 0 0 0 0 0 0 0 0 0 0 275 115 62 481 218 931 694 42 938 18 126 458 203 288 171 205 7 089 267 49 471 432 87 901 9 884 248 1 264 1 447 284 25 245 0 10 158 104 232 761 426 3 714 178 7 710 503 096 0 6 527 800 0 0 486 0 0 5 679 2 205 4 219 011 11 279 158 788 743 894 7 156 839 1 018 896 116 0 5 111 12 626 3 275 0 0 0 1 516 658 280 064 652 276 52 242 2 074 2 613 1 399 127 750 0 35 189 17 309 0 0 0 57 616 183 048 1 281 32 141 0 2 119 17 568 640 310 859 591 936 021 307 860 13 452 3 424 345 906 21 012 3 905 055 53 248 293 773 3 106 564 4 240 023 15 184 213 788 797 141 7 450 612 1 022 002 680 67 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Sinking fund R’000 Total in RSA R’000 Total in and outside RSA R’000 0 0 16 278 260 0 0 28 203 0 756 706 42 823 11 317 0 0 1 358 250 0 0 0 4 168 154 2 891 897 559 468 0 0 0 0 167 575 0 0 0 0 0 0 275 115 534 078 436 798 079 42 938 22 352 711 5 992 624 6 104 380 10 455 378 42 907 622 788 87 901 9 884 248 1 359 880 1 472 619 26 187 0 14 697 307 286 719 972 15 121 506 8 313 506 838 0 7 648 107 18 785 929 0 303 888 0 2 258 13 850 2 205 275 115 534 078 437 026 079 42 938 22 352 711 5 992 624 6 104 380 10 455 378 42 907 622 788 87 901 9 884 248 1 359 880 1 472 619 26 187 0 14 709 014 291 949 807 15 622 454 8 313 506 838 0 7 648 107 19 082 099 0 303 888 0 2 258 13 850 2 205 57 448 173 1 887 743 191 1 895 096 602 0 0 0 0 0 0 0 2 215 334 1 327 814 1 637 393 412 827 15 526 8 156 1 762 601 2 261 583 1 534 883 1 672 861 415 862 19 079 9 490 1 857 401 0 7 379 651 7 771 159 57 448 173 1 895 122 842 1 902 867 761 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 68 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 14: OTHER INSURANCE LIABILITIES (AS AT 31 DECEMBER 2013) In RSA Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Claims intimated but unpaid R’000 Provision for unintimated claims R’000 Balances due to insurers and reinsurers R’000 20 549 99 684 17 451 96 452 41 184 0 67 741 39 576 5 249 0 1 799 157 301 0 15 893 16 67 22 0 2 657 0 229 7 463 0 96 928 254 587 0 13 485 0 7 733 372 0 4 316 863 1 327 10 284 0 0 3 478 741 35 686 5 007 198 273 0 11 389 8 034 99 900 0 0 0 0 0 0 0 0 0 0 0 502 30 0 0 0 0 0 561 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 117 0 100 331 0 0 0 416 0 4 398 41 010 0 0 0 0 0 0 19 053 7 541 2 796 2 296 0 9 475 77 581 0 0 0 0 0 0 211 2 511 46 943 0 0 15 984 3 772 1 264 0 0 215 Deposits held on behalf of reinsurers R’000 Provision for tax and deferred tax R’000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40 016 986 0 8 065 8 023 0 215 482 13 050 0 112 46 634 558 19 106 2 271 711 0 0 0 43 431 0 0 0 27 730 96 084 (1 569) 42 856 99 027 0 943 0 1 142 606 5 838 101 0 0 (1 774 934) 36 881 0 6 327 0 168 69 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Borrowings R’000 Other R’000 Total in RSA R’000 52 090 86 945 20 080 0 1 076 835 9 593 132 380 140 264 3 926 0 8 111 153 677 2 074 80 119 336 1 278 0 14 501 7 009 929 791 166 15 445 0 26 716 467 824 1 999 84 127 370 920 4 480 3 638 0 3 334 485 583 8 574 12 2 500 9 270 710 31 346 462 121 261 1 047 2 735 0 116 154 999 37 276 4 124 0 11 532 195 212 0 3 537 0 108 254 0 43 222 6 775 0 830 0 3 043 11 562 96 3 521 359 0 0 1 500 690 53 765 0 0 3 670 0 5 356 969 2 073 5 641 0 0 8 603 841 0 15 174 51 0 0 80 674 442 699 45 633 133 728 1 230 539 17 616 211 653 590 534 22 641 3 