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 benets paid and provided for
– classes
8(a) 46
Net benets paid and provided for
– business type
8(b) 48
Summary of key gures – 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 Ofce 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
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 gures for long-term
insurance companies with nancial 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. Benet 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 benet 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 beneted 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 xed
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
Uncertainties about the implementation of the Financial Sector Charter
Addressing the needs of the low-income market by introducing appropriate and affordable products.
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
1 Financial years of long-term insurers differ and may cover periods other than 12 months where companies have changed their nancial 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:
Primary insurers
2011
Rm
2012
Rm
2013
Rm
Change
2011 to 2012
%
Change
2012 to 2013
%
Income
Net premiums 283 242 324 617 373 687 14.6 15.1
Investment income* 133 626 239 126 290 927 78.9 21.7
Other income 12 367 16 135 21 690 30.5 34.4
Total 429 415 579 878 686 304 35.0 18.4
Expenditure
Benets 236 145 274 464 324 485 16.2 18.2
Management expenses 25 886 29 252 32 222 13.0 10.2
Commission 14 332 16 296 18 489 13.7 13.5
Other expenditure 8 375 7 387 10 895 (11.8) 47.5
Total 284 738 327 399 386 091 15.0 17.9
Excess of income over expenditure 176 181 252 479 300 213 74.5 18.9
Assets 1 640 048 1 868 908 2 121 847 13.2 14.3
Liabilities 1 407 703 1 727 691 1 993 320 13.8 15.4
* Investment income includes realised and unrealised gains/losses on sale of investments.
Summary of the long-term insurance business of reinsurers:
Reinsurers
2011
Rm
2012
Rm
2013
Rm
Change
2011 to 2012
%
Change
2012 to 2013
%
Income
Net premiums 5 912 6 808 7 366 15.2 8.2
Investment income* 659 832 745 26.3 (10.5)
Other income 10 49 67 390.0 36.7
Total 6 581 7 689 8 178 16.8 6.4
Expenditure
Benets 4 377 4 990 5 569 14.0 11.6
Management expenses 399 451 503 13.0 11.5
Commission 204 465 482 127.9 3.7
Other expenditure 272 257 272 (5.5) 5.8
Total 5 252 6 163 6 826 17.4 10.8
Excess of income over expenditure 1 329 1 526 1 352 14.8 (11.4)
Assets 11 838 13 050 13 952 10.2 6.9
Liabilities 10 066 11 178 11 761 11.1 5.2
* Investment income includes realised and unrealised gains/losses on sale of investments.
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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:
Kinds of assets
2011
Rm %
2012
Rm %
2013
Rm %
In South Africa
Cash and deposits 156 553 9173 303 9163 351 8
Fixed interest investments 164 024 10 186 982 10 186 967 9
Equities and collective investment schemes 779 489 47 917 714 49 1 057 909 50
Debentures and loan stock 175 620 11 171 017 9237 060 11
Immovable properties 54 237 355 764 348 733 2
Fixed assets 1 995 0* 1 458 0* 1 768 0*
Current assets 118 176 7135 827 7161 009 8
Foreign (covering domestic liabilities) 162 329 10 215 692 12 214 479 10
Foreign (covering foreign liabilities) 39 463 213 676 164 524 3
Total 1 651 886 100 1 870 434 100 2 135 799 100
* 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 nancial strength of a long-term insurer. The median for long-term insurers, with a 2013
nancial 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 5 0 0
Covered 1 – 2 times 25 25 19
Covered 2 – 5 times 33 40 41
Covered 5 – 10 times 11 12 9
Covered 10+ times 2 3 5
Total 76 80 74
Growing numbers of insurers are actively targeting a specic level of capital to achieve, for instance, a preferred credit rating or an efcient return on
capital. The improvement in domestic nancial 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 satised 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.
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FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
The table below reects 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 2011 2012 2013
Change
2011 to
2012
%
Change
2012 to
2013
%
CAR after management actions divided by CAR before
managementactions (%) 48 56 59 17 5
CAR cover 3.22 3.51 3.31 9(6)
Funding factor (excluding CAR) 1.08 1.08 1.06 0(2)
Funding factor (including CAR) 1.05 1.05 1.04 0(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 gures are thus mostly reective of the nancial 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
● Assistance
● Life
● Health
● Fund
● Disability ● Sinking fund
2.4%
1.2%
46.9% 46.2%
1.7%
1.7%
2013 – Total: R373 687 million
● Assistance
● Life
● Health
● Fund
● Disability ● Sinking fund
3.2%
1.1%
45.3% 46.8%
1.8%
1.8%
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
● Investment
● Risk
● Annuities
● Universal life
4.4%
11.9%
19.1% 64.6%
2013 – Total: R373 687 million
● Investment
● Risk
● Annuities
● Universal life
3.6%
13.6%
18.9% 63.8%
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
1 The 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.
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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 reects 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 ve years. The gures exclude pension fund and group life business:
0
100
200
300
400
500
600
700
800
900
1 000
2 300
2 400
2 500
2 600
2 700
2 800
2 900
3 000
3 100
3 200
Surrenders
● Policies (‘000)
■
Annualised premiums (Rm)
500
400
100
50
0
2009 2010 2011 2012 2013
R(m)
* “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
2008
%
2009
%
2010
%
2011
%
2012
%
2013
%
Number of policies 9.3 8.0 8.8 6.1 5.6 5.9
Annualised premiums 20.4 22.4 17.7 16.5 7.4 14.0
Lapses
The chart below reects 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
ve years. The gures exclude pension fund and group life business.
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
0
2 000
4 000
6 000
8 000
10 000
12 000
Lapses
● Policies (‘000)
■
Annualised premiums (Rm)
500
400
100
50
0
2009 2010 2011 2012 2013
R(m)
* “Annualised premiums” refers to the number of premiums that must be paid annually to meet the contractual requirements of a policy.
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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
2008
%
2009
%
2010
%
2011
%
2012
%
2013
%
Number of policies 57.8 62.7 69.4 50.9 49.3 57.4
Annualised premiums 35.1 43.2 41.6 37.0 22.6 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 2013
Change
2012 to 2013
%
Discount rate (individual business) (%) 7.52 8.01 6
Expense ination (%) 5.3 6.0 12
Renewal expenses per policy (R) 242 253 5
Initial expenses per policy (R) 1 470 1 595 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:
-20
0
20
40
60
80
100
120
140
Mortality rate assumptions (%)
■
2013
■
2012
500
400
100
50
0
20 25 30 35 40 45 50 55 60 65 70 75 80
■
2011
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FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
The following table reects 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
%
2013
%
Change
2012 to 2013
%
2012
%
2013
%
Change
2012 to 2013
%
Individual business 85 80 (5) 115 118 3
Group business 86 91 6109 114 5
* A gure lower than 100% means that the business is protable (based on mortality only).
** A gure higher than 100% means that the business is protable (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 nal 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 nal 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.
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
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16TH ANNUAL REPORT OF THE
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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 nancial 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 nancial 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 specic current supervisory tools to cater for TCF principles. Supervisors have also started to apply
TCF principles, over and above specic 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 nancial 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 rms, 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 nancial 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 rms; developing TCF guidance material for small nancial intermediaries and investment managers; and
engaging with the nancial 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 nancial 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,
conrming 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 rst 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 nancial 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).
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16TH ANNUAL REPORT OF THE
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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 identied concerns.
The nal 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 renements to the denition 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 nancial advice.
This followed concerns that, despite recent reforms in FAIS regulatory environment, which have clearly raised standards of professionalism and the
managing of conicts 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 afnity cell captive arrangements) and arrangements that have the same effect, as well as the nancial 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.
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2.8 Increase in insurance benets provided under an assistance policy
The Minister of Finance approved, in terms of the denition of “assistance policy” in section 1(1) of the Long-term Insurance Act, an increase of the
maximum amount of benets 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 ination as the existing limit was last adjusted in 2008
a progressive alignment with the benet 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 nalised 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 denition of a “
business of a medical scheme
” contained in the Financial
Services Laws General Amendment Act. The nal 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 denition 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 nancial 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 benets 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 benets of policies) of theregulations
issued under the Long-term Insurance Act
The directive was amended by the addition of
footnote 3 that claries what constitutes compliance
with the directive.
153.A.ii (LT) 26 November 2013
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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
Clarication 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 denition
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
denition 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
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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 renements 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 benets, 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 prole of a regulated institution, taking into account its nancial 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ve 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.
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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 (xed 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:
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Economic single-factor tests (industry average)
● CAR cover post stress test
■
Base CAR cover
500
400
100
50
0
Interest rate up Interest rate down Equity shock 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.
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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 (xed 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:
0
1
2
3
4
5
6
Economic scenario
● Base CAR cover ● CAR cover post stress test
500
400
100
50
0
Industry average Assistance Cell captives Niche Reinsurer Run-offs Typical
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.
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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 ination
Withdrawals shock A 40% increase in assumption
The results are as follows:
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Non-economic single-factors tests (Industry average)
● CAR cover post stress test
■
Base CAR cover
500
400
100
50
0
Mortality and morbidity Expenses shock Withdrawals
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 nancially 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 80 79 74
Reinsurers 7 7 7
Total 87 86 81
Name changes of insurers are indicated in table 4.
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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 identied 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 identied 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 nalised and a nal 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:
● Alleged Act/PPR contravention
● Poor service
● Misrepresentation/Misselling
● Premium refund
● Claims dispute
12%
7%
5%
5% 71%
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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 nancial 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 nal decision. The appeal is therefore ongoing.
5 INTERNATIONAL ENGAGEMENTS
5.1 Committee of insurance, securities and non-banking nancial authorities (CISNA) for the SADC
The committee of insurance, securities and non-banking nancial authorities (CISNA) was established as a subcommittee of the Committee of Senior
Treasury Ofcials 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 ofcer 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 ofcer (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.
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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 nancial inclusion subcommittee meetings in Manila, Philippines 16 to 19 July 2013
IAIS ComFrame eld 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 eld 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 eld 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 eld testing task force meeting in Frankfurt, Germany 2 to 6 December 2013
IAIS coordination group meeting in Vienna, Austria 4 to 5 December 2013
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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 nancial 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 nancial 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 ofcer 1
Heads of department 6
Head of SAM unit 1
Managers 13
Specialists 18
Analysts 33
Contractors 3
Administrative staff 8
Total 83
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As at 31 December 2013, the insurance division’s executive management was comprised as follows:
HEAD:
INSURANCE GROUPS
Suzette Vogelsang
HEAD:
MICROINSURANCE
Jacky Huma
HEAD:
INSURANCE COMPLIANCE
Lesedi Letwaba
HEAD:
SAM UNIT
Ian Marshall
HEAD:
INSURANCE PRUDENTIAL
Kerwin Martin
EXECUTIVE OFFICER
Dube Tshidi
(Registrar of Long-term Insurance)
DEPUTY EXECUTIVE OFFICER:
INSURANCE
Jonathan Dixion
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 ofce 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
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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 Benets 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
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)
22
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
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 NM Patchett**
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 PO Box 1 Sanlamhof 7532 Ernst & Young W Barnard
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
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. Superex 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 CE du Plessis
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.
24
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
No Transferor Transferee Effective date
1. AA Life Assurance Association Limited Amalgamated General Assurances Limited
2. ACA Insurers Limited Capital Alliance Life Limited
3. Adlams Funeral Benet Society Proprietary Limited Homes Trust Life Assurance Company Limited
4. Afliated 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 1/7/2012
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
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
TABLE 2: TRANSFERS OF BUSINESS (CONFIRMED UP TO 31 DECEMBER 2013)
25
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
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 26/6/2012
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 Benets Limited (portion) Liberty Group Limited 1/1/2007
57. Investec Employee Benets Capital Alliance Limited 19/11/2008
Investec Employee Benets 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 11/12/2012
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 28/2/2008
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 5/4/2011
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
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
26
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
No Transferor Transferee Effective date
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 15/2/2011
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 1/7/2007
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 11/12/2012
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
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
27
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
No Transferor Transferee Effective date
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. Superex 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 1/1/2012
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
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
28
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
No Insurers Assistance
Assistance
amount
(R’000) Disability Fund Health Life
Sinking
fund
Section 4(7)
reclassied
1. 1 Life Insurance Limited X* 18 000 X X X X
2. Absa Life Limited X 18 000 X X X X X X
3. African Unity Insurance Limited X 18 000 X X X X X
4. AIG Life South Africa Limited X 18 000 X X X X X
5. Alexander Forbes Life Limited X 18 000 X X X X
6. Allan Gray Life Limited X X X
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 X X X
10. Cadiz Life Limited X X X
11. Centriq Life Insurance Company (RF) Limited X 18 000 X X X X X X
12. Channel Life Limited X 18 000 X X X X X X
13. Citadel Life Limited X X X
14. Clientele Life Assurance Company Limited X 18 000 X X X X X X
15. Community Life Insurance Company Limited X X
16. Constantia Life & Health Assurance
Company Limited
X 18 000 X X X
17. Constantia Life Limited X 18 000
18. Coronation Life Assurance Company Limited X X X
19. Covision Life Limited X18 000 X X
20. Discovery Life Limited X18 000 X X X X X
21. Fedgroup Life Limited X18 000 X X X X X
22. Frank Life Limited X 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 X
27. Investec Employee Benets Limited X 18 000 X X X X X X
28. Investment Solutions Limited X X X X X
29. JDG Micro Life Limited X 18 000 X X X
30. KGA Lewens Beperk X18 000
31. Land Bank Life Insurance Company Limited*
32. Liberty Growth Limited X 18 000 X X X X
33. Lion Of Africa Life Assurance Company
Limited
X 18 000 X X X X X X
34. Lombard Life Limited X 18 000 XX* X X
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)
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
No Insurers Assistance
Assistance
amount
(R’000) Disability Fund Health Life
Sinking
fund
Section 4(7)
reclassied
35. Metropolitan Life International Limited X X
36. Metropolitan Odyssey Limited X X
37. Momentum Ability Limited X 18 000 X X X X X
38. MMI Group Limited X 18 000 X X X X X X
39. Ms Life Assurance Company Limited X18 000 X X X X X X
40. Nedgroup Life Assurance Company Limited X X X X X
41. Nedgroup Structured Life Limited X X X
42. Nestlife Assurance Corporation Limited X 18 000 X X X X
43. Netcare Life Limited X X X X
44. New Era Life Insurance Company Limited X 18 000 X X X
45. Oasis Crescent Insurance Limited X X
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 X X
49. Prescient Life Limited X X X
50. Professional Provident Society Insurance
Company Limited
X X X
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 X18 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 X
56. Resolution Life Limited X X
57. RMA Life Assurance Company Limited X 18 000 X
58. RMB Structured Life Limited X 18 000 X X X X
59. Safrican Insurance Company Limited X 18 000 X X
60. SAHL Life Assurance Company Limited X X X*
61. Sanlam Customised Insurance Limited X 18 000 X X X
62. Sanlam Developing Markets Limited X 18 000 X X X X X X
63. Sanlam Life Insurance Limited X X X X X X
64. Standard General Insurance Company
Limited, The
X 18 000 X X X
65. Stanlib Multi-Manager Limited X X X
66. Strategic Investment Service Life Company
Limited
X X X
67. Superex Limited X X
68. Sygnia Life Limited X X X
30
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
No Insurers Assistance
Assistance
amount
(R’000) Disability Fund Health Life
Sinking
fund
Section 4(7)
reclassied
69. Ten-50-Six Life Limited X
70. The Smart Life Insurance Company Limited X 18 000 X X X X X X
71. Union Life Limited X 18 000 X X
72. Vodacom Life Assurance Company Limited X X X
73. Workers Life Insurance Limited X 18 000 X X X
74. Zurich Life Sa Limited X 18 000 X X X X X
No Reinsurers Assistance
Assistance
amount
(R’000) Disability Fund Health Life
Sinking
fund
Section 4(7)
reclassied
75. General Reinsurance Africa Limited X 18 000 X X X X X
76. Hannover Life Reassurance Africa Limited X 18 000 X 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 X
79. Saxum Reinsurance Limited X 18 000 X X X X
80. Scor Africa Limited X18 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.
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
31
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 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 7/7/1999
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 15/3/2007
8. African Homes Trust and Insurance Company Limited Homes Trust Life Assurance Company Limited
9. African Life Assurance Company Limited Sanlam Developing Markets Limited 1/7/2008
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 22/1/1998
20. Anglo American Life Assurance Company Limited The Southern Life Association Limited
21. Assupol Life Assupol Life Limited 28/3/2012
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
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)
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)
32
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
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 Benets 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 11/6/2004
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
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
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 11/5/2000
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
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. Preife 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. Saife 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 Previous name Changed name Effective date
122. Safrican Association for Burial Aid Limited Safrican Association Limited
123. Safrican Association Limited Saife Funeral Association Limited 12/9/1994
124. Security Life Assurance Corporation Limited Crusader Life Assurance Corporation Limited
125. Sekunjalo Life Assurance Limited Workers Life Assurance Company 3/7/2012
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 17/5/1999
132. South African Police Assurance Fund Assupol Life
133. South African Trade Union Assurance Society Limited, The Investec Assurance Limited 27/2/1997
134. South African Workmen’s Insurance Proprietary Limited Rogers Insurance Company Proprietary Limited
135. Southern Life Association Limited, The Firstrand Insurance Limited 14/12/1999
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 1/8/2003
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 12/11/2010
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.