537 14 420 506 875 2 632 158 842 9 428 2 056 853 14 501 31 762 992 325 3 848 28 725 359 160 849 896 076 1 501 120 194 233 469 947 12 213 8 623 0 14 151 134 12 333 71 543 12 2 500 19 594 343 107 685 21 907 325 912 1 047 14 507 Total in and outside RSA R’000 80 674 442 699 45 633 133 728 1 230 539 17 616 211 653 590 534 22 641 3 537 14 420 506 875 2 632 158 842 9 428 2 056 853 14 501 31 762 992 325 3 848 28 725 359 160 849 896 076 1 514 150 194 233 469 947 12 213 8 623 0 14 151 134 12 333 71 543 12 2 500 19 594 343 109 166 21 907 325 912 1 047 14 507 70 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE In RSA Short name Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited Total Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa Swiss Re Life Total GRAND TOTAL Claims intimated but unpaid R’000 Provision for unintimated claims R’000 Balances due to insurers and reinsurers R’000 Deposits held on behalf of reinsurers R’000 Provision for tax and deferred tax R’000 0 0 0 25 269 1 988 597 15 577 203 250 0 0 0 0 41 988 6 170 0 320 2 212 12 884 0 132 612 2 241 833 0 49 47 137 0 0 0 0 3 767 0 0 0 0 0 0 0 0 0 0 32 637 0 0 0 0 0 0 0 0 0 0 0 94 513 1 235 183 0 0 0 0 0 0 0 0 0 0 0 23 0 0 0 12 386 64 857 1 216 114 031 0 0 0 0 3 541 0 0 372 0 2 121 0 12 125 26 117 0 513 21 150 0 0 0 0 0 0 2 490 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 702 4 851 4 390 122 0 0 639 0 0 2 242 48 010 0 0 0 2 981 473 0 137 137 2 547 771 3 197 637 12 141 3 167 10 122 583 0 1 969 0 0 429 0 13 725 673 1 471 384 602 833 0 7 247 678 542 040 122 792 0 548 607 1 832 28 315 144 087 0 0 0 0 0 0 710 205 57 339 0 140 383 20 980 1 184 20 974 0 422 515 353 12 720 673 377 0 16 258 0 466 0 71 446 2 109 0 0 0 1 387 673 710 205 240 860 1 218 130 74 021 15 113 346 2 181 589 843 693 1 218 130 7 321 699 71 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Total in and outside RSA R’000 Borrowings R’000 Other R’000 Total in RSA R’000 1 059 0 1 506 12 416 32 556 842 11 956 0 1 767 364 52 104 4 406 97 615 1 597 5 577 0 77 375 1 148 0 510 405 7 680 448 14 939 7 232 78 162 39 318 22 526 10 807 0 13 322 0 0 0 505 0 0 1 084 1 798 363 199 4 679 93 276 0 139 0 6 461 41 680 0 0 1 129 7 323 4 121 0 696 881 0 771 768 0 389 0 0 0 14 231 0 2 971 21 991 1 004 1 059 0 3 292 56 720 39 363 617 33 428 443 195 2 406 503 52 104 13 109 232 835 7 767 5 577 1 821 89 892 20 746 0 1 583 673 13 731 352 18 907 9 200 158 590 42 874 32 648 11 391 0 33 289 0 5 461 22 420 1 532 1 059 0 3 292 56 720 39 508 112 33 428 443 195 2 406 503 52 104 13 109 232 835 7 767 5 577 1 821 89 892 20 746 0 1 583 673 13 731 352 18 907 9 200 158 590 42 874 32 648 11 391 0 33 289 0 5 461 22 420 1 532 57 671 438 17 352 267 98 071 272 98 230 278 17 627 77 086 25 150 5 702 0 4 206 9 143 0 0 0 16 519 0 0 72 725 617 894 715 232 249 699 1 267 294 3 016 69 753 936 160 625 912 717 781 249 699 1 267 294 3 062 73 563 1 052 807 138 914 89 244 3 859 048 3 990 118 57 810 352 17 441 511 101 930 320 102 220 396 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. 