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
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 307 393 0.08
Absa Life 5 603 709 1.50
African Unity 414 200 0.11
AIG Life 668 772 0.18
Alex Forbes Life 118 759 0.03
Allan Gray 12 716 367 3.40
Assupol Life 1 767 876 0.47
AVBOB 1 702 433 0.46
Bidvest Life 40 703 0.01
Cadiz Life 1 795 969 0.48
Centriq Life 131 402 0.04
Channel Life Limited 1 687 078 0.45
Citadel Life 552 028 0.15
Clientele Life 1 094 834 0.29
Community Life 194 0.00
Constantia Life and Health 16 143 0.00
Constantia Life Limited 5 374 0.00
Coronation Life 16 126 305 4.32
Covision Life 18 434 0.00
Discovery Life 10 714 898 2.87
Fedgroup Life 116 322 0.03
Frank Life 31 057 0.01
Goodall & Co 00.00
Guardrisk Life 1 875 842 0.50
Hollard Life 5 765 532 1.54
Investec Assurance Limited 43 636 939 11.68
IEB 172 727 0.05
Investment Solutions 28 107 089 7.52
JDG Micro Life 950 958 0.25
KGA Life 200 175 0.05
Land Bank Life 00.00
Liberty 41 449 137 11.09
Lion Life 114 922 0.03
Lombard Life 83 250 0.02
Metropolitan Life International 26 736 0.01
Metropolitan Odyssey 00.00
MMI Group 53 689 142 14.37
Momentum Ability 1 676 667 0.45
MS Life 194 054 0.05
Nedgroup Life Assurance 2 800 550 0.75
Nedgroup Structured Life 4 485 253 1.20
Nestlife Assurance 309 526 0.08
Short name
Total net
premiums
of insurer
R’000
Percentage
of total
net premiums
%
Netcare Life 00.00
New Era 00.00
Oasis Crescent 92 084 0.02
Old Mutual Alternative Risk 577 950 0.15
Old Mutual Life 60 750 039 16.26
Outsurance Life Insurance Limited 147 705 0.04
PPS 2 461 569 0.66
Prescient Life 2 871 942 0.77
Prudential Portfolio 1 323 931 0.35
PSG Asset Management 2 868 108 0.77
Real People 405 384 0.11
Regent Life 609 051 0.16
Relyant 677 612 0.18
RMA Life 331 814 0.09
RMB 7 813 0.00
Safrican Insurance 1 554 942 0.42
SAHL 228 405 0.06
Sanlam Customised 00.00
Sanlam Developing Markets 6 308 100 1.69
Sanlam Life Insurance Limited 38 635 847 10.34
SIS Life Company Limited 2 918 353 0.78
Smart Life 10 984 0.00
Stangen 3 764 971 1.01
Stanlib 00.00
Superex 330 644 0.09
Sygnia Life 5 269 340 1.41
Ten-50-Six 00.00
Union Life 263 816 0.07
Viva Life Insurance 00.00
Vodacom Life 00.00
Workers Life 108 189 0.03
Zurich Life SA Limited 186 0.00
Total 373 687 528 100.00
Reinsurers
Gen Re 1 956 510 26.56
Hannover Life Re 1 662 091 22.56
Munich Re 1 846 553 25.07
RGA 418 484 5.68
Saxum Re 10 502 0.14
SCOR Africa 85 079 1.15
Swiss Re 2013 1 387 199 18.83
Total 7 366 417 100.00
36
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
Total
assets
of insurer
R’000
Percentage
of total
assets
%
Netcare Life 18 525 0.00
New Era 00.00
Oasis Crescent 293 015 0.01
Old Mutual Alternative Risk 780 629 0.04
Old Mutual Life 520 156 937 24.51
Outsurance Life Insurance Limited 209 902 0.01
PPS 23 059 500 1.09
Prescient Life 6 034 267 0.28
Prudential Portfolio 6 146 708 0.29
PSG Asset Management 10 610 371 0.50
Real People 138 740 0.01
Regent Life 1 051 614 0.05
Relyant 285 394 0.01
RMA Life 9 954 825 0.47
RMB 1 420 733 0.07
Safrican Insurance 1 766 097 0.08
SAHL 99 033 0.00
Sanlam Customised 00.00
Sanlam Developing Markets 19 341 419 0.91
Sanlam Life Insurance Limited 339 315 817 15.99
SIS Life Company Limited 15 719 002 0.74
Smart Life 29 987 0.00
Stangen 1 445 059 0.07
Stanlib 190 597 0.01
Superex 7 806 951 0.37
Sygnia Life 19 154 689 0.90
Ten-50-Six 00.00
Union Life 406 879 0.02
Viva Life Insurance 00.00
Vodacom Life 40 251 0.00
Workers Life 71 747 0.00
Zurich Life SA Limited 17 969 0.00
Total 2 121 847 231 100.00
Reinsurers
Gen Re 3 608 566 25.86
Hannover Life Re 2 783 226 19.95
Munich Re 2 382 084 17.07
RGA 1 803 730 12.93
Saxum Re 40 182 0.29
SCOR Africa 111 461 0.80
Swiss Re 2013 3 222 526 23.10
Total 13 951 775 100.00
Short name
Total
assets
of insurer
R’000
Percentage
of total
assets
%
Primary
1Life Limited 205 471 0.01
Absa Life 23 073 800 1.09
African Unity 143 796 0.01
AIG Life 595 908 0.03
Alex Forbes Life 1 532 537 0.07
Allan Gray 81 677 644 3.85
Assupol Life 2 755 581 0.13
AVBOB 8 656 727 0.41
Bidvest Life 326 072 0.02
Cadiz Life 4 870 283 0.23
Centriq Life 185 881 0.01
Channel Life Limited 2 956 017 0.14
Citadel Life 4 001 080 0.19
Clientele Life 2 655 181 0.13
Community Life 23 696 0.00
Constantia Life and Health 23 311 0.00
Constantia Life Limited 43 430 0.00
Coronation Life 64 656 974 3.05
Covision Life 44 890 0.00
Discovery Life 25 223 491 1.19
Fedgroup Life 749 782 0.04
Frank Life 50 762 0.00
Goodall & Co 363 0.00
Guardrisk Life 3 988 804 0.19
Hollard Life 14 895 822 0.70
Investec Assurance Limited 86 387 003 4.07
IEB 4 323 075 0.20
Investment Solutions 207 380 955 9.77
JDG Micro Life 558 882 0.03
KGA Life 35 369 0.00
Land Bank Life 00.00
Liberty 269 686 412 12.71
Lion Life 235 618 0.01
Lombard Life 165 057 0.01
Metropolitan Life International 219 746 0.01
Metropolitan Odyssey 299 815 0.01
MMI Group 305 047 589 14.38
Momentum Ability 2 100 027 0.10
MS Life 414 846 0.02
Nedgroup Life Assurance 4 848 774 0.23
Nedgroup Structured Life 11 165 302 0.53
Nestlife Assurance 74 799 0.00
37
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
Total
liabilities
of insurer
R’000
Percentage
of total
liabilities
%
Netcare Life 2 830 0.00
New Era 00.00
Oasis Crescent 278 407 0.01
Old Mutual Alternative Risk 590 799 0.03
Old Mutual Life 476 534 192 23.91
Outsurance Life Insurance Limited 76 366 0.00
PPS 22 795 905 1.14
Prescient Life 5 995 030 0.30
Prudential Portfolio 6 104 883 0.31
PSG Asset Management 10 507 482 0.53
Real People 56 016 0.00
Regent Life 855 623 0.04
Relyant 95 668 0.00
RMA Life 9 889 825 0.50
RMB 1 361 700 0.07
Safrican Insurance 1 562 511 0.08
SAHL 46 933 0.00
Sanlam Customised 00.00
Sanlam Developing Markets 16 292 688 0.82
Sanlam Life Insurance Limited 305 681 159 15.34
SIS Life Company Limited 15 641 361 0.78
Smart Life 17 513 0.00
Stangen 665 428 0.03
Stanlib 42 874 0.00
Superex 7 680 755 0.39
Sygnia Life 19 093 490 0.96
Ten-50-Six 00.00
Union Life 337 177 0.02
Viva Life Insurance 00.00
Vodacom Life 7 719 0.00
Workers Life 36 269 0.00
Zurich Life SA Limited 3 738 0.00
Total 1 993 320 105 100.00
Reinsurers
Gen Re 2 887 495 24.55
Hannover Life Re 2 252 664 19.15
Munich Re 1 922 561 16.35
RGA 1 683 156 14.31
Saxum Re 22 141 0.19
SCOR Africa 83 053 0.71
Swiss Re 2013 2 910 208 24.74
Total 11 761 277 100.00
Short name
Total
liabilities
of insurer
R’000
Percentage
of total
liabilities
%
Primary
1Life Limited 66 382 0.00
Absa Life 21 876 208 1.10
African Unity 68 608 0.00
AIG Life 276 764 0.01
Alex Forbes Life 1 287 663 0.06
Allan Gray 81 317 354 4.08
Assupol Life 2 019 239 0.10
AVBOB 4 529 547 0.23
Bidvest Life 52 816 0.00
Cadiz Life 4 850 612 0.24
Centriq Life 79 713 0.00
Channel Life Limited 2 477 734 0.12
Citadel Life 3 980 613 0.20
Clientele Life 2 225 385 0.11
Community Life 9 428 0.00
Constantia Life and Health 2 812 0.00
Constantia Life Limited 19 311 0.00
Coronation Life 64 410 343 3.23
Covision Life 30 578 0.00
Discovery Life 23 397 496 1.17
Fedgroup Life 737 367 0.04
Frank Life 32 602 0.00
Goodall & Co 359 0.00
Guardrisk Life 3 632 441 0.18
Hollard Life 14 073 673 0.71
Investec Assurance Limited 86 054 317 4.32
IEB 753 733 0.04
Investment Solutions 206 439 299 10.36
JDG Micro Life 85 782 0.00
KGA Life 12 279 0.00
Land Bank Life 00.00
Liberty 258 011 831 12.94
Lion Life 204 405 0.01
Lombard Life 102 389 0.01
Metropolitan Life International 117 731 0.01
Metropolitan Odyssey 251 282 0.01
MMI Group 290 268 131 14.56
Momentum Ability 1 631 001 0.08
MS Life 359 081 0.02
Nedgroup Life Assurance 4 152 048 0.21
Nedgroup Structured Life 11 118 595 0.56
Nestlife Assurance 48 817 0.00
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
38
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Net premiums received and outstanding
Short name
Financial
year end
(month)
Assistance
business
%
Disability
business
%
Fund
business
%
Health
business
%
Life
business
%
Sinking
fund
business
%
Total net
premiums
%
Total
assets
%
Total
liabilities
%
Primary
1Life Limited 60.37 0.24 0.00 0.17 0.15 0.00 0.08 0.01 0.00
Absa Life 12 3.75 0.09 0.33 0.77 2.06 14.53 1.50 1.02 1.10
African Unity 23.12 0.00 0.00 4.76 0.01 0.00 0.11 0.01 0.00
AIG Life 11 0.00 0.00 0.00 15.50 0.00 0.00 0.18 0.03 0.01
Alex Forbes Life 30.13 0.55 0.00 0.00 0.04 0.00 0.03 2.08 0.06
Allan Gray 20.00 0.00 4.73 0.00 2.28 4.74 3.40 3.55 4.08
Assupol Life 612.70 0.00 0.00 0.00 0.59 0.00 0.47 0.12 0.10
AVBOB 61.51 0.00 0.00 0.00 0.95 0.00 0.46 0.38 0.23
Bidvest Life 60.01 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.00
Cadiz Life 30.00 0.00 0.86 0.00 0.13 0.38 0.48 0.21 0.24
Centriq Life 12 0.40 0.09 0.00 0.00 0.06 0.00 0.04 0.01 0.00
Channel Life Limited 12 0.02 0.00 0.00 0.00 0.62 7.26 0.45 0.13 0.12
Citadel Life 30.00 0.00 0.02 0.00 0.28 0.50 0.15 0.17 0.20
Clientele Life 64.60 0.00 0.00 7.24 0.23 1.25 0.29 0.12 0.11
Community Life 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Constantia Life and Health 80.24 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00
Constantia Life Limited 80.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Coronation Life 90.00 0.00 7.90 0.00 0.14 21.37 4.32 2.81 3.23
Covision Life 60.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Discovery Life 60.26 24.44 0.86 21.45 3.82 1.89 2.87 1.59 1.17
Fedgroup Life 20.03 0.00 0.06 0.00 0.00 0.00 0.03 0.03 0.04
Frank Life 12 0.00 0.13 0.00 0.03 0.01 0.00 0.01 0.01 0.00
Goodall & Co 80.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guardrisk Life 32.55 0.90 0.00 8.14 0.77 0.00 0.50 0.17 0.18
Hollard Life 620.53 0.92 0.39 3.88 2.12 0.04 1.54 0.65 0.71
Investec Assurance
Limited 30.00 0.00 22.31 0.00 1.74 11.52 11.68 3.76 4.32
IEB 30.00 0.00 0.00 0.00 0.01 1.83 0.05 0.19 0.04
Investment Solutions 30.00 0.00 14.59 0.00 1.26 0.00 7.52 9.02 10.36
JDG Micro Life 60.23 6.20 0.00 0.00 0.32 0.00 0.25 0.02 0.00
KGA Life 93.33 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00
Land Bank Life 30.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Liberty 12 17.66 18.08 3.60 25.33 18.62 0.00 11.09 12.98 12.94
Lion Life 12 1.33 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.01
Lombard Life 60.04 1.02 0.00 0.00 0.01 0.00 0.02 0.01 0.01
Metropolitan Life
International 60.00 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.01
Metropolitan Odyssey 60.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
MMI Group 65.35 20.49 15.03 0.29 14.85 0.02 14.37 13.56 14.56
Momentum Ability 60.00 0.20 0.00 0.00 0.98 0.00 0.45 0.01 0.08
MS Life 12 0.23 0.20 0.00 0.44 0.01 1.51 0.05 0.02 0.02
Nedgroup Life Assurance 12 0.00 0.00 0.00 0.00 1.64 0.00 0.75 0.21 0.21
Nedgroup Structured Life 12 0.00 0.00 2.19 0.00 0.35 0.00 1.20 0.48 0.56
Nestlife Assurance 32.81 0.42 0.00 0.00 0.07 0.00 0.08 0.00 0.00
Netcare Life 90.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
TABLE 6: INDIVIDUAL MARKET SHARES (AS AT 31 DECEMBER 2013)
39
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Net premiums received and outstanding
Short name
Financial
year end
(month)
Assistance
business
%
Disability
business
%
Fund
business
%
Health
business
%
Life
business
%
Sinking
fund
business
%
Total net
premiums
%
Total
assets
%
Total
liabilities
%
New Era 30.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Oasis Crescent 30.00 0.00 0.00 0.00 0.05 0.00 0.02 0.01 0.01
Old Mutual Alternative
Risk 12 0.00 2.26 0.00 0.00 0.25 0.00 0.15 0.04 0.03
Old Mutual Life 12 0.02 11.51 14.65 2.67 18.60 24.71 16.26 23.54 23.91
Outsurance Life Insurance
Limited 60.00 0.17 0.00 0.24 0.07 0.00 0.04 0.01 0.00
PPS 12 0.00 0.00 0.00 4.20 1.34 0.00 0.66 1.00 1.14
Prescient Life 30.00 0.00 1.56 0.00 0.05 0.16 0.77 0.26 0.30
Prudential Portfolio 12 0.00 0.00 0.71 0.00 0.03 0.00 0.35 0.27 0.31
PSG Asset Management 20.00 0.00 0.22 0.00 1.26 3.89 0.77 0.46 0.53
Real People 31.25 0.71 0.00 0.04 0.15 0.35 0.11 0.01 0.00
Regent Life 60.27 0.00 0.04 0.00 0.31 0.00 0.16 0.05 0.04
Relyant 90.27 0.00 0.00 0.00 0.39 0.00 0.18 0.01 0.00
RMA Life 12 0.00 0.00 0.00 0.00 0.19 0.00 0.09 0.43 0.50
RMB 60.00 0.00 0.00 0.00 0.00 0.07 0.00 0.06 0.07
Safrican Insurance 12 10.21 0.00 0.00 0.00 0.55 0.00 0.42 0.08 0.08
SAHL 12 0.00 0.37 0.00 0.00 0.12 0.00 0.06 0.00 0.00
Sanlam Customised 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sanlam Developing
Markets 12 0.06 0.00 0.00 2.81 3.61 0.46 1.69 0.91 0.82
Sanlam Life Insurance
Limited 12 0.00 10.98 5.78 1.99 16.10 1.43 10.34 16.43 15.34
SIS Life Company Limited 12 0.00 0.00 1.07 0.00 0.51 1.70 0.78 0.68 0.78
Smart Life 60.08 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.00
Stangen 90.21 0.00 0.00 0.00 2.20 0.00 1.01 0.07 0.03
Stanlib 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.02 0.00
Superex 30.00 0.00 0.15 0.00 0.04 0.00 0.09 0.35 0.39
Sygnia Life 90.00 0.00 2.94 0.00 0.00 0.39 1.41 0.83 0.96
Ten-50-Six 60.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Union Life 12 4.34 0.00 0.00 0.00 0.00 0.00 0.07 0.02 0.02
Viva Life Insurance 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vodacom Life 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Workers Life 21.80 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00
Zurich Life SA Limited 12 – – – – 0.00 – 0.00 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Reinsurers
Gen Re 12 0.00 38.28 1.68 29.93 24.15 0.00 26.56 25.86 24.55
Hannover Life Re 12 7.37 16.90 0.00 34.08 24.01 0.00 22.56 19.95 19.15
Munich Re 12 58.17 17.96 89.87 0.18 26.90 0.00 25.07 17.07 16.35
RGA 12 34.46 2.71 8.45 4.10 6.42 0.00 5.68 12.93 14.31
SaXum Re 12 0.00 0.08 0.00 0.00 0.19 0.00 0.14 0.29 0.19
SCOR Africa 12 0.00 0.18 0.00 7.43 0.60 0.00 1.15 0.80 0.71
Swiss Re 12 0.00 23.89 0.00 24.28 17.73 0.00 18.83 23.10 24.74
Total 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00 100.00
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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
Short name
Individual Group
Total
Premium
R’000
Financial
year end
(month)
Recurring
business
R’000
Non-
recurring
business
R’000
All business
R’000
Primary
1Life Limited 6285 039 022 355 307 393
Absa Life 12 2 399 697 2 498 392 705 620 5 603 709
African Unity 2 0 629 413 571 414 200
AIG Life 11 668 772 0 0 668 772
Alex Forbes Life 36 970 0111 789 118 759
Allan Gray 2 0 4 298 655 8 417 712 12 716 367
Assupol Life 61 182 349 0585 527 1 767 876
AVBOB 61 679 879 6 242 16 312 1 702 433
Bidvest Life 639 766 936 040 703
Cadiz Life 3 0 228 604 1 567 365 1 795 969
Centriq Life 12 45 535 085 866 131 402
Channel Life Limited 12 315 711 658 826 712 542 1 687 078
Citadel Life 3 0 552 028 0552 028
Clientele Life 6986 930 107 904 01 094 834
Community Life 12 194 0 0 194
Constantia Life and Health 826 016 117 16 143
Constantia Life Limited 85 297 076 5 374
Coronation Life 96 324 2 077 301 14 042 680 16 126 305
Covision Life 618 434 0 0 18 434
Discovery Life 66 127 148 3 814 917 772 833 10 714 898
Fedgroup Life 200116 322 116 322
Frank Life 12 19 345 11 712 031 057
Goodall & Co 80000
Guardrisk Life 3732 989 711 079 431 774 1 875 842
Hollard Life 63 776 144 1 194 324 795 064 5 765 532
Investec Assurance Limited 3 0 4 013 708 39 623 231 43 636 939
IEB 311 558 161 169 0172 727
Investment Solutions 336 729 2 114 284 25 956 076 28 107 089
JDG Micro Life 6937 288 013 669 950 958
KGA Life 9200 175 0 0 200 175
Land Bank Life 30000
Liberty 12 18 094 040 15 008 498 8 346 600 41 449 138
Lion Life 12 22 561 092 361 114 922
Lombard Life 663 253 019 997 83 250
Metropolitan Life International 6 0 26 736 026 736
Metropolitan Odyssey 60000
MMI Group 612 679 533 12 148 196 28 861 414 53 689 142
Momentum Ability 6118 382 10 1 558 276 1 676 667
MS Life 12 44 723 130 166 19 165 194 054
Nedgroup Life Assurance 12 2 223 183 577 367 02 800 550
Nedgroup Structured Life 12 0587 822 3 897 431 4 485 253
Nestlife Assurance 3116 439 0193 087 309 526
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)
41
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
Individual Group
Total
Premium
R’000
Financial
year end
(month)
Recurring
business
R’000
Non-
recurring
business
R’000
All business
R’000
Netcare Life 90000
New Era 30000
Oasis Crescent 3649 91 435 092 084
Old Mutual Alternative Risk 12 507 590 070 359 577 950
Old Mutual Life 12 19 393 983 15 296 219 26 059 838 60 750 039
Outsurance Life Insurance Limited 6147 705 0 0 147 705
PPS 12 2 287 474 174 095 02 461 569
Prescient Life 3 0 99 738 2 772 204 2 871 942
Prudential Portfolio 12 053 366 1 270 565 1 323 931
PSG Asset Management 211 241 2 135 724 721 143 2 868 108
Real People 3373 820 30 000 1 564 405 384
Regent Life 6524 722 084 329 609 051
Relyant 9661 450 016 162 677 612
RMA Life 12 0331 814 0331 814
RMB 6972 6 217 624 7 813
Safrican Insurance 12 43 092 913 766 598 085 1 554 942
SAHL 12 228 405 0 0 228 405
Sanlam Customised 12 0000
Sanlam Developing Markets 12 2 658 101 3 140 466 509 533 6 308 100
Sanlam Life Insurance Limited 12 12 068 243 13 872 725 12 694 879 38 635 847
SIS Life Company Limited 12 01 015 390 1 902 963 2 918 353
Smart Life 64 358 06 626 10 984
Stangen 93 752 055 012 916 3 764 971
Stanlib 12 0000
Superex 3 0 70 866 259 778 330 644
Sygnia Life 9 0 33 945 5 235 395 5 269 340
Ten-50-Six 60000
Union Life 12 227 294 1 113 35 409 263 816
Viva Life Insurance 12 0000
Vodacom Life 12 0000
Workers Life 2108 189 0 0 108 189
Zurich Life SA Limited 12 73 0113 186
Total 95 843 828 88 196 384 189 647 316 373 687 528
Reinsurers
Gen Re 12 1 356 704 0599 806 1 956 510
Hannover Life Re 12 1 504 739 102 157 250 1 662 091
Munich Re 12 997 482 189.37 848 882 1 846 553
RGA 12 399 165 019 319 418 484
SaXum Re 12 10 502 0 0 10 502
SCOR Africa 12 78 218 1 443 5 418 85 079
Swiss Re 12 902 968 0484 231 1 387 199
Total 5 249 777 1 734 2 114 905 7 366 417
GRAND TOTAL 101 093 606 88 198 118 191 762 221 381 053 945
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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)
Short name
In RSA Total in
and
outside
RSA
R’000
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
Total
in RSA
R’000
Primary
1Life Limited 22 355 15 361 07 482 262 196 0307 393 307 393
Absa Life 225 969 5 855 580 372 33 281 3 504 879 1 253 354 5 603 709 5 603 709
African Unity 187 529 67 0205 185 21 419 0414 200 414 200
AIG Life 000668 772 0 0 668 772 668 772
Alex Forbes Life 7 678 35 370 0 0 75 711 0118 759 118 759
Allan Gray 0 0 8 417 712 03 889 459 409 196 12 716 367 12 716 367
Assupol Life 764 142 0 0 0 1 003 734 01 767 876 1 767 876
AVBOB 90 607 0 0 0 1 611 826 01 702 433 1 702 433
Bidvest Life 687 0 0 0 40 016 040 703 40 703
Cadiz Life 0 0 1 534 886 0228 604 32 479 1 795 969 1 795 969
Centriq Life 24 072 5 740 0 0 101 590 0131 402 131 402
Channel Life Limited 1 468 03 991 01 055 295 626 324 1 687 078 1 687 078
Citadel Life 0 0 34 390 0474 299 43 339 552 028 552 028
Clientele Life 277 016 0 0 312 186 397 728 107 904 1 094 834 1 094 834
Community Life 0 0 0 0 194 0194 194
Constantia Life and Health 14 441 0 0 1 702 0 0 16 143 16 143
Constantia Life Limited 5 374 000005 374 5 374
Coronation Life 0 0 14 042 680 0240 876 1 842 749 16 126 305 16 126 305
Covision Life 12 875 0 0 0 5 559 018 434 18 434
Discovery Life 15 780 1 578 450 1 527 105 925 407 6 505 297 162 859 10 714 898 10 714 898
Fedgroup Life 2 105 259 113 173 51 733 0116 322 116 322
Frank Life 08 511 01 472 21 073 031 057 31 057
Goodall & Co 00000000
Guardrisk Life 153 314 58 039 0351 155 1 313 334 01 875 842 1 875 842
Hollard Life 1 235 635 59 696 691 322 167 246 3 608 490 3 143 5 765 532 5 765 532
Investec Assurance Limited 0 0 39 669 337 02 973 626 898 167 43 541 131 43 636 939
IEB 0 0 0 0 14 941 157 786 172 727 172 727
Investment Solutions 0 0 25 956 076 02 151 013 028 107 089 28 107 089
JDG Micro Life 13 669 399 323 0 0 535 994 0948 986 950 958
KGA Life 200 175 00000200 175 200 175
Land Bank Life 00000000
Liberty 1 062 786 1 167 579 6 400 908 1 092 858 31 720 493 041 444 624 41 449 137
Lion Life 80 087 1 310 17 747 220 15 558 0114 922 114 922
Lombard Life 2 184 65 563 0132 15 372 083 250 83 250
Metropolitan Life International 0 0 0 0 26 736 026 736 26 736
Metropolitan Odyssey 00000000
MMI Group 322 021 1 323 123 26 727 977 12 613 25 298 195 2 052 53 685 980 53 689 142
Momentum Ability 012 997 0 0 1 663 670 01 676 667 1 676 667
MS Life 13 879 12 792 018 861 18 356 130 166 194 054 194 054
Nedgroup Life Assurance 0 0 0 0 2 800 550 02 800 550 2 800 550
Nedgroup Structured Life 0 0 3 896 627 0588 626 04 485 253 4 485 253
Nestlife Assurance 168 971 27 130 0 0 113 425 0309 526 309 526
Netcare Life 00000000
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
Short name
In RSA Total in
and
outside
RSA
R’000
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
Total
in RSA
R’000
New Era 00000000
Oasis Crescent 000092 084 092 084 92 084
Old Mutual Alternative Risk 0145 967 0 0 431 983 0577 950 577 950
Old Mutual Life 951 743 405 26 059 841 115 289 31 697 252 2 131 169 60 747 906 60 750 039
Outsurance Life Insurance Limited 010 844 010 410 126 451 0147 705 147 705
PPS 0 0 0 181 316 2 280 253 02 461 569 2 461 569
Prescient Life 0 0 2 772 204 086 222 13 517 2 871 942 2 871 942
Prudential Portfolio 0 0 1 270 565 053 366 01 323 931 1 323 931
PSG Asset Management 0 0 385 606 02 146 963 335 539 2 868 108 2 868 108
Real People 75 235 45 947 01 777 252 425 30 000 405 384 405 384
Regent Life 16 552 067 423 0525 075 0609 051 609 051
Relyant 16 162 000661 450 0677 612 677 612
RMA Life 0 0 0 0 331 814 0331 814 331 814
RMB 0 0 0 0 1 596 6 217 7 813 7 813
Safrican Insurance 613 166 0 0 0 940 577 01 553 742 1 554 942
SAHL 023 868 0 0 204 537 0228 405 228 405
Sanlam Customised 00000000
Sanlam Developing Markets 3 558 0 0 121 421 6 143 703 39 418 6 308 100 6 308 100
Sanlam Life Insurance Limited 0708 806 10 281 380 86 053 27 399 132 123 063 38 598 434 38 635 847
SIS Life Company Limited 0 0 1 902 963 0868 944 131 502 2 903 409 2 918 353
Smart Life 4 920 1 344 0 0 4 720 010 984 10 984
Stangen 12 916 0 0 0 3 752 055 03 764 971 3 764 971
Stanlib 00000000
Superex 0 0 259 778 070 866 0330 644 330 644
Sygnia Life 0 0 5 235 395 0 0 33 945 5 269 340 5 269 340
Ten-50-Six 00000000
Union Life 261 229 0002 587 0263 816 263 816
Viva Life Insurance 00000000
Vodacom Life 00000000
Workers Life 108 189 00000108 189 108 189
Zurich Life SA Limited 0 0 0 0 186 0186 186
Total 6 017 696 6 457 344 177 849 458 4 314 889 170 373 109 8 513 887 373 526 383 373 687 528
1.61 1.73 47.59 1.15 45.59 2.28
Reinsurers
Gen Re 0549 782 2 551 204 057 1 108 125 01 864 515 1 956 510
Hannover Life Re 2 321 234 444 0241 347 984 533 01 462 646 1 662 091
Munich Re 21 906 263 291 241 764 1 053 1 256 941 01 784 956 1 846 553
RGA Re 13 995 39 364 23 605 29 292 308 121 0414 377 418 484
Saxum Re 01 008 0 0 8 908 09 916 10 502
SCOR Africa 02 170 053 199 27 782 083 152 85 079
Swiss Re Life 0341 639 081 688 776 467 01 199 794 1 387 199
Total 38 222 1 431 698 267 920 610 637 4 470 878 06 819 356 7 366 417
GRAND TOTAL 6 055 918 7 889 043 178 117 378 4 925 526 174 843 987 8 513 887 380 345 739 381 053 945
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
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
Short name
In RSA Total in
and
outside RSA
R’000
Investment
business
R’000
Risk
business
R’000
Annuities
R’000
Universal
Life
R’000
Total
in RSA
R’000
Primary
1Life Limited 0307 393 0 0 307 393 307 393
Absa Life 1 820 971 2 192 299 1 244 931 345 509 5 603 709 5 603 709
African Unity 0414 200 0 0 414 200 414 200
AIG Life 0668 772 0 0 668 772 668 772
Alex Forbes Life 0118 759 0 0 118 759 118 759
Allan Gray 8 826 908 03 889 459 012 716 367 12 716 367
Assupol Life 01 406 926 0360 950 1 767 876 1 767 876
AVBOB 69 326 1 633 107 0 0 1 702 433 1 702 433
Bidvest Life 040 703 0 0 40 703 40 703
Cadiz Life 1 795 969 0 0 0 1 795 969 1 795 969
Centriq Life 0131 402 0 0 131 402 131 402
Channel Life Limited 666 273 1 013 060 07 745 1 687 078 1 687 078
Citadel Life 77 729 0474 299 0552 028 552 028
Clientele Life 107 904 674 796 0312 135 1 094 834 1 094 834
Community Life 0194 0 0 194 194
Constantia Life and Health 016 143 0 0 16 143 16 143
Constantia Life Limited 05 374 0 0 5 374 5 374
Coronation Life 15 885 429 0240 876 016 126 305 16 126 305
Covision Life 018 434 0 0 18 434 18 434
Discovery Life 3 621 072 5 889 526 1 204 300 010 714 898 10 714 898
Fedgroup Life 113 173 3 148 0 0 116 322 116 322
Frank Life 031 057 0 0 31 057 31 057
Goodall & Co 0 0 0 0 0 0
Guardrisk Life 663 728 1 108 023 104 091 01 875 842 1 875 842
Hollard Life 1 722 977 3 957 821 82 765 1 969 5 765 532 5 765 532
Investec Assurance Limited 43 541 131 00043 541 131 43 636 939
IEB 157 786 11 558 3 383 0172 727 172 727
Investment Solutions 26 142 768 01 964 321 028 107 089 28 107 089
JDG Micro Life 0948 986 0 0 948 986 950 958
KGA Life 0200 175 0 0 200 175 200 175
Land Bank Life 000000
Liberty 22 485 600 9 327 817 6 777 787 2 853 419 41 444 623 41 449 138
Lion Life 17 747 97 176 0 0 114 922 114 922
Lombard Life 083 250 0 0 83 250 83 250
Metropolitan Life International 26 736 0 0 0 26 736 26 736
Metropolitan Odyssey 0 0 0 0 0 0
MMI Group 34 977 515 8 126 729 8 256 726 2 325 010 53 685 980 53 689 142
Momentum Ability 691 1 654 577 21 399 01 676 667 1 676 667
MS Life 131 260 62 794 0 0 194 054 194 054
Nedgroup Life Assurance 746 479 2 004 713 049 358 2 800 550 2 800 550
Nedgroup Structured Life 4 485 253 0004 485 253 4 485 253
Nestlife Assurance 0282 396 27 130 0309 526 309 526
Netcare Life 000000
New Era 000000
Oasis Crescent 1 135 090 949 092 084 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
Short name
In RSA Total in
and
outside RSA
R’000
Investment
business
R’000
Risk
business
R’000
Annuities
R’000
Universal
Life
R’000
Total
in RSA
R’000
Old Mutual Alternative Risk 0577 950 0 0 577 950 577 950
Old Mutual Life 33 776 262 11 307 866 12 577 419 3 086 359 60 747 906 60 750 039
Outsurance Life Insurance Limited 0147 705 0 0 147 705 147 705
PPS 40 587 2 278 599 142 383 02 461 569 2 461 569
Prescient Life 2 785 721 086 222 02 871 942 2 871 942
Prudential Portfolio 1 270 565 053 366 01 323 931 1 323 931
PSG Asset Management 2 339 210 0528 898 02 868 108 2 868 108
Real People 30 000 375 384 0 0 405 384 405 384
Regent Life 92 025 517 026 0 0 609 051 609 051
Relyant 0677 612 0 0 677 612 677 612
RMA Life 0 0 331 814 0331 814 331 814
RMB 6 217 1 596 0 0 7 813 7 813
Safrican Insurance 913 766 639 977 0 0 1 553 742 1 554 942
SAHL 0228 405 0 0 228 405 228 405
Sanlam Customised 000000
Sanlam Developing Markets 3 485 107 2 566 901 0256 093 6 308 100 6 308 100
Sanlam Life Insurance Limited 18 010 926 4 847 503 11 704 980 4 035 025 38 598 434 38 635 847
SIS Life Company Limited 2 034 465 0868 944 02 903 409 2 918 353
Smart Life 010 984 0 0 10 984 10 984
Stangen 03 764 971 0 0 3 764 971 3 764 971
Stanlib 000000
Superex 271 656 058 988 0330 644 330 644
Sygnia Life 5 269 340 0005 269 340 5 269 340
Ten-50-Six 000000
Union Life 0263 816 0 0 263 816 263 816
Viva Life Insurance 000000
Vodacom Life 000000
Workers Life 0108 189 0 0 108 189 108 189
Zurich Life SA Limited 0186 0 0 186 186
Total 238 411 405 70 745 974 50 735 430 13 633 572 373 526 381 373 687 528
63.8 18.9 13.6 3.6 100.0
Reinsurers
Gen Re 01 864 515 0 0 1 864 515 1 956 510
Hannover Life Re 01 444 821 17 824 01 462 646 1 662 091
Munich Re 01 759 923 25 033 01 784 956 1 846 553
RGA Re 0414 377 0 0 414 377 418 484
Saxum Re 09 916 0 0 9 916 10 502
SCOR Africa 083 152 0 0 83 152 85 079
Swiss Re Life 01 199 795 0 0 1 199 795 1 387 199
Total 06 776 499 42 858 06 819 357 7 366 417
GRAND TOTAL 238 411 405 77 522 473 50 778 288 13 633 572 380 345 738 381 053 945
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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)
Short name
In RSA Total in
and
outside
RSA
R’000
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
Total
in RSA
R’000
Primary
1Life Limited 11 542 2 580 01 351 36 118 051 591
51 591
Absa Life 68 722 69 265 772 716 11 779 1 477 117 2 589 781 4 989 381
4 992 811
African Unity 34 661 0 0 48 957 4 043 087 661
87 661
AIG Life 000166 324 2 962 0169 286
169 286
Alex Forbes Life 2 839 5 622 0 0 32 762 041 223
41 223
Allan Gray 0 0 9 878 283 01 382 071 97 616 11 357 970
11 357 970
Assupol Life 507 106 0 0 0 477 069 0984 175
984 175
AVBOB 105 613 0 0 0 425 087 0530 700
530 700
Bidvest Life (357) 2 103 0 0 5 553 07 299
7 299
Cadiz Life 0 0 660 197 0115 905 10 708 786 810
786 810
Centriq Life 15 210 2 827 2 973 037 847 058 857
58 857
Channel Life Limited 253 01 656 0904 731 10 198 916 839
916 839
Citadel Life 0 0 13 953 0197 623 343 771 555 347
555 347
Clientele Life 8 643 3 569 012 219 249 697 208 726 482 854
482 854
Community Life 00033 143 0176
176
Constantia Life and Health 6 395 0 0 1 139 0 0 7 534
7 534
Constantia Life Limited 1 434 000001 434
1 434
Coronation Life 0 0 9 577 981 047 940 4 598 310 14 224 231
14 224 231
Covision Life 0000000
0
Discovery Life 13 535 813 668 400 566 338 976 2 704 895 83 654 4 355 294
4 355 294
Fedgroup Life 611 18 100 290 0278 0101 196
101 196
Frank Life 02 987 0124 2 844 05 955
5 955
Goodall & Co 0000000
0
Guardrisk Life 46 658 48 785 08 137 271 307 0374 887
374 887
Hollard Life 343 275 115 345 712 980 4 382 2 183 805 906 3 360 693
3 360 693
Investec Assurance Limited 0 0 33 806 293 02 081 001 592 954 36 480 248
36 569 837
IEB 0 0 0 0 143 014 22 578 165 592
165 592
Investment Solutions 0 0 26 885 804 01 205 368 028 091 172
28 091 172
JDG Micro Life 655 54 046 0 0 74 475 0129 175
129 440
KGA Life 85 806 0000085 806
85 806
Land Bank Life 0000000
0
Liberty 331 134 755 123 6 962 076 913 009 28 362 201 369 845 37 693 388
37 713 184
Lion Life 35 557 105 21 126 03 222 060 010
60 010
Lombard Life 555 16 260 0146 4 121 021 082
21 082
Metropolitan Life International 0 0 0 0 1 100 7 192 8 292
12 845
Metropolitan Odyssey 0 0 0 0 6 595 06 595
6 595
MMI Group 267 607 1 207 238 22 880 730 8 253 23 098 777 64 868 47 527 473
47 529 733
Momentum Ability 09 433 0 0 490 488 0499 920
501 401
MS Life 10 815 1 856 01 465 6 948 53 105 74 189
74 189
Nedgroup Life Assurance 048 144 0 0 747 525 0795 669
795 669
Nedgroup Structured Life 0 0 3 204 622 0651 415 2 472 3 858 509
3 858 509
Nestlife Assurance 63 079 5 166 0 0 56 734 0124 979
124 979
Netcare Life 0000000
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
Short name
In RSA Total in
and
outside
RSA
R’000
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
Total
in RSA
R’000
New Era 0000000
0
Oasis Crescent 0 0 0 0 16 605 016 605
16 605
Old Mutual Alternative Risk 021 983 0 0 43 749 065 732
65 732
Old Mutual Life 842 605 433 29 447 764 32 870 29 540 034 2 479 174 62 106 118
62 128 802
Outsurance Life Insurance Limited 02 908 0706 17 071 020 685
20 685
PPS 0219 136 027 024 1 186 974 01 433 134
1 433 134
Prescient Life 0 0 2 479 997 013 202 1 302 2 494 501
2 494 501
Prudential Portfolio 0 0 982 532 07 896 0990 428
990 428
PSG Asset Management 0 0 1 625 269 0917 708 345 085 2 888 062