72 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE TABLE 15: SUMMARY OF KEY RATIOS (AS AT 31 DECEMBER 2013) Percentage of net premiums Short name Primary 1Life Limited Absa Life African Unity AIG Life Alex Forbes Life Allan Gray Assupol Life AVBOB Bidvest Life Cadiz Life Centriq Life Channel Life Limited Citadel Life Clientele Life Community Life Constantia Life and Health Constantia Life Limited Coronation Life Covision Life Discovery Life Fedgroup Life Frank Life Goodall & Co Guardrisk Life Hollard Life Investec Assurance Limited IEB Investment Solutions JDG Micro Life KGA Life Land Bank Life Liberty Lion Life Lombard Life Metropolitan Life International Metropolitan Odyssey MMI Group Momentum Ability MS Life Nedgroup Life Assurance Nedgroup Structured Life Nestlife Assurance Benefits paid and provided for % Operating expenses % Acquisition costs % Investment yield % 16,78 89,10 21,16 25,31 34,71 89,32 55,67 31,17 17,93 43,81 44,79 54,34 100,60 44,10 90,72 46,67 26,68 88,21 0,00 40,65 87,00 19,17 0,00 19,98 58,29 83,80 95,87 99,94 13,61 42,87 0,00 90,99 52,22 25,32 48,04 0,00 88,53 29,90 38,23 28,41 86,03 40,38 94,64 5,80 8,36 12,53 426,41 0,00 23,77 42,93 42,80 0,15 2,58 5,79 8,05 16,23 292,27 4,08 51,21 0,00 75,92 14,06 0,26 30,56 0,00 3,44 25,85 0,59 11,41 2,83 19,09 19,84 0,00 14,02 27,97 41,76 4,94 0,00 8,70 0,84 23,35 9,80 0,20 16,15 0,00 7,81 0,00 46,46 8,49 0,00 17,54 0,00 26,33 0,00 23,73 4,19 0,00 47,22 0,00 45,17 6,92 0,00 0,00 17,12 1,21 85,33 0,00 0,00 0,00 0,00 1,94 0,00 3,71 36,55 0,00 8,83 28,77 160,80 0,00 0,00 4,90 0,00 5,51 17,09 1,01 33,36 4,17 12,59 6,39 4,31 33,56 16,78 15,08 17,19 15,23 0,23 5,49 3,13 13,59 10,80 7,75 8,24 18,17 0,02 1,13 6,14 8,52 1,73 1,56 9,20 4,01 14,80 12,50 17,94 3,17 12,00 0,00 15,93 14,27 2,15 0,09 6,97 17,22 1,02 1,40 4,48 14,34 2,27 73 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Individual and grouped individual Fund and group Lapse ratio % Termination ratio % Contractual termination ratio % Growth in number of policies during this financial period % 44,86 74,85 0,00 108,46 60,22 0,00 42,48 52,26 62,85 0,00 25,53 1 770,41 0,00 81,07 0,00 0,00 375,00 0,00 0,00 49,15 0,00 89,14 0,00 27,31 89,73 0,00 0,00 0,00 6,92 77,52 0,00 49,05 2,85 40,50 0,00 0,00 75,83 63,09 85,27 52,21 0,00 29,34 0,00 1,16 0,00 30,86 0,00 3,90 9,49 10,93 0,00 15,50 0,00 911,52 603,58 7,56 0,00 0,00 0,00 6,32 0,00 8,30 0,00 0,00 0,00 0,01 0,58 61,91 0,18 32,02 0,00 0,00 0,00 26,09 0,00 0,00 14,95 0,00 7,25 0,00 0,00 2,94 55,09 0,00 0,72 1,72 0,00 2,91 3,87 6,54 14,29 6,74 0,19 0,00 0,25 497,96 61,65 2,36 0,00 0,00 314,76 1,17 0,00 1,28 0,00 0,03 0,00 2,20 1,41 0,00 0,05 14,99 2,10 1,96 0,00 20,82 0,54 0,51 0,93 0,00 10,23 6,22 1,02 3,60 25,71 1,82 30,08 6,22 (70,62) (6,92) 5,56 8,99 6,85 5,76 17,62 15,32 61,22 (8,68) (23,72) (3,43) (9,84) 1,74 (1,50) 32,96 (16,08) 7,23 0,00 8,11 0,00 23,71 3,10 4,62 3 946,92 4,63 9,81 15,47 0,00 0,12 306,04 28,10 88,24 (1,69) 2,21 17,08 14,16 23,34 1,37 27,00 Growth in number of schemes during Termination this financial ratio period % % 18,87 0,00 16,67 0,00 125,62 127,78 32,05 118,18 0,00 28,57 100,00 100,00 0,00 0,00 0,00 0,00 0,00 236,84 0,00 45,21 22,54 0,00 0,00 18,75 63,21 36,84 0,00 158,62 0,00 0,00 0,00 108,22 91,74 91,13 0,00 0,00 80,70 0,00 538,46 0,00 104,76 230,00 0,00 0,00 4,67 0,00 (4,70) (1,63) 32,85 (0,88) (91,67) 58,14 0,00 0,00 0,00 0,00 0,00 0,00 (33,33) (11,78) 0,00 10,70 35,71 0,00 0,00 65,00 12,25 8,11 0,00 (5,15) 0,00 0,00 0,00 (8,61) 10,87 1,00 0,00 0,00 3,60 0,00 (36,77) 0,00 (1,22) (18,31) 74 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Percentage of net premiums Benefits paid and provided