2 888 062
Real People 30 064 305 0 0 27 204 057 573
57 573
Regent Life 9 110 7 659 36 430 0143 272 0196 471
201 323
Relyant 3 655 000212 215 0215 869
215 869
RMA Life 0 0 0 0 583 209 0583 209
583 209
RMB 0 0 0 0 379 28 777 29 156
29 156
Safrican Insurance 307 144 000124 118 0431 262
432 078
SAHL 05 750 0 0 82 596 088 346
88 346
Sanlam Customised 0000000
0
Sanlam Developing Markets 683 2 209 29 605 62 203 3 333 238 171 736 3 599 676
3 604 655
Sanlam Life Insurance Limited 0507 551 10 762 910 31 000 26 102 751 193 237 37 597 449
37 671 404
SIS Life Company Limited 0 0 2 200 235 0224 505 20 787 2 445 527
2 474 745
Smart Life 360 0 0 77 1 162 01 598
1 598
Stangen 4 589 0 0 0 1 368 951 01 373 540
1 373 540
Stanlib 0000000
0
Superex 0 0 558 916 0525 540 01 084 456
1 084 456
Sygnia Life 0 0 7 177 902 041 134 17 445 7 236 481
7 236 481
Ten-50-Six 0000000
0
Union Life 124 467 000540 0125 007
125 007
Viva Life Insurance 0000000
0
Vodacom Life 0000000
0
Workers Life 72 195 000230 072 425
72 425
Zurich Life SA Limited 0000170 0170
170
Total 2 514 455 4 537 074 171 183 807 1 670 174 132 007 233 12 314 229 324 226 971
324 484 850
Reinsurers
Gen Re 0337 222 (475) 201 765 832 923 01 371 435
1 415 589
Hannover Life Re 483 124 731 0184 334 620 187 328 401 1 258 135
1 340 701
Munich Re 13 398 134 409 269 381 463 975 276 01 392 926
1 420 634
RGA Re 6 052 25 901 2 338 24 312 261 947 0320 550
321 664
Saxum Re 0495 0 0 7 336 07 831
8 245
SCOR Africa 0242 050 888 16 820 067 949
68 887
Swiss Re Life 0445 442 033 037 391 530 0870 008
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 2 164 973 135 113 252 12 642 629 329 515 806
330 054 028
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
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)
Short name
In RSA Total in
and outside
RSA
R’000
Investment
business
R’000
Risk
business
R’000
Annuities
R’000
Universal Life
R’000
Total
in RSA
R’000
Primary
1Life Limited 051 591 0 0 51 591 51 591
Absa Life 3 353 967 745 848 685 910 203 656 4 989 381 4 992 811
African Unity 087 661 0 0 87 661 87 661
AIG Life 0166 324 2 962 0169 286 169 286
Alex Forbes Life 035 720 5 504 041 223 41 223
Allan Gray 9 975 899 01 382 071 011 357 970 11 357 970
Assupol Life 0602 644 0381 530 984 175 984 175
AVBOB 55 469 475 231 0 0 530 700 530 700
Bidvest Life 05 072 2 227 07 299 7 299
Cadiz Life 693 743 093 067 0786 810 786 810
Centriq Life 2 973 55 883 0 0 58 857 58 857
Channel Life Limited 302 761 600 906 835 12 337 916 839 916 839
Citadel Life 357 724 0197 623 0555 347 555 347
Clientele Life 208 726 44 480 0229 648 482 854 482 854
Community Life 0176 0 0 176 176
Constantia Life and Health 07 534 0 0 7 534 7 534
Constantia Life Limited 01 434 0 0 1 434 1 434
Coronation Life 14 176 291 047 940 014 224 231 14 224 231
Covision Life 000000
Discovery Life 1 298 053 2 562 932 494 309 04 355 294 4 355 294
Fedgroup Life 100 290 906 0 0 101 196 101 196
Frank Life 05 955 0 0 5 955 5 955
Goodall & Co 000000
Guardrisk Life 4 320 198 406 172 161 0374 887 374 887
Hollard Life 2 313 083 863 746 182 051 1 813 3 360 693 3 360 693
Investec Assurance Limited 36 480 248 00036 480 248 36 569 837
IEB 22 578 1 458 141 556 0165 592 165 592
Investment Solutions 27 337 064 0754 108 028 091 172 28 091 172
JDG Micro Life 0129 175 0 0 129 175 129 440
KGA Life 085 806 0 0 85 806 85 806
Land Bank Life 000000
Liberty 22 595 786 4 636 794 5 671 618 4 789 190 37 693 388 37 713 184
Lion Life 21 126 38 884 0 0 60 010 60 010
Lombard Life 021 082 0 0 21 082 21 082
Metropolitan Life International 8 292 0008 292 12 845
Metropolitan Odyssey 6 595 0006 595 6 595
MMI Group 31 464 337 4 480 717 7 612 230 3 970 189 47 527 473 47 529 733
Momentum Ability 4 415 374 718 120 787 0499 920 501 401
MS Life 53 707 19 878 604 074 189 74 189
Nedgroup Life Assurance 499 429 255 093 041 147 795 669 795 669
Nedgroup Structured Life 3 858 509 0003 858 509 3 858 509
Nestlife Assurance 0119 813 5 166 0124 979 124 979
Netcare Life 000000
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
Short name
In RSA Total in
and outside
RSA
R’000
Investment
business
R’000
Risk
business
R’000
Annuities
R’000
Universal Life
R’000
Total
in RSA
R’000
New Era 000000
Oasis Crescent 434 016 171 016 605 16 605
Old Mutual Alternative Risk 065 732 0 0 65 732 65 732
Old Mutual Life 32 631 842 5 339 076 12 777 309 11 357 891 62 106 118 62 128 802
Outsurance Life Insurance Limited 020 685 0 0 20 685 20 685
PPS 1 933 1 406 824 24 377 01 433 134 1 433 134
Prescient Life 2 481 196 013 305 02 494 501 2 494 501
Prudential Portfolio 982 532 07 896 0990 428 990 428
PSG Asset Management 2 682 031 0206 031 02 888 062 2 888 062
Real People 057 573 0 0 57 573 57 573
Regent Life 92 087 86 331 18 052 0196 471 201 323
Relyant 0215 869 0 0 215 869 215 869
RMA Life 0 0 583 209 0583 209 583 209
RMB 28 777 379 0 0 29 156 29 156
Safrican Insurance 112 499 318 763 0 0 431 262 432 078
SAHL 088 346 0 0 88 346 88 346
Sanlam Customised 000000
Sanlam Developing Markets 2 479 872 949 097 6 042 164 664 3 599 676 3 604 655
Sanlam Life Insurance Limited 16 214 719 3 942 023 7 025 913 10 414 794 37 597 449 37 671 404
SIS Life Company Limited 2 221 023 0224 505 02 445 527 2 474 745
Smart Life 01 598 0 0 1 598 1 598
Stangen 01 373 540 0 0 1 373 540 1 373 540
Stanlib 000000
Superex 559 993 0524 463 01 084 456 1 084 456
Sygnia Life 7 236 481 0007 236 481 7 236 481
Ten-50-Six 000000
Union Life 0125 007 0 0 125 007 125 007
Viva Life Insurance 000000
Vodacom Life 000000
Workers Life 147 72 278 0 0 72 425 72 425
Zurich Life SA Limited 0170 0 0 170 170
Total 222 920 951 30 739 161 39 000 002 31 566 858 324 226 972 324 484 850
Reinsurers
Gen Re 01 371 435 0 0 1 371 435 1 415 589
Hannover Life Re 328 401 911 671 18 063 01 258 135 1 340 701
Munich Re 01 270 100 122 827 01 392 926 1 420 634
RGA Re 0320 550 0 0 320 550 321 664
Saxum Re 07 764 67 07 831 8 245
SCOR Africa 067 950 0 0 67 950 68 887
Swiss Re Life 0870 008 0 0 870 008 993 459
Total 328 401 4 819 478 140 957 05 288 836 5 569 179
GRAND TOTAL 223 249 352 35 558 639 39 140 958 31 566 858 329 515 808 330 054 029
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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
benets
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 415 789 307 393 51 591 0290 931 8 653 190 681 0 0
Absa Life 5 803 719 5 603 709 4 992 811 437 916 324 885 2 668 720 41 322 130 762 798 000
African Unity 487 530 414 200 87 661 034 623 8 524 96 232 473 34 883
AIG Life 694 146 668 772 169 286 310 716 83 819 26 327 0 0 160 500
Alex Forbes Life 9 043 047 118 759 41 223 10 080 506 399 7 023 296 557 552 031 570
Allan Gray 12 716 367 12 716 367 11 357 970 0 0 11 667 447 325 101 781 516 249 500
Assupol Life 1 896 443 1 767 876 984 175 310 086 420 203 388 166 69 177 16 608 293 225
AVBOB 1 704 457 1 702 433 530 700 0730 921 1 248 023 024 280 0
Bidvest Life 48 083 40 703 7 299 10 716 17 422 45 079 5 743 013 944
Cadiz Life 1 795 969 1 795 969 786 810 02 669 9 409 507 589 506 234 12 000
Centriq Life 149 248 131 402 58 857 31 182 3 385 9 526 34 244 4 565 0
Channel Life Limited 1 992 568 1 687 078 916 839 70 609 97 733 89 913 21 454 0304 000
Citadel Life 552 028 552 028 555 347 044 446 481 670 3 101 0 0
Clientele Life 1 173 068 1 094 834 482 854 517 010 177 691 276 024 137 255 4 704 219 060
Community Life 194 194 176 0567 1 724 0 0 0
Constantia Life and Health 16 647 16 143 7 534 7 292 658 2 621 0 0 0
Constantia Life Limited 5 374 5 374 1 434 372 2 752 5 637 171 0 0
Coronation Life 16 126 305 16 126 305 14 224 231 0 0 10 799 719 408 568 449 5 000
Covision Life 37 487 18 434 0 0 13 996 424 1 224 342 0
Discovery Life 12 015 824 10 714 898 4 355 294 1 833 908 1 506 447 1 654 930 628 135 (3 757) 0
Fedgroup Life 125 605 116 322 101 196 1 411 306 58 418 2 792 4 729 0
Frank Life 38 171 31 057 5 955 26 500 9 491 1 585 0 0 0
Goodall & Co 0 0 0 0 0 6 0 6 0
Guardrisk Life 2 203 289 1 875 842 374 887 064 451 298 173 68 239 277 116 10 000
Hollard Life 6 362 686 5 765 532 3 360 693 01 490 638 573 761 12 012 484 780 776 820
Investec Assurance Limited 43 636 939 43 636 939 36 569 837 0258 145 10 630 958 4 428 0180 000
IEB 172 727 172 727 165 592 3 354 19 703 501 281 0(16 411) 0
Investment Solutions 28 107 089 28 107 089 28 091 172 0794 427 31 435 739 1 202 734 0 0
JDG Micro Life 950 958 950 958 129 440 35 293 181 568 14 554 0 0 270 000
KGA Life 200 175 200 175 85 806 73 165 39 717 3 873 645 0 0
Land Bank Life 0 0 0 0 0 0 0 0 0
Liberty 46 873 931 41 449 137 37 713 184 3 659 625 5 812 309 36 707 449 1 510 562 1 211 861 1 652 818
Lion Life 131 894 114 922 60 010 33 065 32 149 31 869 126 17 312 17 500
Lombard Life 136 725 83 250 21 082 133 867 34 766 3 095 79 364 10 087 0
Metropolitan Life International 26 736 26 736 12 845 01 320 30 830 1 205 0 0
Metropolitan Odyssey 0 0 6 595 0932 20 259 0 0 0
MMI Group 56 686 260 53 689 142 47 529 733 2 630 162 4 669 047 40 484 541 2 831 716 1 610 941 2 036 471
Momentum Ability 1 745 994 1 676 667 501 401 014 027 11 876 17 113 11 137 672
MS Life 205 600 194 054 74 189 10 683 45 321 5 256 2 757 0 0
Nedgroup Life Assurance 3 007 041 2 800 550 795 669 478 723 274 510 196 328 7 400 0576 000
Nedgroup Structured Life 4 485 253 4 485 253 3 858 509 45 150 8 921 1 356 887 11 385 32 276 0
Nestlife Assurance 321 629 309 526 124 979 103 243 49 995 1 503 424 0
Netcare Life 0 0 0 0 0 831 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
benets
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 000000000
Oasis Crescent 92 084 92 084 16 605 01 776 2 441 32 750 391 1 500
Old Mutual Alternative Risk 683 244 577 950 65 732 26 047 33 329 59 957 14 571 332 430 0
Old Mutual Life 64 772 867 60 750 039 62 128 802 3 171 202 9 259 728 71 009 837 4 229 861 974 333 27 150 754
Outsurance Life Insurance Limited 162 607 147 705 20 685 0114 907 6 695 0 0 0
PPS 2 597 539 2 461 569 1 433 134 149 594 607 732 3 714 775 41 893 0 0
Prescient Life 2 871 942 2 871 942 2 494 501 09 366 835 489 15 547 0 0
Prudential Portfolio 1 323 931 1 323 931 990 428 155 25 113 1 123 534 34 388 16 442 0
PSG Asset Management 2 868 108 2 868 108 2 888 062 24 105 80 129 1 217 003 120 205 158 528 13 000
Real People 407 263 405 384 57 573 90 664 21 740 8 154 324 0165 000
Regent Life 686 453 609 051 201 323 180 471 161 119 153 372 33 589 144 128 792
Relyant 677 612 677 612 215 869 107 12 756 11 777 0 0 250 000
RMA Life 331 814 331 814 583 209 0 0 970 273 049 930 0
RMB 15 192 7 813 29 156 52 7 079 242 418 1 354 0 0
Safrican Insurance 1 555 278 1 554 942 432 078 101 456 137 124 159 287 11 699 0 0
SAHL 251 177 228 405 88 346 077 065 5 030 0 0 39 500
Sanlam Customised 0 0 0 0 0 0 0 0 0
Sanlam Developing Markets 6 321 401 6 308 100 3 604 655 1 010 270 414 679 2 790 357 47 742 17 180 137 613
Sanlam Life Insurance Limited 39 541 425 38 635 847 37 671 404 2 366 272 2 928 728 52 740 000 4 660 000 04 500 000
SIS Life Company Limited 2 918 353 2 918 353 2 474 745 0 0 0 3 003 353 2 974 932 0
Smart Life 34 103 10 984 1 598 016 652 926 268 2 0
Stangen 4 426 421 3 764 971 1 373 540 589 116 78 234 49 633 0 0 1 210 000
Stanlib 2 685 326 0 0 0 0 3 041 217 364 848 215 633 74 000
Superex 330 644 330 644 1 084 456 017 141 1 049 131 53 405 0 0
Sygnia Life 5 269 340 5 269 340 7 236 481 3 930 03 676 939 22 813 253 508 0
Ten-50-Six 000000000
Union Life 263 816 263 816 125 007 0126 686 56 672 436 1 586 17 500
Viva Life Insurance 0 0 0 0 0 0 0 0 0
Vodacom Life 20 124 0 0 0 9 110 2 143 4 125 1 313 0
Workers Life 108 271 108 189 72 425 020 810 3 587 2 349 021 000
Zurich Life SA Limited 186 186 170 1 349 0461 2 0 4 000
Total 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
Reinsurers
Gen Re 1 968 275 1 956 510 1 415 589 59 872 58 113 206 880 0 0 0
Hannover Life Re 2 115 494 1 662 091 1 340 701 90 195 86 511 140 990 4 383 200 231 50 000
Munich Re 1 870 941 1 846 553 1 420 634 111 928 97 994 177 341 044 420 44 051
RGA Re 1 241 445 418 484 321 664 16 907 89 761 92 642 61 412 23 680 0
Saxum Re 16 282 10 502 8 245 229 5 385 2 212 578 522 0
SCOR Africa 100 364 85 079 68 887 8 631 13 539 1 645 0468 0
Swiss Re Life 1 441 189 1 387 199 993 459 194 288 151 726 123 228 189 2 613 240 000
Total 8 753 990 7 366 417 5 569 179 482 051 503 029 744 938 66 562 271 934 334 051
GRAND TOTAL 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
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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)
Short name
Policies in force
at start of
nancial period
INDIVIDUAL GROUP
New
policies
LESS Policies in force
at end of
nancial period
Schemes in force
at start of
nancial period
New
schemes
LESS Schemes in force
at end of
nancial period
Contractual
terminations Surrenders Lapses Expired Other
Group
terminations Other
Primary
1Life Limited 163 367 90 297 652 0 40 508 0 0 212 504 0 53 10 0 43
Absa Life 2 689 095 924 451 15 859 10 723 691 923 29 562 9 068 2 856 412 18 0 0 0 18
African Unity 1 848 24 663 0 0 0 25 873 95 543 214 12 2 0 224
AIG Life 882 747 144 675 4 204 44 642 156 913 0 0 821 663 3 0 0 0 3
Alex Forbes Life 1 170 181 7 0 109 0 0 1 235 659 121 152 0 628
Allan Gray 22 437 4 538 297 177 0 0 2 046 24 455 306 18 23 0 301
Assupol Life 691 086 137 459 19 640 13 050 58 386 0 (969) 738 438 417 78 25 (84) 554
AVBOB 1 261 118 271 147 18 284 29 629 141 699 1 096 7 846 1 333 711 228 11 13 0 226
Bidvest Life 20 564 15 877 30 0 9 978 2 245 0 24 188 12 0 11 0 1
Cadiz Life 2 526 458 0 71 0 0 0 2 913 129 105 30 0 204
Centriq Life 18 441 22 564 56 0 5 760 0 5 458 29 731 7 1 1 0 7
Channel Life Limited 164 200 686 3 416 6 253 12 145 0 (6 871) 149 943 36 3 3 0 36
Citadel Life 6 647 279 172 1 684 0 0 0 5 070 0 0 0 0 0
Clientele Life 706 462 269 858 6 358 20 396 218 779 47 311 1 229 682 247 0 0 0 0 0
Community Life 1 788 0 0 24 129 0 0 1 612 0 0 0 0 0
Constantia Life and Health 7 187 0 371 0 17 0 (513) 7 312 20 0 0 0 20
Constantia Life Limited 30 546 420 1 322 0 1 575 0 (2 018) 30 087 3 0 1 0 2
Coronation Life 1 062 427 5 27 0 0 45 1 412 662 57 135 0 584
Covision Life 33 432 0 0 0 5 944 0 (568) 28 056 0 0 0 0 0
Discovery Life 400 549 71 036 906 5 898 34 916 634 (264) 429 495 1 710 334 151 0 1 893
Fedgroup Life 0 0 0 0 0 0 0 0 154 71 16 0 209
Frank Life 12 947 9 670 3 0 8 620 0 (3) 13 997 1 0 0 0 1
Goodall & Co 0 0 0 0 0 0 0 0 0 0 0 0 0
Guardrisk Life 1 007 960 432 871 9 503 59 118 206 46 929 19 221 1 246 913 60 48 9 0 99
Hollard Life 6 357 161 2 917 685 41 151 17 048 2 617 900 44 276 0 6 554 471 1 331 443 280 0 1 494
Investec Assurance Limited 44 230 5 366 0 3 322 0 0 0 46 274 444 57 21 0 480
IEB 211 8 377 4 15 0 0 30 8 539 3 0 0 0 3
Investment Solutions 6 435 734 110 235 0 18 73 6 733 1 980 174 276 0 1 878
JDG Micro Life 1 034 634 616 584 12 966 0 42 647 176 381 283 065 1 136 159 1 0 0 0 1
KGA Life 384 286 289 751 5 682 0 224 601 0 0 443 754 0 0 0 0 0
Land Bank Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Liberty 2 621 871 300 217 62 505 78 330 147 260 869 8 098 2 625 026 12 727 1 022 1 106 1 012 11 631
Lion Life 6 539 20 741 112 0 591 26 0 26 551 92 121 111 0 102
Lombard Life 15 148 9 061 46 0 3 670 623 466 19 404 1 096 124 113 0 1 107
Metropolitan Life International 102 107 1 16 0 0 0 192 0 0 0 0 0
Metropolitan Odyssey 534 0 9 0 0 0 0 525 0 0 0 0 0
MMI Group 7 330 885 1 362 124 139 329 98 719 1 032 895 316 (71 200) 7 492 950 6 697 1 083 874 (32) 6 938
Momentum Ability 50 963 28 360 1 764 0 17 892 0 0 59 667 13 0 0 0 13
MS Life 53 195 19 630 201 0 16 739 0 (4 843) 60 728 155 13 70 0 98
Nedgroup Life Assurance 2 123 784 1 226 738 44 190 36 035 640 540 0 10 235 2 619 522 0 0 0 0 0
Nedgroup Structured Life 8 402 599 154 330 0 0 0 8 517 82 21 22 0 81
Nestlife Assurance 127 635 69 591 1 268 0 20 419 242 13 195 162 102 71 10 23 0 58
Netcare Life 75 0 0 0 0 0 0 75 0 0 0 0 0
New Era 0 0 0 0 0 0 0 0 0 0 0 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
Short name
Policies in force
at start of
nancial period
INDIVIDUAL GROUP
New
policies
LESS Policies in force
at end of
nancial period
Schemes in force
at start of
nancial period
New
schemes
LESS Schemes in force
at end of
nancial period
Contractual
terminations Surrenders Lapses Expired Other
Group
terminations Other
Primary
1Life Limited 163 367 90 297 652 0 40 508 0 0 212 504 0 53 10 0 43
Absa Life 2 689 095 924 451 15 859 10 723 691 923 29 562 9 068 2 856 412 18 0 0 0 18
African Unity 1 848 24 663 0 0 0 25 873 95 543 214 12 2 0 224
AIG Life 882 747 144 675 4 204 44 642 156 913 0 0 821 663 3 0 0 0 3
Alex Forbes Life 1 170 181 7 0 109 0 0 1 235 659 121 152 0 628
Allan Gray 22 437 4 538 297 177 0 0 2 046 24 455 306 18 23 0 301
Assupol Life 691 086 137 459 19 640 13 050 58 386 0 (969) 738 438 417 78 25 (84) 554
AVBOB 1 261 118 271 147 18 284 29 629 141 699 1 096 7 846 1 333 711 228 11 13 0 226
Bidvest Life 20 564 15 877 30 0 9 978 2 245 0 24 188 12 0 11 0 1
Cadiz Life 2 526 458 0 71 0 0 0 2 913 129 105 30 0 204
Centriq Life 18 441 22 564 56 0 5 760 0 5 458 29 731 7 1 1 0 7
Channel Life Limited 164 200 686 3 416 6 253 12 145 0 (6 871) 149 943 36 3 3 0 36
Citadel Life 6 647 279 172 1 684 0 0 0 5 070 0 0 0 0 0
Clientele Life 706 462 269 858 6 358 20 396 218 779 47 311 1 229 682 247 0 0 0 0 0
Community Life 1 788 0 0 24 129 0 0 1 612 0 0 0 0 0
Constantia Life and Health 7 187 0 371 0 17 0 (513) 7 312 20 0 0 0 20
Constantia Life Limited 30 546 420 1 322 0 1 575 0 (2 018) 30 087 3 0 1 0 2
Coronation Life 1 062 427 5 27 0 0 45 1 412 662 57 135 0 584
Covision Life 33 432 0 0 0 5 944 0 (568) 28 056 0 0 0 0 0
Discovery Life 400 549 71 036 906 5 898 34 916 634 (264) 429 495 1 710 334 151 0 1 893
Fedgroup Life 0 0 0 0 0 0 0 0 154 71 16 0 209
Frank Life 12 947 9 670 3 0 8 620 0 (3) 13 997 1 0 0 0 1
Goodall & Co 0 0 0 0 0 0 0 0 0 0 0 0 0
Guardrisk Life 1 007 960 432 871 9 503 59 118 206 46 929 19 221 1 246 913 60 48 9 0 99
Hollard Life 6 357 161 2 917 685 41 151 17 048 2 617 900 44 276 0 6 554 471 1 331 443 280 0 1 494
Investec Assurance Limited 44 230 5 366 0 3 322 0 0 0 46 274 444 57 21 0 480
IEB 211 8 377 4 15 0 0 30 8 539 3 0 0 0 3
Investment Solutions 6 435 734 110 235 0 18 73 6 733 1 980 174 276 0 1 878
JDG Micro Life 1 034 634 616 584 12 966 0 42 647 176 381 283 065 1 136 159 1 0 0 0 1
KGA Life 384 286 289 751 5 682 0 224 601 0 0 443 754 0 0 0 0 0
Land Bank Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Liberty 2 621 871 300 217 62 505 78 330 147 260 869 8 098 2 625 026 12 727 1 022 1 106 1 012 11 631
Lion Life 6 539 20 741 112 0 591 26 0 26 551 92 121 111 0 102
Lombard Life 15 148 9 061 46 0 3 670 623 466 19 404 1 096 124 113 0 1 107
Metropolitan Life International 102 107 1 16 0 0 0 192 0 0 0 0 0
Metropolitan Odyssey 534 0 9 0 0 0 0 525 0 0 0 0 0
MMI Group 7 330 885 1 362 124 139 329 98 719 1 032 895 316 (71 200) 7 492 950 6 697 1 083 874 (32) 6 938
Momentum Ability 50 963 28 360 1 764 0 17 892 0 0 59 667 13 0 0 0 13
MS Life 53 195 19 630 201 0 16 739 0 (4 843) 60 728 155 13 70 0 98
Nedgroup Life Assurance 2 123 784 1 226 738 44 190 36 035 640 540 0 10 235 2 619 522 0 0 0 0 0
Nedgroup Structured Life 8 402 599 154 330 0 0 0 8 517 82 21 22 0 81
Nestlife Assurance 127 635 69 591 1 268 0 20 419 242 13 195 162 102 71 10 23 0 58
Netcare Life 75 0 0 0 0 0 0 75 0 0 0 0 0
New Era 0 0 0 0 0 0 0 0 0 0 0 0 0
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
54
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
Policies in force
at start of
nancial period
INDIVIDUAL GROUP
New
policies
LESS Policies in force
at end of
nancial period
Schemes in force
at start of
nancial period
New
schemes
LESS Schemes in force
at end of
nancial period
Contractual
terminations Surrenders Lapses Expired Other
Group
terminations Other
Oasis Crescent 404 148 3 13 0 0 0 536 0 0 0 0 0
Old Mutual Alternative Risk 332 662 282 917 1 296 0 190 273 154 509 (185) 269 686 4 1 1 0 4
Old Mutual Life 8 217 713 1 596 118 195 824 388 420 549 028 3 993 835 8 675 732 18 174 711 359 0 18 526
Outsurance Life Insurance Limited 57 866 41 968 135 0 24 983 1 173 0 73 543 0 0 0 0 0
PPS 228 189 22 010 328 5 862 10 297 0 424 233 288 0 0 0 0 0
Prescient Life 158 142 0 15 0 0 0 285 80 22 11 0 91
Prudential Portfolio 174 24 0 0 0 0 0 198 31 13 9 0 35
PSG Asset Management 11 383 5 591 670 569 0 0 (1) 15 736 119 0 1 0 118
Real People 274 135 324 143 6 887 0 269 757 184 322 (74 830) 212 142 3 0 0 0 3
Regent Life 297 843 91 585 1 058 3 883 59 794 6 541 (95 531) 413 683 21 17 7 0 31
Relyant 762 783 370 596 198 087 0 76 799 0 7 150 851 344 1 0 0 0 1
RMA Life 20 403 1 742 391 0 0 0 1 834 19 920 0 0 0 0 0
RMB 1 053 4 334 2 0 996 0 1 017 3 372 1 0 0 0 1
Safrican Insurance 117 233 27 127 2 208 89 16 059 0 0 126 004 2 855 310 732 0 2 433
SAHL 49 027 5 382 322 0 4 123 0 0 49 964 0 0 0 0 0
Sanlam Customised 0 0 0 0 0 0 0 0 0 0 0 0 0
Sanlam Developing Markets 1 170 138 414 212 26 204 26 872 235 135 3 291 3 424 1 289 424 163 74 23 0 214
Sanlam Life Insurance Limited 2 614 725 166 100 122 773 43 429 52 304 4 223 10 379 2 547 717 5 874 446 237 2 655 3 428
SIS Life Company Limited 3 361 677 28 0 0 0 142 3 868 392 17 20 0 389
Smart Life 6 872 14 754 67 364 767 0 0 20 428 1 0 0 0 1
Stangen 3 590 893 1 822 299 1 049 207 0 408 336 0 47 557 3 908 092 1 0 0 0 1
Stanlib 1 0 0 0 0 0 0 1 15 4 0 0 19
Superex 2 814 3 32 130 0 2 0 2 653 4 0 0 (4) 8
Sygnia Life 291 2 0 39 0 0 0 254 523 55 81 0 497
Ten-50-Six 0 0 0 0 0 0 0 0 0 0 0 0 0
Union Life 194 849 58 505 4 414 71 35 174 678 (2 031) 215 048 39 10 1 0 48
Viva Life Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Vodacom Life 0 92 562 13 10 468 3 073 0 0 79 008 0 0 0 0 0
Workers Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Zurich Life SA Limited 371 0 10 0 278 0 0 83 1 0 0 0 1
Total 46 248 610 14 640 163 2 000 535 846 906 8 207 936 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786
Reinsurers
Gen Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Hannover Life Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Munich Re 0 0 0 0 0 0 0 0 0 0 0 0 0
RGA Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Saxum Re 0 0 0 0 0 0 0 0 0 0 0 0 0
SCOR Africa 0 0 0 0 0 0 0 0 0 0 0 0 0
Swiss Re Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0 0 0
GRAND TOTAL 46 248 610 14 640 163 2 000 535 846 906 8 207 936 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
55
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
Policies in force
at start of
nancial period
INDIVIDUAL GROUP
New
policies
LESS Policies in force
at end of
nancial period
Schemes in force
at start of
nancial period
New
schemes
LESS Schemes in force
at end of
nancial period
Contractual
terminations Surrenders Lapses Expired Other
Group
terminations Other
Oasis Crescent 404 148 3 13 0 0 0 536 0 0 0 0 0
Old Mutual Alternative Risk 332 662 282 917 1 296 0 190 273 154 509 (185) 269 686 4 1 1 0 4
Old Mutual Life 8 217 713 1 596 118 195 824 388 420 549 028 3 993 835 8 675 732 18 174 711 359 0 18 526
Outsurance Life Insurance Limited 57 866 41 968 135 0 24 983 1 173 0 73 543 0 0 0 0 0
PPS 228 189 22 010 328 5 862 10 297 0 424 233 288 0 0 0 0 0
Prescient Life 158 142 0 15 0 0 0 285 80 22 11 0 91
Prudential Portfolio 174 24 0 0 0 0 0 198 31 13 9 0 35
PSG Asset Management 11 383 5 591 670 569 0 0 (1) 15 736 119 0 1 0 118
Real People 274 135 324 143 6 887 0 269 757 184 322 (74 830) 212 142 3 0 0 0 3
Regent Life 297 843 91 585 1 058 3 883 59 794 6 541 (95 531) 413 683 21 17 7 0 31
Relyant 762 783 370 596 198 087 0 76 799 0 7 150 851 344 1 0 0 0 1
RMA Life 20 403 1 742 391 0 0 0 1 834 19 920 0 0 0 0 0
RMB 1 053 4 334 2 0 996 0 1 017 3 372 1 0 0 0 1
Safrican Insurance 117 233 27 127 2 208 89 16 059 0 0 126 004 2 855 310 732 0 2 433
SAHL 49 027 5 382 322 0 4 123 0 0 49 964 0 0 0 0 0
Sanlam Customised 0 0 0 0 0 0 0 0 0 0 0 0 0
Sanlam Developing Markets 1 170 138 414 212 26 204 26 872 235 135 3 291 3 424 1 289 424 163 74 23 0 214
Sanlam Life Insurance Limited 2 614 725 166 100 122 773 43 429 52 304 4 223 10 379 2 547 717 5 874 446 237 2 655 3 428
SIS Life Company Limited 3 361 677 28 0 0 0 142 3 868 392 17 20 0 389
Smart Life 6 872 14 754 67 364 767 0 0 20 428 1 0 0 0 1
Stangen 3 590 893 1 822 299 1 049 207 0 408 336 0 47 557 3 908 092 1 0 0 0 1
Stanlib 1 0 0 0 0 0 0 1 15 4 0 0 19
Superex 2 814 3 32 130 0 2 0 2 653 4 0 0 (4) 8
Sygnia Life 291 2 0 39 0 0 0 254 523 55 81 0 497
Ten-50-Six 0 0 0 0 0 0 0 0 0 0 0 0 0
Union Life 194 849 58 505 4 414 71 35 174 678 (2 031) 215 048 39 10 1 0 48
Viva Life Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Vodacom Life 0 92 562 13 10 468 3 073 0 0 79 008 0 0 0 0 0
Workers Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Zurich Life SA Limited 371 0 10 0 278 0 0 83 1 0 0 0 1
Total 46 248 610 14 640 163 2 000 535 846 906 8 207 936 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786
Reinsurers
Gen Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Hannover Life Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Munich Re 0 0 0 0 0 0 0 0 0 0 0 0 0
RGA Re 0 0 0 0 0 0 0 0 0 0 0 0 0
Saxum Re 0 0 0 0 0 0 0 0 0 0 0 0 0
SCOR Africa 0 0 0 0 0 0 0 0 0 0 0 0 0
Swiss Re Life 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0 0 0
GRAND TOTAL 46 248 610 14 640 163 2 000 535 846 906 8 207 936 735 134 173 104 48 925 134 57 633 5 660 4 960 3 547 54 786
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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)
Short name
In and outside RSA In and outside RSA
Total assets
R’000
Liabilities
Excess assets
R’000
CAR
R’000
Free assets
R’000
CAR cover
R’000
Linked
R’000
Non-linked
R’000
Current
R’000
Other
R’000
Total
R’000
Primary
1Life Limited 205 471 0(14 292) 80 674 066 382 139 090 66 801 72 288 2,1
Absa Life 23 073 800 16 201 844 5 231 665 349 270 93 429 21 876 208 1 197 591 339 035 858 557 3,5
African Unity 143 796 022 975 45 633 068 608 75 188 28 975 46 213 2,6
AIG Life 595 908 0143 035 133 728 0276 764 319 144 51 318 267 826 6,2
Alex Forbes Life 1 532 537 057 124 1 230 539 01 287 663 244 874 138 854 106 020 1,8
Allan Gray 81 677 644 81 299 738 09 796 7 820 81 317 354 360 290 243 899 116 391 1,5
Assupol Life 2 755 581 1 734 099 73 487 211 653 02 019 239 736 342 372 866 363 476 2,0
AVBOB 8 656 727 03 939 013 590 534 04 529 547 4 127 180 961 229 3 165 951 4,3
Bidvest Life 326 072 030 174 22 641 052 816 273 256 10 259 262 997 26,6
Cadiz Life 4 870 283 4 846 601 474 3 450 87 4 850 612 19 671 14 541 5 130 1,4
Centriq Life 185 881 45 312 19 981 14 420 079 713 106 169 18 340 87 829 5,8
Channel Life Limited 2 956 017 587 296 1 383 563 506 875 02 477 734 478 283 126 374 351 909 3,8
Citadel Life 4 001 080 3 977 981 02 632 03 980 613 20 467 11 934 8 533 1,7
Clientele Life 2 655 181 481 104 1 585 439 158 842 02 225 385 429 797 175 804 253 993 2,4
Community Life 23 715 06 775 607 2 046 9 428 14 287 6 000 8 287 2,4
Constantia Life and Health 23 311 0756 1 552 504 2 812 20 500 10 000 10 500 2,0
Constantia Life Limited 43 430 018 458 853 019 311 24 119 10 000 14 119 2,4
Coronation Life 64 656 974 64 395 842 014 501 064 410 343 246 631 193 188 53 443 1,3
Covision Life 44 890 0(1 184) 31 762 030 578 14 312 10 000 4 312 1,4
Discovery Life 25 223 491 15 602 470 6 802 701 43 431 948 894 23 397 496 1 825 995 454 693 1 371 302 4,0
Fedgroup Life 749 782 733 267 252 3 848 0737 367 12 414 10 000 2 414 1,2
Frank Life 50 762 03 877 28 725 032 602 18 160 10 000 8 160 1,8
Goodall & Co 363 000359 359 303345 100,0
Guardrisk Life 3 988 804 1 511 941 1 959 651 160 849 03 632 441 356 363 62 177 294 186 5,7
Hollard Life 14 895 822 5 221 974 7 955 623 896 076 014 073 673 855 066 304 944 550 123 2,8
Investec Assurance Limited 86 387 003 84 540 167 01 514 150 086 054 317 332 686 253 620 79 066 1,3
IEB 4 323 075 491 641 67 859 118 506 75 727 753 733 3 569 342 10 000 3 559 342 356,9
Investment Solutions 207 380 955 205 969 352 0469 947 0206 439 299 941 656 320 744 620 912 2,9
JDG Micro Life 558 882 073 569 12 213 085 782 473 100 43 122 429 978 11,0
KGA Life 35 369 03 656 7 575 1 048 12 279 23 090 9 929 13 161 2,3
Land Bank Life 00000 00000,0
Liberty 269 686 412 550 347 243 310 351 14 151 134 0258 011 831 11 674 583 4 601 499 7 073 083 2,5
Lion Life 235 618 153 395 38 677 12 333 0204 405 31 214 10 000 21 214 3,1
Lombard Life 165 057 1 713 29 133 71 543 0102 389 62 668 15 187 47 481 4,1
Metropolitan Life International 219 746 117 719 012 0117 731 102 015 10 000 92 015 10,2
Metropolitan Odyssey 299 815 250 248 532 2 500 0251 282 48 533 10 000 38 533 4,9
MMI Group 305 047 589 121 968 068 148 705 720 19 594 343 0290 268 131 14 779 457 5 600 518 9 178 940 2,6
Momentum Ability 2 100 027 01 521 835 109 165 01 631 001 469 027 92 203 376 824 5,1
MS Life 414 846 320 727 16 446 21 907 0359 081 55 765 10 268 45 497 5,4
Nedgroup Life Assurance 4 848 774 2 468 301 1 357 834 325 912 04 152 048 696 726 100 990 595 736 6,9
Nedgroup Structured Life 11 165 302 11 117 547 01 047 011 118 594 46 707 33 353 13 354 1,4
Nestlife Assurance 74 799 034 310 14 507 048 817 25 982 20 843 5 140 1,2
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
Short name
In and outside RSA In and outside RSA
Total assets
R’000
Liabilities
Excess assets
R’000
CAR
R’000
Free assets
R’000
CAR cover
R’000
Linked
R’000
Non-linked
R’000
Current
R’000
Other
R’000
Total
R’000
Primary
1Life Limited 205 471 0(14 292) 80 674 066 382 139 090 66 801 72 288 2,1
Absa Life 23 073 800 16 201 844 5 231 665 349 270 93 429 21 876 208 1 197 591 339 035 858 557 3,5
African Unity 143 796 022 975 45 633 068 608 75 188 28 975 46 213 2,6
AIG Life 595 908 0143 035 133 728 0276 764 319 144 51 318 267 826 6,2
Alex Forbes Life 1 532 537 057 124 1 230 539 01 287 663 244 874 138 854 106 020 1,8
Allan Gray 81 677 644 81 299 738 09 796 7 820 81 317 354 360 290 243 899 116 391 1,5
Assupol Life 2 755 581 1 734 099 73 487 211 653 02 019 239 736 342 372 866 363 476 2,0
AVBOB 8 656 727 03 939 013 590 534 04 529 547 4 127 180 961 229 3 165 951 4,3
Bidvest Life 326 072 030 174 22 641 052 816 273 256 10 259 262 997 26,6
Cadiz Life 4 870 283 4 846 601 474 3 450 87 4 850 612 19 671 14 541 5 130 1,4
Centriq Life 185 881 45 312 19 981 14 420 079 713 106 169 18 340 87 829 5,8
Channel Life Limited 2 956 017 587 296 1 383 563 506 875 02 477 734 478 283 126 374 351 909 3,8
Citadel Life 4 001 080 3 977 981 02 632 03 980 613 20 467 11 934 8 533 1,7
Clientele Life 2 655 181 481 104 1 585 439 158 842 02 225 385 429 797 175 804 253 993 2,4
Community Life 23 715 06 775 607 2 046 9 428 14 287 6 000 8 287 2,4
Constantia Life and Health 23 311 0756 1 552 504 2 812 20 500 10 000 10 500 2,0
Constantia Life Limited 43 430 018 458 853 019 311 24 119 10 000 14 119 2,4
Coronation Life 64 656 974 64 395 842 014 501 064 410 343 246 631 193 188 53 443 1,3
Covision Life 44 890 0(1 184) 31 762 030 578 14 312 10 000 4 312 1,4
Discovery Life 25 223 491 15 602 470 6 802 701 43 431 948 894 23 397 496 1 825 995 454 693 1 371 302 4,0
Fedgroup Life 749 782 733 267 252 3 848 0737 367 12 414 10 000 2 414 1,2
Frank Life 50 762 03 877 28 725 032 602 18 160 10 000 8 160 1,8