for % Operating expenses % Acquisition costs % Investment yield % 0,00 0,00 18,03 11,37 102,27 14,00 58,22 86,86 74,81 100,70 14,20 33,06 31,86 175,76 373,17 27,79 38,68 0,00 57,14 97,50 84,80 14,55 36,48 0,00 327,98 137,33 0,00 47,38 0,00 0,00 66,94 91,40 0,00 0,00 1,93 5,77 15,24 77,79 24,69 0,33 1,90 2,79 5,36 26,45 1,88 0,00 90,61 8,82 33,74 0,00 6,57 7,58 0,00 151,60 2,08 0,00 5,18 0,00 0,00 48,02 0,00 0,00 19,23 0,00 0,00 0,00 0,00 4,51 5,22 0,00 6,08 0,00 0,01 0,84 22,36 29,63 0,02 0,00 0,67 6,52 0,00 0,00 16,02 6,12 0,00 0,00 15,65 0,00 0,00 0,07 0,00 0,00 0,00 0,00 0,00 725,27 4,69 0,00 1,02 0,03 30,16 4,69 19,21 16,68 23,12 13,00 6,31 14,74 5,04 10,61 20,31 13,31 4,88 0,00 16,39 16,95 0,00 0,75 3,94 29,56 14,13 21,99 0,00 15,68 0,00 10,38 4,92 2,24 Reinsurers Gen Re Hannover Life Re Munich Re RGA Re Saxum Re SCOR Africa 72,35 80,66 76,93 76,86 78,51 80,97 2,97 5,20 5,31 21,45 51,28 15,91 3,06 5,43 6,06 4,04 2,18 10,14 6,25 4,60 6,67 5,77 5,64 2,12 Swiss Re Life 71,62 10,94 14,01 3,86 Short name Netcare Life New Era Oasis Crescent Old Mutual Alternative Risk Old Mutual Life Outsurance Life Insurance Limited PPS Prescient Life Prudential Portfolio PSG Asset Management Real People Regent Life Relyant RMA Life RMB Safrican Insurance SAHL Sanlam Customised Sanlam Developing Markets Sanlam Life Insurance Limited SIS Life Company Limited Smart Life Stangen Stanlib Superflex Sygnia Life Ten-50-Six Union Life Viva Life Insurance Vodacom Life Workers Life Zurich Life SA Limited 75 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE MINISTER OF FINANCE Individual and grouped individual Fund and group Lapse ratio % Termination ratio % Contractual termination ratio % Growth in number of policies during this financial period % 0,00 0,00 0,00 67,25 34,40 59,53 46,78 0,00 0,00 0,00 83,22 65,29 20,72 0,00 22,98 59,20 76,61 0,00 56,77 31,49 0,00 5,20 22,41 0,00 0,00 0,00 0,00 60,12 0,00 3,32 0,00 0,00 0,00 0,00 8,78 0,00 24,34 0,00 26,63 10,56 0,00 10,18 0,00 4,24 0,00 0,00 0,00 0,33 0,00 0,00 6,49 26,15 0,00 2,47 0,00 0,00 4 333,33 1 950,00 0,00 0,12 0,00 11,31 0,00 0,00 0,00 0,00 2,03 0,46 12,27 0,32 1,49 0,00 0,00 11,98 2,12 1,16 53,45 22,45 0,05 8,14 5,98 0,00 6,33 73,92 4,14 0,45 57,58 0,00 1 066,67 0,00 0,00 7,54 0,00 0,01 0,00 0,00 0,00 0,00 32,67 (18,93) 5,57 27,09 2,23 80,38 13,79 38,24 (22,61) 38,89 11,61 (2,37) 220,23 7,48 1,91 0,00 10,19 (2,56) 15,08 197,26 8,83 0,00 (5,72) (12,71) 0,00 10,37 0,00 0,00 0,00 (77,63) 0,00 0,00 0,00 100,00 50,49 0,00 0,00 50,00 69,23 0,00 0,00 41,18 0,00 0,00 0,00 236,13 0,00 0,00 31,08 53,14 117,65 0,00 0,00 0,00 0,00 147,27 0,00 10,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,94 0,00 0,00 13,75 12,90 (0,84) 0,00 47,62 0,00 0,00 0,00 (14,78) 0,00 0,00 31,29 (41,64) (0,77) 0,00 0,00 26,67 100,00 (4,97) 0,00 23,08 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 (a) The figures for New Era Life are not included due to the process of curatorship. (b) The figures for Sanlam Customised Life are not included due to the process of deregistration. Growth in number of schemes during Termination this financial ratio period % % 76 FINANCIAL SERVICES BOARD 16TH ANNUAL REPORT OF THE REGISTRAR OF LONG-TERM INSURANCE 2013 BASTION GRAPHICS RP: 163/2015 ISBN: 978-0-621-43663-1 www.fsb.co.za
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