Goodall & Co 363 000359 359 3 0 3 345 100,0
Guardrisk Life 3 988 804 1 511 941 1 959 651 160 849 03 632 441 356 363 62 177 294 186 5,7
Hollard Life 14 895 822 5 221 974 7 955 623 896 076 014 073 673 855 066 304 944 550 123 2,8
Investec Assurance Limited 86 387 003 84 540 167 01 514 150 086 054 317 332 686 253 620 79 066 1,3
IEB 4 323 075 491 641 67 859 118 506 75 727 753 733 3 569 342 10 000 3 559 342 356,9
Investment Solutions 207 380 955 205 969 352 0469 947 0206 439 299 941 656 320 744 620 912 2,9
JDG Micro Life 558 882 073 569 12 213 085 782 473 100 43 122 429 978 11,0
KGA Life 35 369 03 656 7 575 1 048 12 279 23 090 9 929 13 161 2,3
Land Bank Life 00000 00000,0
Liberty 269 686 412 550 347 243 310 351 14 151 134 0258 011 831 11 674 583 4 601 499 7 073 083 2,5
Lion Life 235 618 153 395 38 677 12 333 0204 405 31 214 10 000 21 214 3,1
Lombard Life 165 057 1 713 29 133 71 543 0102 389 62 668 15 187 47 481 4,1
Metropolitan Life International 219 746 117 719 012 0117 731 102 015 10 000 92 015 10,2
Metropolitan Odyssey 299 815 250 248 532 2 500 0251 282 48 533 10 000 38 533 4,9
MMI Group 305 047 589 121 968 068 148 705 720 19 594 343 0290 268 131 14 779 457 5 600 518 9 178 940 2,6
Momentum Ability 2 100 027 01 521 835 109 165 01 631 001 469 027 92 203 376 824 5,1
MS Life 414 846 320 727 16 446 21 907 0359 081 55 765 10 268 45 497 5,4
Nedgroup Life Assurance 4 848 774 2 468 301 1 357 834 325 912 04 152 048 696 726 100 990 595 736 6,9
Nedgroup Structured Life 11 165 302 11 117 547 01 047 011 118 594 46 707 33 353 13 354 1,4
Nestlife Assurance 74 799 034 310 14 507 048 817 25 982 20 843 5 140 1,2
58
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
In and outside RSA In and outside RSA
Total assets
R’000
Liabilities
Excess assets
R’000
CAR
R’000
Free assets
R’000
CAR cover
R’000
Linked
R’000
Non-linked
R’000
Current
R’000
Other
R’000
Total
R’000
Netcare Life 18 525 01 771 1 059 02 830 15 695 10 000 5 695 1,6
New Era 00000 00000,0
Oasis Crescent 293 015 275 115 02 590 702 278 407 14 608 10 000 4 608 1,5
Old Mutual Alternative Risk 780 629 0534 078 56 721 0590 799 189 830 34 688 155 142 5,5
Old Mutual Life 520 156 937 146 965 600 290 060 480 39 508 113 0476 534 192 43 622 745 13 769 836 29 852 909 3,2
Outsurance Life Insurance Limited 209 902 042 938 31 496 1 932 76 366 133 536 42 842 90 694 3,1
PPS 23 059 500 1 075 722 21 276 988 443 195 022 795 905 263 595 99 391 164 203 2,7
Prescient Life 6 034 267 5 992 624 02 406 05 995 030 39 237 17 978 21 260 2,2
Prudential Portfolio 6 146 708 6 104 380 0503 06 104 883 41 825 18 313 23 512 2,3
PSG Asset Management 10 610 371 9 110 650 1 344 728 52 104 010 507 482 102 889 55 664 47 225 1,8
Real People 138 740 42 823 84 13 109 056 016 82 724 10 000 72 724 8,3
Regent Life 1 051 614 332 941 289 847 232 835 0855 623 195 991 59 126 136 866 3,3
Relyant 285 394 087 901 7 767 095 668 189 726 54 640 135 086 3,5
RMA Life 9 954 825 4 448 000 5 436 248 5 577 09 889 825 65 000 29 653 35 347 2,2
RMB 1 420 733 1 358 249 1 630 1 821 01 361 701 59 032 10 000 49 032 5,9
Safrican Insurance 1 766 097 1 446 179 26 440 89 892 01 562 510 203 587 17 757 185 830 11,5
SAHL 99 033 026 187 20 746 046 933 52 100 16 626 35 475 3,1
Sanlam Customised 00000 00000,0
Sanlam Developing Markets 19 341 419 2 079 816 12 629 198 1 583 673 016 292 688 3 048 731 649 099 2 399 633 4,7
Sanlam Life Insurance Limited 339 315 817 123 262 607 168 687 200 13 731 352 0305 681 159 33 634 658 7 550 000 26 084 658 4,5
SIS Life Company Limited 15 719 002 15 622 454 018 907 015 641 361 77 640 46 867 30 773 1,7
Smart Life 29 987 08 313 3 020 6 179 17 513 12 474 10 000 2 474 1,2
Stangen 1 445 059 0506 838 158 590 0665 428 779 631 172 980 606 651 4,5
Stanlib 190 597 0 0 42 610 264 42 874 147 723 69 829 77 894 2,1
Superex 7 806 951 7 648 107 032 648 07 680 755 126 196 19 516 106 680 6,5
Sygnia Life 19 154 689 19 082 099 011 391 019 093 490 61 200 55 656 5 543 1,1
Ten-50-Six 00000 00000,0
Union Life 406 879 0303 888 33 289 0337 177 69 702 32 492 37 210 2,1
Viva Life Insurance 00000 00000,0
Vodacom Life 40 251 02 258 5 461 07 719 32 532 10 000 22 532 3,3
Workers Life 71 747 4 092 9 758 21 991 429 36 269 35 478 12 894 22 584 2,8
Zurich Life SA Limited 17 969 02 205 1 532 03 737 14 232 10 000 4 232 1,4
Total 2 121 847 250 969 190 155 925 906 448 97 084 084 1 139 420 1 993 320 106 128 560 062 37 669 354 90 890 707 345 710
Reinsurers
Gen Re 3 608 566 02 261 583 625 485 427 2 887 495 721 071 159 759 561 312 4,5
Hannover Life Re 2 783 226 01 534 883 717 781 02 252 664 530 562 183 421 347 141 2,9
Munich Re 2 382 084 01 672 861 249 699 01 922 561 459 524 170 223 289 300 2,7
RGA Re 1 803 730 0415 862 593 917 673 377 1 683 156 120 574 27 825 92 749 4,3
Saxum Re 40 182 019 079 3 062 022 141 18 041 10 000 8 041 1,8
SCOR Africa 111 461 09 490 73 563 083 053 28 408 10 909 17 499 2,6
Swiss Re Life 3 222 526 01 857 401 1 005 980 46 827 2 910 208 312 318 145 002 167 316 2,2
Total 13 951 775 07 771 159 3 269 487 720 631 11 761 277 2 190 498 707 139 1 483 359 3,10
GRAND TOTAL 2 135 799 024 969 190 155 933 677 607 100 353 571 1 860 051 2 005 081 383 130 750 559 38 376 493 92 374 066 345713,28
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
59
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
In and outside RSA In and outside RSA
Total assets
R’000
Liabilities
Excess assets
R’000
CAR
R’000
Free assets
R’000
CAR cover
R’000
Linked
R’000
Non-linked
R’000
Current
R’000
Other
R’000
Total
R’000
Netcare Life 18 525 01 771 1 059 02 830 15 695 10 000 5 695 1,6
New Era 00000 00000,0
Oasis Crescent 293 015 275 115 02 590 702 278 407 14 608 10 000 4 608 1,5
Old Mutual Alternative Risk 780 629 0534 078 56 721 0590 799 189 830 34 688 155 142 5,5
Old Mutual Life 520 156 937 146 965 600 290 060 480 39 508 113 0476 534 192 43 622 745 13 769 836 29 852 909 3,2
Outsurance Life Insurance Limited 209 902 042 938 31 496 1 932 76 366 133 536 42 842 90 694 3,1
PPS 23 059 500 1 075 722 21 276 988 443 195 022 795 905 263 595 99 391 164 203 2,7
Prescient Life 6 034 267 5 992 624 02 406 05 995 030 39 237 17 978 21 260 2,2
Prudential Portfolio 6 146 708 6 104 380 0503 06 104 883 41 825 18 313 23 512 2,3
PSG Asset Management 10 610 371 9 110 650 1 344 728 52 104 010 507 482 102 889 55 664 47 225 1,8
Real People 138 740 42 823 84 13 109 056 016 82 724 10 000 72 724 8,3
Regent Life 1 051 614 332 941 289 847 232 835 0855 623 195 991 59 126 136 866 3,3
Relyant 285 394 087 901 7 767 095 668 189 726 54 640 135 086 3,5
RMA Life 9 954 825 4 448 000 5 436 248 5 577 09 889 825 65 000 29 653 35 347 2,2
RMB 1 420 733 1 358 249 1 630 1 821 01 361 701 59 032 10 000 49 032 5,9
Safrican Insurance 1 766 097 1 446 179 26 440 89 892 01 562 510 203 587 17 757 185 830 11,5
SAHL 99 033 026 187 20 746 046 933 52 100 16 626 35 475 3,1
Sanlam Customised 00000 00000,0
Sanlam Developing Markets 19 341 419 2 079 816 12 629 198 1 583 673 016 292 688 3 048 731 649 099 2 399 633 4,7
Sanlam Life Insurance Limited 339 315 817 123 262 607 168 687 200 13 731 352 0305 681 159 33 634 658 7 550 000 26 084 658 4,5
SIS Life Company Limited 15 719 002 15 622 454 018 907 015 641 361 77 640 46 867 30 773 1,7
Smart Life 29 987 08 313 3 020 6 179 17 513 12 474 10 000 2 474 1,2
Stangen 1 445 059 0506 838 158 590 0665 428 779 631 172 980 606 651 4,5
Stanlib 190 597 0 0 42 610 264 42 874 147 723 69 829 77 894 2,1
Superex 7 806 951 7 648 107 032 648 07 680 755 126 196 19 516 106 680 6,5
Sygnia Life 19 154 689 19 082 099 011 391 019 093 490 61 200 55 656 5 543 1,1
Ten-50-Six 00000 00000,0
Union Life 406 879 0303 888 33 289 0337 177 69 702 32 492 37 210 2,1
Viva Life Insurance 00000 00000,0
Vodacom Life 40 251 02 258 5 461 07 719 32 532 10 000 22 532 3,3
Workers Life 71 747 4 092 9 758 21 991 429 36 269 35 478 12 894 22 584 2,8
Zurich Life SA Limited 17 969 02 205 1 532 03 737 14 232 10 000 4 232 1,4
Total 2 121 847 250 969 190 155 925 906 448 97 084 084 1 139 420 1 993 320 106 128 560 062 37 669 354 90 890 707 345 710
Reinsurers
Gen Re 3 608 566 02 261 583 625 485 427 2 887 495 721 071 159 759 561 312 4,5
Hannover Life Re 2 783 226 01 534 883 717 781 02 252 664 530 562 183 421 347 141 2,9
Munich Re 2 382 084 01 672 861 249 699 01 922 561 459 524 170 223 289 300 2,7
RGA Re 1 803 730 0415 862 593 917 673 377 1 683 156 120 574 27 825 92 749 4,3
Saxum Re 40 182 019 079 3 062 022 141 18 041 10 000 8 041 1,8
SCOR Africa 111 461 09 490 73 563 083 053 28 408 10 909 17 499 2,6
Swiss Re Life 3 222 526 01 857 401 1 005 980 46 827 2 910 208 312 318 145 002 167 316 2,2
Total 13 951 775 07 771 159 3 269 487 720 631 11 761 277 2 190 498 707 139 1 483 359 3,10
GRAND TOTAL 2 135 799 024 969 190 155 933 677 607 100 353 571 1 860 051 2 005 081 383 130 750 559 38 376 493 92 374 066 345713,28
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures 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)
Short name
In RSA
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
Cash and
deposits
R’000
Fixed interest
investments
R’000
Equities and
collective
investment
schemes
R’000
Debentures
and loan stock
R’000
Immovable
property
R’000
Current
assets
R’000
Fixed assets
R’000
Primary
1Life Limited 92 920 79 057 000 33 495 0 0 205 471 205 471
Absa Life 4 474 157 505 048 13 330 508 869 940 02 209 332 1 786 1 170 234 22 561 004 23 073 800
African Unity 52 127 049 943 0 0 41 112 614 0143 796 143 796
AIG Life 148 997 229 805 25 465 96 539 095 101 0 0 595 908 595 908
Alex Forbes Life 1 274 587 092 845 0 0 163 632 1 473 01 532 537 1 532 537
Allan Gray 6 511 871 2 226 711 54 486 069 3 771 892 0206 443 014 474 658 81 677 644 81 677 644
Assupol Life 500 024 599 625 1 003 005 343 550 0182 997 24 443 101 938 2 755 581 2 755 581
AVBOB 1 012 630 1 576 874 4 244 107 0137 521 219 433 47 721 07 238 286 8 656 727
Bidvest Life 60 403 37 309 189 674 0 0 38 686 0 0 326 072 326 072
Cadiz Life 746 737 373 843 2 176 588 360 257 0107 891 01 104 967 4 870 283 4 870 283
Centriq Life 73 383 1 007 45 312 16 701 048 582 0 0 184 985 185 881
Channel Life Limited 1 549 113 18 063 201 917 1 090 619 047 090 4 224 44 990 2 956 017 2 956 017
Citadel Life 12 279 01 486 646 1 284 885 0306 01 216 964 4 001 080 4 001 080
Clientele Life 1 354 690 29 868 629 960 502 424 091 057 47 183 02 655 181 2 655 181
Community Life 1 518 016 137 0 0 6 060 0 0 23 715 27 715
Constantia Life and Health 12 653 236 8 806 0 0 1 616 0 0 23 311 23 311
Constantia Life Limited 17 477 5 905 14 323 02 270 3 246 209 043 430 43 430
Coronation Life 10 368 152 17 551 806 24 493 274 2 725 324 0424 014 09 094 405 64 656 974 64 656 974
Covision Life 22 758 0000 22 056 76 044 890 44 890
Discovery Life 3 134 348 3 277 920 13 620 468 1 397 571 01 672 009 1 529 1 921 571 25 025 416 25 223 491
Fedgroup Life 137 793 0275 445 260 456 71 808 4 279 0 0 749 782 749 782
Frank Life 17 952 028 000 0 0 4 676 0 0 50 628 50 762
Goodall & Co 363 0000 000363 363
Guardrisk Life 2 772 999 94 750 392 965 291 152 0171 385 102 03 723 353 3 988 804
Hollard Life 7 721 238 28 107 2 051 382 1 809 053 02 647 979 0541 043 14 798 802 14 895 822
Investec Assurance Limited 10 580 822 3 593 141 49 978 517 19 047 402 02 036 066 0 0 85 235 949 86 387 003
IEB 658 396 3 272 1 957 992 124 124 344 068 885 003 0350 220 4 323 075 4 323 075
Investment Solutions 16 936 310 12 670 870 94 164 426 24 438 604 013 547 041 3 003 0161 760 254 207 380 955
JDG Micro Life 119 471 93 544 000 345 866 0 0 558 882 558 882
KGA Life 3 337 025 643 01 415 3 627 1 347 035 369 35 369
Land Bank Life 00000 0000 0
Liberty 13 087 997 10 469 836 155 863 751 16 281 440 26 388 927 9 558 411 889 938 36 118 134 268 658 434 269 686 412
Lion Life 25 753 0187 600 0 0 21 234 1 031 0235 618 235 618
Lombard Life 112 681 01 459 0 0 50 867 50 0165 057 165 057
Metropolitan Life International 71 470 0 0 54 759 08 881 0380 135 490 219 746
Metropolitan Odyssey 42 531 0 0 191 583 0399 0 0 234 513 299 815
MMI Group 20 184 135 34 959 247 151 404 859 35 997 510 5 728 402 29 469 388 165 591 26 842 826 304 751 957 305 047 589
Momentum Ability 617 666 625 930 439 320 0 0 410 720 0 0 2 093 636 2 100 027
MS Life 383 245 06 926 0 0 23 521 1 154 0414 846 414 846
Nedgroup Life Assurance 645 295 01 676 702 2 256 177 0231 383 9 936 04 819 493 4 848 774
Nedgroup Structured Life 1 510 126 73 320 8 675 796 868 403 037 657 0 0 11 165 302 11 165 302
Nestlife Assurance 17 737 025 580 0 0 29 770 1 712 074 799 74 799
Netcare Life 18 327 0000 198 0 0 18 525 18 525
61
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
In RSA
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
Cash and
deposits
R’000
Fixed interest
investments
R’000
Equities and
collective
investment
schemes
R’000
Debentures
and loan stock
R’000
Immovable
property
R’000
Current
assets
R’000
Fixed assets
R’000
Primary
1Life Limited 92 920 79 057 000 33 495 0 0 205 471 205 471
Absa Life 4 474 157 505 048 13 330 508 869 940 02 209 332 1 786 1 170 234 22 561 004 23 073 800
African Unity 52 127 049 943 0 0 41 112 614 0143 796 143 796
AIG Life 148 997 229 805 25 465 96 539 095 101 0 0 595 908 595 908
Alex Forbes Life 1 274 587 092 845 0 0 163 632 1 473 01 532 537 1 532 537
Allan Gray 6 511 871 2 226 711 54 486 069 3 771 892 0206 443 014 474 658 81 677 644 81 677 644
Assupol Life 500 024 599 625 1 003 005 343 550 0182 997 24 443 101 938 2 755 581 2 755 581
AVBOB 1 012 630 1 576 874 4 244 107 0137 521 219 433 47 721 07 238 286 8 656 727
Bidvest Life 60 403 37 309 189 674 0 0 38 686 0 0 326 072 326 072
Cadiz Life 746 737 373 843 2 176 588 360 257 0107 891 01 104 967 4 870 283 4 870 283
Centriq Life 73 383 1 007 45 312 16 701 048 582 0 0 184 985 185 881
Channel Life Limited 1 549 113 18 063 201 917 1 090 619 047 090 4 224 44 990 2 956 017 2 956 017
Citadel Life 12 279 01 486 646 1 284 885 0306 01 216 964 4 001 080 4 001 080
Clientele Life 1 354 690 29 868 629 960 502 424 091 057 47 183 02 655 181 2 655 181
Community Life 1 518 016 137 0 0 6 060 0 0 23 715 27 715
Constantia Life and Health 12 653 236 8 806 0 0 1 616 0 0 23 311 23 311
Constantia Life Limited 17 477 5 905 14 323 02 270 3 246 209 043 430 43 430
Coronation Life 10 368 152 17 551 806 24 493 274 2 725 324 0424 014 09 094 405 64 656 974 64 656 974
Covision Life 22 758 0000 22 056 76 044 890 44 890
Discovery Life 3 134 348 3 277 920 13 620 468 1 397 571 01 672 009 1 529 1 921 571 25 025 416 25 223 491
Fedgroup Life 137 793 0275 445 260 456 71 808 4 279 0 0 749 782 749 782
Frank Life 17 952 028 000 0 0 4 676 0 0 50 628 50 762
Goodall & Co 363 0000 000363 363
Guardrisk Life 2 772 999 94 750 392 965 291 152 0171 385 102 03 723 353 3 988 804
Hollard Life 7 721 238 28 107 2 051 382 1 809 053 02 647 979 0541 043 14 798 802 14 895 822
Investec Assurance Limited 10 580 822 3 593 141 49 978 517 19 047 402 02 036 066 0 0 85 235 949 86 387 003
IEB 658 396 3 272 1 957 992 124 124 344 068 885 003 0350 220 4 323 075 4 323 075
Investment Solutions 16 936 310 12 670 870 94 164 426 24 438 604 013 547 041 3 003 0161 760 254 207 380 955
JDG Micro Life 119 471 93 544 000 345 866 0 0 558 882 558 882
KGA Life 3 337 025 643 01 415 3 627 1 347 035 369 35 369
Land Bank Life 00000 0000 0
Liberty 13 087 997 10 469 836 155 863 751 16 281 440 26 388 927 9 558 411 889 938 36 118 134 268 658 434 269 686 412
Lion Life 25 753 0187 600 0 0 21 234 1 031 0235 618 235 618
Lombard Life 112 681 01 459 0 0 50 867 50 0165 057 165 057
Metropolitan Life International 71 470 0 0 54 759 08 881 0380 135 490 219 746
Metropolitan Odyssey 42 531 0 0 191 583 0399 0 0 234 513 299 815
MMI Group 20 184 135 34 959 247 151 404 859 35 997 510 5 728 402 29 469 388 165 591 26 842 826 304 751 957 305 047 589
Momentum Ability 617 666 625 930 439 320 0 0 410 720 0 0 2 093 636 2 100 027
MS Life 383 245 06 926 0 0 23 521 1 154 0414 846 414 846
Nedgroup Life Assurance 645 295 01 676 702 2 256 177 0231 383 9 936 04 819 493 4 848 774
Nedgroup Structured Life 1 510 126 73 320 8 675 796 868 403 037 657 0 0 11 165 302 11 165 302
Nestlife Assurance 17 737 025 580 0 0 29 770 1 712 074 799 74 799
Netcare Life 18 327 0000 198 0 0 18 525 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
Short name
In RSA
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
Cash and
deposits
R’000
Fixed interest
investments
R’000
Equities and
collective
investment
schemes
R’000
Debentures
and loan stock
R’000
Immovable
property
R’000
Current
assets
R’000
Fixed assets
R’000
New Era 00000 0000 0
Oasis Crescent 8 630 0265 140 0 0 923 018 322 293 015 293 015
Old Mutual Alternative Risk 66 255 10 122 597 869 28 634 076 635 01 115 780 629 780 629
Old Mutual Life 37 849 437 44 729 508 232 514 753 69 224 387 10 005 358 52 506 146 223 169 71 681 241 518 734 000 520 156 937
Outsurance Life Insurance Limited 118 409 56 280 024 867 09 899 447 0209 902 209 902
PPS 1 186 701 4 716 089 12 264 120 196 388 69 300 91 780 46 273 018 570 651 23 059 500
Prescient Life 291 286 289 848 3 799 158 1 116 326 0178 198 0 0 5 674 815 6 034 267
Prudential Portfolio 45 378 825 501 3 935 855 0 0 3 858 01 336 116 6 146 708 6 146 708
PSG Asset Management 922 877 134 243 7 747 568 450 349 01 293 080 552 010 548 669 10 610 371
Real People 9 501 080 240 0 0 48 999 0 0 138 740 138 740
Regent Life 159 604 162 717 575 950 11 317 13 149 101 134 327 01 024 197 1 051 614
Relyant 259 340 0000 25 274 780 0285 394 285 394
RMA Life 2 219 506 2 585 911 2 245 576 1 586 915 0109 108 01 207 809 9 954 825 9 954 825
RMB 56 856 189 867 958 340 188 230 0768 0 0 1 394 061 1 420 733
Safrican Insurance 189 235 21 594 914 208 612 539 026 671 1 564 01 765 811 1 766 097
SAHL 96 732 0000 2 269 32 099 033 99 033
Sanlam Customised 00000 0000 0
Sanlam Developing Markets 1 899 631 333 207 9 027 378 5 418 170 0103 270 32 177 2 173 404 18 987 236 19 341 419
Sanlam Life Insurance Limited 7 438 173 32 853 927 178 931 518 41 867 132 5 970 776 27 669 639 236 642 38 370 609 333 338 416 339 315 817
SIS Life Company Limited 94 162 011 417 656 0 0 6 775 03 698 807 15 217 399 15 719 002
Smart Life 10 299 018 135 0 0 428 1 125 029 987 29 987
Stangen 774 910 0000 667 670 2 479 01 445 059 1 445 059
Stanlib 42 282 088 176 0 0 60 109 30 0190 597 190 597
Superex 361 000 225 026 1 634 244 180 961 05 358 479 0 0 7 759 710 7 806 951
Sygnia Life 416 140 936 780 6 891 140 1 443 878 06 162 972 2 753 3 005 397 18 859 059 19 154 689
Ten-50-Six 00000 0000 0
Union Life 8 117 0385 196 0 0 12 994 572 0406 879 406 879
Viva Life Insurance 00000 0000 0
Vodacom Life 11 798 024 100 0 0 4 353 0 0 40 251 40 251
Workers Life 31 071 032 239 0 0 1 126 0 0 64 436 71 747
Zurich Life SA Limited 15 304 0000 (1 359) 04 024 17 969 17 969
Total 161 669 102 177 195 713 1 057 619 966 236 430 461 48 732 994 159 623 705 1 752 045 214 479 174 2 057 503 160 2 121 851 249
Reinsurers
Gen Re 91 434 3 205 381 000 308 016 3 735 0 3 608 566 3 608 566
Hannover Life Re 440 332 1 681 678 0195 076 0375 037 760 0 2 692 882 2 783 226
Munich Re 336 374 1 693 100 0191 007 0160 828 774 0 2 382 084 2 385 881
RGA Re 388 505 769 852 204 241 000 0177 371 8 383 0 1 585 315 1 803 730
Saxum Re 3 637 014 893 2 918 017 899 656 0 40 003 40 182
SCOR Africa 19 998 30 872 279 0 0 57 852 54 0 109 055 111 461
Swiss Re Life 403 382 2 390 262 10 000 0 0 294 236 1 095 0 3 098 975 3 222 526
Total 1 683 662 9 771 145 25 376 630 002 01 391 238 15 457 013 516 880 13 955 572
GRAND TOTAL 163 352 764 186 966 858 1 057 645 342 237 060 463 48 732 994 161 014 944 1 767 501 214 479 174 2 071 020 040 2 135 806 822
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
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
Short name
In RSA
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
Cash and
deposits
R’000
Fixed interest
investments
R’000
Equities and
collective
investment
schemes
R’000
Debentures
and loan stock
R’000
Immovable
property
R’000
Current
assets
R’000
Fixed assets
R’000
New Era 00000 0000 0
Oasis Crescent 8 630 0265 140 0 0 923 018 322 293 015 293 015
Old Mutual Alternative Risk 66 255 10 122 597 869 28 634 076 635 01 115 780 629 780 629
Old Mutual Life 37 849 437 44 729 508 232 514 753 69 224 387 10 005 358 52 506 146 223 169 71 681 241 518 734 000 520 156 937
Outsurance Life Insurance Limited 118 409 56 280 024 867 09 899 447 0209 902 209 902
PPS 1 186 701 4 716 089 12 264 120 196 388 69 300 91 780 46 273 018 570 651 23 059 500
Prescient Life 291 286 289 848 3 799 158 1 116 326 0178 198 0 0 5 674 815 6 034 267
Prudential Portfolio 45 378 825 501 3 935 855 0 0 3 858 01 336 116 6 146 708 6 146 708
PSG Asset Management 922 877 134 243 7 747 568 450 349 01 293 080 552 010 548 669 10 610 371
Real People 9 501 080 240 0 0 48 999 0 0 138 740 138 740
Regent Life 159 604 162 717 575 950 11 317 13 149 101 134 327 01 024 197 1 051 614
Relyant 259 340 0000 25 274 780 0285 394 285 394
RMA Life 2 219 506 2 585 911 2 245 576 1 586 915 0109 108 01 207 809 9 954 825 9 954 825
RMB 56 856 189 867 958 340 188 230 0768 0 0 1 394 061 1 420 733
Safrican Insurance 189 235 21 594 914 208 612 539 026 671 1 564 01 765 811 1 766 097
SAHL 96 732 0000 2 269 32 099 033 99 033
Sanlam Customised 00000 0000 0
Sanlam Developing Markets 1 899 631 333 207 9 027 378 5 418 170 0103 270 32 177 2 173 404 18 987 236 19 341 419
Sanlam Life Insurance Limited 7 438 173 32 853 927 178 931 518 41 867 132 5 970 776 27 669 639 236 642 38 370 609 333 338 416 339 315 817
SIS Life Company Limited 94 162 011 417 656 0 0 6 775 03 698 807 15 217 399 15 719 002
Smart Life 10 299 018 135 0 0 428 1 125 029 987 29 987
Stangen 774 910 0000 667 670 2 479 01 445 059 1 445 059
Stanlib 42 282 088 176 0 0 60 109 30 0190 597 190 597
Superex 361 000 225 026 1 634 244 180 961 05 358 479 0 0 7 759 710 7 806 951
Sygnia Life 416 140 936 780 6 891 140 1 443 878 06 162 972 2 753 3 005 397 18 859 059 19 154 689
Ten-50-Six 00000 0000 0
Union Life 8 117 0385 196 0 0 12 994 572 0406 879 406 879
Viva Life Insurance 00000 0000 0
Vodacom Life 11 798 024 100 0 0 4 353 0 0 40 251 40 251
Workers Life 31 071 032 239 0 0 1 126 0 0 64 436 71 747
Zurich Life SA Limited 15 304 0000 (1 359) 04 024 17 969 17 969
Total 161 669 102 177 195 713 1 057 619 966 236 430 461 48 732 994 159 623 705 1 752 045 214 479 174 2 057 503 160 2 121 851 249
Reinsurers
Gen Re 91 434 3 205 381 000 308 016 3 735 0 3 608 566 3 608 566
Hannover Life Re 440 332 1 681 678 0195 076 0375 037 760 0 2 692 882 2 783 226
Munich Re 336 374 1 693 100 0191 007 0160 828 774 0 2 382 084 2 385 881
RGA Re 388 505 769 852 204 241 000 0177 371 8 383 0 1 585 315 1 803 730
Saxum Re 3 637 014 893 2 918 017 899 656 0 40 003 40 182
SCOR Africa 19 998 30 872 279 0 0 57 852 54 0 109 055 111 461
Swiss Re Life 403 382 2 390 262 10 000 0 0 294 236 1 095 0 3 098 975 3 222 526
Total 1 683 662 9 771 145 25 376 630 002 01 391 238 15 457 013 516 880 13 955 572
GRAND TOTAL 163 352 764 186 966 858 1 057 645 342 237 060 463 48 732 994 161 014 944 1 767 501 214 479 174 2 071 020 040 2 135 806 822
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)
Short name
In RSA Total in and
outside RSA
R’000
Assistance
R’000
Disability
R’000
Fund
R’000
Health
R’000
Life
R’000
Sinking fund
R’000
Total in RSA
R’000
Primary
1Life Limited 0000(14 292) 0(14 292) (14 292)
Absa Life 73 563 896 055 934 213 2 509 15 726 673 3 795 586 21 428 598 21 433 509
African Unity 4 725 0 0 17 889 361 022 975 22 975
AIG Life 00053 716 89 319 0143 035 143 035
Alex Forbes Life 596 48 898 0 0 7 630 057 124 57 124
Allan Gray 0 0 58 613 916 020 403 716 2 282 106 81 299 738 81 299 738
Assupol Life (26 057) 2 133 0 0 1 831 511 01 807 586 1 807 586
AVBOB 549 203 23 735 0 0 3 366 075 03 939 013 3 939 013
Bidvest Life 2 515 18 606 0 0 9 054 030 174 30 174
Cadiz Life 0 0 3 260 575 01 460 503 125 997 4 847 075 4 847 075
Centriq Life 5 093 3 444 45 312 011 444 065 293 65 293
Channel Life Limited 281 050 602 0762 379 1 157 597 1 970 859 1 970 859
Citadel Life 0 0 59 357 02 382 422 1 536 202 3 977 981 3 977 981
Clientele Life 420 0 0 32 280 700 913 1 332 930 2 066 543 2 066 543
Community Life 000184 6 591 06 775 6 775
Constantia Life and Health 756 0000 0756 756
Constantia Life Limited 18 458 0000 018 458 18 458
Coronation Life 0 0 56 753 219 0978 285 6 664 338 64 395 842 64 395 842
Covision Life (1 269) 00085 0(1 184) (1 184)
Discovery Life 1 860 996 259 4 426 656 104 473 16 875 923 022 405 171 22 405 171
Fedgroup Life 0 0 733 267 0252 0733 519 733 519
Frank Life 02 680 0289 908 03 877 3 877
Goodall & Co 00000 000
Guardrisk Life 41 998 416 025 012 456 3 001 113 03 471 592 3 471 592
Hollard Life 228 434 147 289 2 122 085 38 802 10 625 769 15 218 13 177 597 13 177 597
Investec Assurance Limited 0 0 53 904 339 023 466 018 6 498 214 83 868 571 84 540 167
IEB 0 0 41 737 024 748 493 015 559 500 559 500
Investment Solutions 0 0 192 452 361 013 516 991 0205 969 352 205 969 352
JDG Micro Life 593 31 090 0 0 41 733 073 416 73 569
KGA Life 3 656 0000 03 656 3 656
Land Bank Life 00000 000
Liberty 238 053 2 783 353 33 534 103 2 339 485 203 541 338 1 205 352 243 641 684 243 860 697
Lion Life 37 041 892 128 313 0744 25 082 192 072 192 072
Lombard Life 26 5 683 1 713 023 424 030 846 30 846
Metropolitan Life International 000033 474 033 474 117 719
Metropolitan Odyssey 0000248 782 0248 782 248 782
MMI Group 2 683 179 3 574 685 82 819 714 (1 642) 175 773 400 5 747 888 270 597 222 270 673 788
Momentum Ability 0116 505 0 0 1 375 066 01 491 571 1 521 835
MS Life 2 851 8 120 03 230 19 241 303 730 337 174 337 174
Nedgroup Life Assurance 00003 826 136 03 826 136 3 826 136
Nedgroup Structured Life 0 0 2 850 690 08 264 592 2 266 11 117 548 11 117 548
Nestlife Assurance 8 149 14 688 0 0 11 473 034 310 34 310
Netcare Life 00001 771 01 771 1 771
New Era 00000 000
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
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
Short name
In RSA Total in and
outside RSA
R’000
Assistance
R’000
Disability
R’000
Fund
R’000
Health
R’000
Life
R’000
Sinking fund
R’000
Total in RSA
R’000
Primary
1Life Limited 0000(14 292) 0(14 292) (14 292)
Absa Life 73 563 896 055 934 213 2 509 15 726 673 3 795 586 21 428 598 21 433 509
African Unity 4 725 0 0 17 889 361 022 975 22 975
AIG Life 00053 716 89 319 0143 035 143 035
Alex Forbes Life 596 48 898 0 0 7 630 057 124 57 124
Allan Gray 0 0 58 613 916 020 403 716 2 282 106 81 299 738 81 299 738
Assupol Life (26 057) 2 133 0 0 1 831 511 01 807 586 1 807 586
AVBOB 549 203 23 735 0 0 3 366 075 03 939 013 3 939 013
Bidvest Life 2 515 18 606 0 0 9 054 030 174 30 174
Cadiz Life 0 0 3 260 575 01 460 503 125 997 4 847 075 4 847 075
Centriq Life 5 093 3 444 45 312 011 444 065 293 65 293
Channel Life Limited 281 050 602 0762 379 1 157 597 1 970 859 1 970 859
Citadel Life 0 0 59 357 02 382 422 1 536 202 3 977 981 3 977 981
Clientele Life 420 0 0 32 280 700 913 1 332 930 2 066 543 2 066 543
Community Life 000184 6 591 06 775 6 775
Constantia Life and Health 756 0000 0756 756
Constantia Life Limited 18 458 0000 018 458 18 458
Coronation Life 0 0 56 753 219 0978 285 6 664 338 64 395 842 64 395 842
Covision Life (1 269) 00085 0(1 184) (1 184)
Discovery Life 1 860 996 259 4 426 656 104 473 16 875 923 022 405 171 22 405 171
Fedgroup Life 0 0 733 267 0252 0733 519 733 519
Frank Life 02 680 0289 908 03 877 3 877
Goodall & Co 00000 000
Guardrisk Life 41 998 416 025 012 456 3 001 113 03 471 592 3 471 592
Hollard Life 228 434 147 289 2 122 085 38 802 10 625 769 15 218 13 177 597 13 177 597
Investec Assurance Limited 0 0 53 904 339 023 466 018 6 498 214 83 868 571 84 540 167
IEB 0 0 41 737 024 748 493 015 559 500 559 500
Investment Solutions 0 0 192 452 361 013 516 991 0205 969 352 205 969 352
JDG Micro Life 593 31 090 0 0 41 733 073 416 73 569
KGA Life 3 656 0000 03 656 3 656
Land Bank Life 00000 000
Liberty 238 053 2 783 353 33 534 103 2 339 485 203 541 338 1 205 352 243 641 684 243 860 697
Lion Life 37 041 892 128 313 0744 25 082 192 072 192 072
Lombard Life 26 5 683 1 713 023 424 030 846 30 846
Metropolitan Life International 000033 474 033 474 117 719
Metropolitan Odyssey 0000248 782 0248 782 248 782
MMI Group 2 683 179 3 574 685 82 819 714 (1 642) 175 773 400 5 747 888 270 597 222 270 673 788
Momentum Ability 0116 505 0 0 1 375 066 01 491 571 1 521 835
MS Life 2 851 8 120 03 230 19 241 303 730 337 174 337 174
Nedgroup Life Assurance 00003 826 136 03 826 136 3 826 136
Nedgroup Structured Life 0 0 2 850 690 08 264 592 2 266 11 117 548 11 117 548
Nestlife Assurance 8 149 14 688 0 0 11 473 034 310 34 310
Netcare Life 00001 771 01 771 1 771
New Era 00000 000
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
Short name
In RSA Total in and
outside RSA
R’000
Assistance
R’000
Disability
R’000
Fund
R’000
Health
R’000
Life
R’000
Sinking fund
R’000
Total in RSA
R’000
Oasis Crescent 0000275 115 0275 115 275 115
Old Mutual Alternative Risk 0471 597 0 0 62 481 0534 078 534 078
Old Mutual Life 3 242 (592 451) 202 484 747 (307 413) 218 931 694 16 278 260 436 798 079 437 026 079
Outsurance Life Insurance Limited 000042 938 042 938 42 938
PPS 0(117 463) 04 343 716 18 126 458 022 352 711 22 352 711
Prescient Life 0 0 5 761 133 0203 288 28 203 5 992 624 5 992 624
Prudential Portfolio 0 0 5 933 175 0171 205 06 104 380 6 104 380
PSG Asset Management 0 0 2 609 404 07 089 267 756 706 10 455 378 10 455 378
Real People 35 00049 42 823 42 907 42 907
Regent Life 1 192 0138 846 0471 432 11 317 622 788 622 788
Relyant 000087 901 087 901 87 901
RMA Life 0 0 0 0 9 884 248 09 884 248 9 884 248
RMB 0366 0 0 1 264 1 358 250 1 359 880 1 359 880
Safrican Insurance 25 335 0001 447 284 01 472 619 1 472 619
SAHL 0942 0 0 25 245 026 187 26 187
Sanlam Customised 00000 000
Sanlam Developing Markets 408 0203 140 167 501 10 158 104 4 168 154 14 697 307 14 709 014
Sanlam Life Insurance Limited 02 425 834 48 291 451 349 364 232 761 426 2 891 897 286 719 972 291 949 807
SIS Life Company Limited 0 0 10 847 861 03 714 178 559 468 15 121 506 15 622 454
Smart Life 410 193 0 0 7 710 08 313 8 313
Stangen 3 742 000503 096 0506 838 506 838
Stanlib 00000 000
Superex 0 0 1 120 307 06 527 800 07 648 107 7 648 107
Sygnia Life 0 0 18 618 353 0 0 167 575 18 785 929 19 082 099
Ten-50-Six 00000 000
Union Life 303 403 000486 0303 888 303 888
Viva Life Insurance 00000 000
Vodacom Life 2 258 0000 02 258 2 258
Workers Life 4 866 03 305 05 679 013 850 13 850
Zurich Life SA Limited 00002 205 02 205 2 205
Total 4 219 011 11 279 158 788 743 894 7 156 839 1 018 896 116 57 448 173 1 887 743 191 1 895 096 602
Reinsurers
Gen Re 01 516 658 750 57 616 640 310 02 215 334 2 261 583
Hannover Life Re 5 111 280 064 0183 048 859 591 01 327 814 1 534 883
Munich Re 12 626 652 276 35 189 1 281 936 021 01 637 393 1 672 861
RGA Re 3 275 52 242 17 309 32 141 307 860 0412 827 415 862
Saxum Re 02 074 0 0 13 452 015 526 19 079
SCOR Africa 02 613 02 119 3 424 08 156 9 490
Swiss Re Life 01 399 127 017 568 345 906 01 762 601 1 857 401
Total 21 012 3 905 055 53 248 293 773 3 106 564 07 379 651 7 771 159
GRAND TOTAL 4 240 023 15 184 213 788 797 141 7 450 612 1 022 002 680 57 448 173 1 895 122 842 1 902 867 761
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
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
Short name
In RSA Total in and
outside RSA
R’000
Assistance
R’000
Disability
R’000
Fund
R’000
Health
R’000
Life
R’000
Sinking fund
R’000
Total in RSA
R’000
Oasis Crescent 0000275 115 0275 115 275 115
Old Mutual Alternative Risk 0471 597 0 0 62 481 0534 078 534 078
Old Mutual Life 3 242 (592 451) 202 484 747 (307 413) 218 931 694 16 278 260 436 798 079 437 026 079
Outsurance Life Insurance Limited 000042 938 042 938 42 938
PPS 0(117 463) 04 343 716 18 126 458 022 352 711 22 352 711
Prescient Life 0 0 5 761 133 0203 288 28 203 5 992 624 5 992 624
Prudential Portfolio 0 0 5 933 175 0171 205 06 104 380 6 104 380
PSG Asset Management 0 0 2 609 404 07 089 267 756 706 10 455 378 10 455 378
Real People 35 00049 42 823 42 907 42 907
Regent Life 1 192 0138 846 0471 432 11 317 622 788 622 788
Relyant 000087 901 087 901 87 901
RMA Life 00009 884 248 09 884 248 9 884 248
RMB 0366 0 0 1 264 1 358 250 1 359 880 1 359 880
Safrican Insurance 25 335 0001 447 284 01 472 619 1 472 619
SAHL 0942 0 0 25 245 026 187 26 187
Sanlam Customised 00000 000
Sanlam Developing Markets 408 0203 140 167 501 10 158 104 4 168 154 14 697 307 14 709 014
Sanlam Life Insurance Limited 02 425 834 48 291 451 349 364 232 761 426 2 891 897 286 719 972 291 949 807
SIS Life Company Limited 0 0 10 847 861 03 714 178 559 468 15 121 506 15 622 454
Smart Life 410 193 0 0 7 710 08 313 8 313
Stangen 3 742 000503 096 0506 838 506 838
Stanlib 00000 000
Superex 0 0 1 120 307 06 527 800 07 648 107 7 648 107
Sygnia Life 0 0 18 618 353 0 0 167 575 18 785 929 19 082 099
Ten-50-Six 00000 000
Union Life 303 403 000486 0303 888 303 888
Viva Life Insurance 00000 000
Vodacom Life 2 258 0000 02 258 2 258
Workers Life 4 866 03 305 05 679 013 850 13 850
Zurich Life SA Limited 00002 205 02 205 2 205
Total 4 219 011 11 279 158 788 743 894 7 156 839 1 018 896 116 57 448 173 1 887 743 191 1 895 096 602
Reinsurers
Gen Re 01 516 658 750 57 616 640 310 02 215 334 2 261 583
Hannover Life Re 5 111 280 064 0183 048 859 591 01 327 814 1 534 883
Munich Re 12 626 652 276 35 189 1 281 936 021 01 637 393 1 672 861
RGA Re 3 275 52 242 17 309 32 141 307 860 0412 827 415 862
Saxum Re 02 074 0 0 13 452 015 526 19 079
SCOR Africa 02 613 02 119 3 424 08 156 9 490
Swiss Re Life 01 399 127 017 568 345 906 01 762 601 1 857 401
Total 21 012 3 905 055 53 248 293 773 3 106 564 07 379 651 7 771 159
GRAND TOTAL 4 240 023 15 184 213 788 797 141 7 450 612 1 022 002 680 57 448 173 1 895 122 842 1 902 867 761
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)
Short name
In RSA
Total
in and
outside RSA
R’000
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
Borrowings
R’000
Other
R’000
Total
in RSA
R’000
Primary
1Life Limited 20 549 8 034 0 0 0 52 090 0 80 674 80 674
Absa Life 99 684 99 900 0 0 40 016 86 945 116 154 442 699 442 699
African Unity 17 451 0 6 117 0 986 20 080 999 45 633 45 633
AIG Life 96 452 0 0 0 0 0 37 276 133 728 133 728
Alex Forbes Life 41 184 0 100 331 0 8 065 1 076 835 4 124 1 230 539 1 230 539
Allan Gray 0 0 0 0 8 023 9 593 0 17 616 17 616
Assupol Life 67 741 0 0 0 0 132 380 11 532 211 653 211 653
AVBOB 39 576 0 0 0 215 482 140 264 195 212 590 534 590 534
Bidvest Life 5 249 0 416 0 13 050 3 926 0 22 641 22 641
Cadiz Life 0 0 0 0 0 0 3 537 3 537 3 537
Centriq Life 1 799 0 4 398 0 112 8 111 0 14 420 14 420
Channel Life Limited 157 301 0 41 010 0 46 634 153 677 108 254 506 875 506 875
Citadel Life 0 0 0 0 558 2 074 0 2 632 2 632
Clientele Life 15 893 502 0 0 19 106 80 119 43 222 158 842 158 842
Community Life 16 30 0 0 2 271 336 6 775 9 428 9 428
Constantia Life and Health 67 0 0 0 711 1 278 0 2 056 2 056
Constantia Life Limited 22 0 0 0 0 0 830 853 853
Coronation Life 0 0 0 0 0 14 501 0 14 501 14 501
Covision Life 2 657 0 19 053 0 0 7 009 3 043 31 762 31 762
Discovery Life 0 0 7 541 0 43 431 929 791 11 562 992 325 992 325
Fedgroup Life 229 561 2 796 0 0 166 96 3 848 3 848
Frank Life 7 463 0 2 296 0 0 15 445 3 521 28 725 28 725
Goodall & Co 0 0 0 0 0 0 359 359 359
Guardrisk Life 96 928 0 9 475 0 27 730 26 716 0 160 849 160 849
Hollard Life 254 587 0 77 581 0 96 084 467 824 0 896 076 896 076
Investec Assurance Limited 0 0 0 0 (1 569) 1 999 1 500 690 1 501 120 1 514 150
IEB 13 485 0 0 0 42 856 84 127 53 765 194 233 194 233
Investment Solutions 0 0 0 0 99 027 370 920 0 469 947 469 947
JDG Micro Life 7 733 0 0 0 0 4 480 0 12 213 12 213
KGA Life 372 0 0 0 943 3 638 3 670 8 623 8 623
Land Bank Life 0 0 0 0 0 0 0 0 0
Liberty 4 316 863 0 211 0 1 142 606 3 334 485 5 356 969 14 151 134 14 151 134
Lion Life 1 327 0 2 511 0 5 838 583 2 073 12 333 12 333
Lombard Life 10 284 0 46 943 0 101 8 574 5 641 71 543 71 543
Metropolitan Life International 0 0 0 0 0 12 0 12 12
Metropolitan Odyssey 0 0 0 0 0 2 500 0 2 500 2 500
MMI Group 3 478 741 0 15 984 0 (1 774 934) 9 270 710 8 603 841 19 594 343 19 594 343
Momentum Ability 35 686 0 3 772 0 36 881 31 346 0 107 685 109 166
MS Life 5 007 0 1 264 0 0 462 15 174 21 907 21 907
Nedgroup Life Assurance 198 273 0 0 0 6 327 121 261 51 325 912 325 912
Nedgroup Structured Life 0 0 0 0 0 1 047 0 1 047 1 047
Nestlife Assurance 11 389 0 215 0 168 2 735 0 14 507 14 507
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
Short name
In RSA
Total
in and
outside RSA
R’000
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
Borrowings
R’000
Other
R’000
Total
in RSA
R’000
Primary
1Life Limited 20 549 8 034 0 0 0 52 090 0 80 674 80 674
Absa Life 99 684 99 900 0 0 40 016 86 945 116 154 442 699 442 699
African Unity 17 451 0 6 117 0 986 20 080 999 45 633 45 633
AIG Life 96 452 0 0 0 0 0 37 276 133 728 133 728
Alex Forbes Life 41 184 0 100 331 0 8 065 1 076 835 4 124 1 230 539 1 230 539
Allan Gray 0 0 0 0 8 023 9 593 0 17 616 17 616
Assupol Life 67 741 0 0 0 0 132 380 11 532 211 653 211 653
AVBOB 39 576 0 0 0 215 482 140 264 195 212 590 534 590 534
Bidvest Life 5 249 0 416 0 13 050 3 926 0 22 641 22 641
Cadiz Life 0 0 0 0 0 0 3 537 3 537 3 537
Centriq Life 1 799 0 4 398 0 112 8 111 0 14 420 14 420
Channel Life Limited 157 301 0 41 010 0 46 634 153 677 108 254 506 875 506 875
Citadel Life 0 0 0 0 558 2 074 0 2 632 2 632
Clientele Life 15 893 502 0 0 19 106 80 119 43 222 158 842 158 842
Community Life 16 30 0 0 2 271 336 6 775 9 428 9 428
Constantia Life and Health 67 0 0 0 711 1 278 0 2 056 2 056
Constantia Life Limited 22 0 0 0 0 0 830 853 853
Coronation Life 0 0 0 0 0 14 501 0 14 501 14 501
Covision Life 2 657 0 19 053 0 0 7 009 3 043 31 762 31 762
Discovery Life 0 0 7 541 0 43 431 929 791 11 562 992 325 992 325
Fedgroup Life 229 561 2 796 0 0 166 96 3 848 3 848
Frank Life 7 463 0 2 296 0 0 15 445 3 521 28 725 28 725
Goodall & Co 0 0 0 0 0 0 359 359 359
Guardrisk Life 96 928 0 9 475 0 27 730 26 716 0 160 849 160 849
Hollard Life 254 587 0 77 581 0 96 084 467 824 0 896 076 896 076
Investec Assurance Limited 0 0 0 0 (1 569) 1 999 1 500 690 1 501 120 1 514 150
IEB 13 485 0 0 0 42 856 84 127 53 765 194 233 194 233
Investment Solutions 0 0 0 0 99 027 370 920 0 469 947 469 947
JDG Micro Life 7 733 0 0 0 0 4 480 0 12 213 12 213
KGA Life 372 0 0 0 943 3 638 3 670 8 623 8 623
Land Bank Life 0 0 0 0 0 0 0 0 0
Liberty 4 316 863 0 211 0 1 142 606 3 334 485 5 356 969 14 151 134 14 151 134
Lion Life 1 327 0 2 511 0 5 838 583 2 073 12 333 12 333
Lombard Life 10 284 0 46 943 0 101 8 574 5 641 71 543 71 543
Metropolitan Life International 0 0 0 0 0 12 0 12 12
Metropolitan Odyssey 0 0 0 0 0 2 500 0 2 500 2 500
MMI Group 3 478 741 0 15 984 0 (1 774 934) 9 270 710 8 603 841 19 594 343 19 594 343
Momentum Ability 35 686 0 3 772 0 36 881 31 346 0 107 685 109 166
MS Life 5 007 0 1 264 0 0 462 15 174 21 907 21 907
Nedgroup Life Assurance 198 273 0 0 0 6 327 121 261 51 325 912 325 912
Nedgroup Structured Life 0 0 0 0 0 1 047 0 1 047 1 047
Nestlife Assurance 11 389 0 215 0 168 2 735 0 14 507 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
Short name
In RSA
Total
in and
outside RSA
R’000
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
Borrowings
R’000
Other
R’000
Total
in RSA
R’000
Netcare Life 0 0 0 0 0 1 059 0 1 059 1 059
New Era 0 0 0 0 0 0 0 0 0
Oasis Crescent 0 0 0 0 702 1 506 1 084 3 292 3 292
Old Mutual Alternative Risk 25 269 0 12 386 0 4 851 12 416 1 798 56 720 56 720
Old Mutual Life 1 988 597 0 64 857 0 4 390 122 32 556 842 363 199 39 363 617 39 508 112
Outsurance Life Insurance Limited 15 577 0 1 216 0 0 11 956 4 679 33 428 33 428
PPS 203 250 32 637 114 031 0 0 0 93 276 443 195 443 195
Prescient Life 0 0 0 0 639 1 767 0 2 406 2 406
Prudential Portfolio 0 0 0 0 0 364 139 503 503
PSG Asset Management 0 0 0 0 0 52 104 0 52 104 52 104
Real People 0 0 0 0 2 242 4 406 6 461 13 109 13 109
Regent Life 41 988 0 3 541 0 48 010 97 615 41 680 232 835 232 835
Relyant 6 170 0 0 0 0 1 597 0 7 767 7 767
RMA Life 0 0 0 0 0 5 577 0 5 577 5 577
RMB 320 0 372 0 0 0 1 129 1 821 1 821
Safrican Insurance 2 212 0 0 0 2 981 77 375 7 323 89 892 89 892
SAHL 12 884 0 2 121 0 473 1 148 4 121 20 746 20 746
Sanlam Customised 0 0 0 0 0 0 0 0 0
Sanlam Developing Markets 132 612 94 513 12 125 0 137 137 510 405 696 881 1 583 673 1 583 673
Sanlam Life Insurance Limited 2 241 833 1 235 183 26 117 0 2 547 771 7 680 448 0 13 731 352 13 731 352
SIS Life Company Limited 0 0 0 0 3 197 14 939 771 18 907 18 907
Smart Life 49 0 513 0 637 7 232 768 9 200 9 200
Stangen 47 137 0 21 150 0 12 141 78 162 0 158 590 158 590
Stanlib 0 0 0 0 3 167 39 318 389 42 874 42 874
Superex 0 0 0 0 10 122 22 526 0 32 648 32 648
Sygnia Life 0 0 0 0 583 10 807 0 11 391 11 391
Ten-50-Six 0 0 0 0 0 0 0 0 0
Union Life 3 767 0 0 0 1 969 13 322 14 231 33 289 33 289
Viva Life Insurance 0 0 0 0 0 0 0 0 0
Vodacom Life 0 0 2 490 0 0 0 2 971 5 461 5 461
Workers Life 0 0 0 0 429 0 21 991 22 420 22 420
Zurich Life SA Limited 0 23 0 0 0 505 1 004 1 532 1 532
Total 13 725 673 1 471 384 602 833 0 7 247 678 57 671 438 17 352 267 98 071 272 98 230 278
Reinsurers
Gen Re 542 040 0 57 339 422 466 17 627 0 617 894 625 912
Hannover Life Re 122 792 0 0 515 353 0 77 086 0 715 232 717 781
Munich Re 0 0 140 383 12 720 71 446 25 150 0 249 699 249 699
RGA Re 548 607 0 20 980 673 377 2 109 5 702 16 519 1 267 294 1 267 294
Saxum Re 1 832 0 1 184 0 0 0 0 3 016 3 062
SCOR Africa 28 315 0 20 974 16 258 0 4 206 0 69 753 73 563
Swiss Re Life 144 087 710 205 0 0 0 9 143 72 725 936 160 1 052 807
Total 1 387 673 710 205 240 860 1 218 130 74 021 138 914 89 244 3 859 048 3 990 118
GRAND TOTAL 15 113 346 2 181 589 843 693 1 218 130 7 321 699 57 810 352 17 441 511 101 930 320 102 220 396
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
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
Short name
In RSA
Total
in and
outside RSA
R’000
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
Borrowings
R’000
Other
R’000
Total
in RSA
R’000
Netcare Life 0 0 0 0 0 1 059 0 1 059 1 059
New Era 0 0 0 0 0 0 0 0 0
Oasis Crescent 0 0 0 0 702 1 506 1 084 3 292 3 292
Old Mutual Alternative Risk 25 269 0 12 386 0 4 851 12 416 1 798 56 720 56 720
Old Mutual Life 1 988 597 0 64 857 0 4 390 122 32 556 842 363 199 39 363 617 39 508 112
Outsurance Life Insurance Limited 15 577 0 1 216 0 0 11 956 4 679 33 428 33 428
PPS 203 250 32 637 114 031 0 0 0 93 276 443 195 443 195
Prescient Life 0 0 0 0 639 1 767 0 2 406 2 406
Prudential Portfolio 0 0 0 0 0 364 139 503 503
PSG Asset Management 0 0 0 0 0 52 104 0 52 104 52 104
Real People 0 0 0 0 2 242 4 406 6 461 13 109 13 109
Regent Life 41 988 0 3 541 0 48 010 97 615 41 680 232 835 232 835
Relyant 6 170 0 0 0 0 1 597 0 7 767 7 767
RMA Life 0 0 0 0 0 5 577 0 5 577 5 577
RMB 320 0 372 0 0 0 1 129 1 821 1 821
Safrican Insurance 2 212 0 0 0 2 981 77 375 7 323 89 892 89 892
SAHL 12 884 0 2 121 0 473 1 148 4 121 20 746 20 746
Sanlam Customised 0 0 0 0 0 0 0 0 0
Sanlam Developing Markets 132 612 94 513 12 125 0 137 137 510 405 696 881 1 583 673 1 583 673
Sanlam Life Insurance Limited 2 241 833 1 235 183 26 117 0 2 547 771 7 680 448 0 13 731 352 13 731 352
SIS Life Company Limited 0 0 0 0 3 197 14 939 771 18 907 18 907
Smart Life 49 0 513 0 637 7 232 768 9 200 9 200
Stangen 47 137 0 21 150 0 12 141 78 162 0 158 590 158 590
Stanlib 0 0 0 0 3 167 39 318 389 42 874 42 874
Superex 0 0 0 0 10 122 22 526 0 32 648 32 648
Sygnia Life 0 0 0 0 583 10 807 0 11 391 11 391
Ten-50-Six 0 0 0 0 0 0 0 0 0
Union Life 3 767 0 0 0 1 969 13 322 14 231 33 289 33 289
Viva Life Insurance 0 0 0 0 0 0 0 0 0
Vodacom Life 0 0 2 490 0 0 0 2 971 5 461 5 461
Workers Life 0 0 0 0 429 0 21 991 22 420 22 420
Zurich Life SA Limited 0 23 0 0 0 505 1 004 1 532 1 532
Total 13 725 673 1 471 384 602 833 0 7 247 678 57 671 438 17 352 267 98 071 272 98 230 278
Reinsurers
Gen Re 542 040 0 57 339 422 466 17 627 0 617 894 625 912
Hannover Life Re 122 792 0 0 515 353 0 77 086 0 715 232 717 781
Munich Re 0 0 140 383 12 720 71 446 25 150 0 249 699 249 699
RGA Re 548 607 0 20 980 673 377 2 109 5 702 16 519 1 267 294 1 267 294
Saxum Re 1 832 0 1 184 0 0 0 0 3 016 3 062
SCOR Africa 28 315 0 20 974 16 258 0 4 206 0 69 753 73 563
Swiss Re Life 144 087 710 205 0 0 0 9 143 72 725 936 160 1 052 807
Total 1 387 673 710 205 240 860 1 218 130 74 021 138 914 89 244 3 859 048 3 990 118
GRAND TOTAL 15 113 346 2 181 589 843 693 1 218 130 7 321 699 57 810 352 17 441 511 101 930 320 102 220 396
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)
Short name
Percentage of net premiums Individual and grouped individual Fund and group
Benets paid
and provided
for %
Operating
expenses
%
Acquisition
costs
%
Investment
yield
%
Lapse ratio
%
Termination
ratio
%
Contractual
termination
ratio
%
Growth in
number of
policies during
this nancial
period
%
Termination
ratio
%
Growth in
number of
schemes during
this nancial
period
%
Primary
1Life Limited 16,78 94,64 0,00 4,17 44,86 0,00 0,72 30,08 18,87 0,00
Absa Life 89,10 5,80 7,81 12,59 74,85 1,16 1,72 6,22 0,00 0,00
African Unity 21,16 8,36 0,00 6,39 0,00 0,00 0,00 (70,62) 16,67 4,67
AIG Life 25,31 12,53 46,46 4,31 108,46 30,86 2,91 (6,92) 0,00 0,00
Alex Forbes Life 34,71 426,41 8,49 33,56 60,22 0,00 3,87 5,56 125,62 (4,70)
Allan Gray 89,32 0,00 0,00 16,78 0,00 3,90 6,54 8,99 127,78 (1,63)
Assupol Life 55,67 23,77 17,54 15,08 42,48 9,49 14,29 6,85 32,05 32,85
AVBOB 31,17 42,93 0,00 17,19 52,26 10,93 6,74 5,76 118,18 (0,88)
Bidvest Life 17,93 42,80 26,33 15,23 62,85 0,00 0,19 17,62 0,00 (91,67)
Cadiz Life 43,81 0,15 0,00 0,23 0,00 15,50 0,00 15,32 28,57 58,14
Centriq Life 44,79 2,58 23,73 5,49 25,53 0,00 0,25 61,22 100,00 0,00
Channel Life Limited 54,34 5,79 4,19 3,13 1 770,41 911,52 497,96 (8,68) 100,00 0,00
Citadel Life 100,60 8,05 0,00 13,59 0,00 603,58 61,65 (23,72) 0,00 0,00
Clientele Life 44,10 16,23 47,22 10,80 81,07 7,56 2,36 (3,43) 0,00 0,00
Community Life 90,72 292,27 0,00 7,75 0,00 0,00 0,00 (9,84) 0,00 0,00
Constantia Life and Health 46,67 4,08 45,17 8,24 0,00 0,00 0,00 1,74 0,00 0,00
Constantia Life Limited 26,68 51,21 6,92 18,17 375,00 0,00 314,76 (1,50) 0,00 (33,33)
Coronation Life 88,21 0,00 0,00 0,02 0,00 6,32 1,17 32,96 236,84 (11,78)
Covision Life 0,00 75,92 0,00 1,13 0,00 0,00 0,00 (16,08) 0,00 0,00
Discovery Life 40,65 14,06 17,12 6,14 49,15 8,30 1,28 7,23 45,21 10,70
Fedgroup Life 87,00 0,26 1,21 8,52 0,00 0,00 0,00 0,00 22,54 35,71
Frank Life 19,17 30,56 85,33 1,73 89,14 0,00 0,03 8,11 0,00 0,00
Goodall & Co 0,00 0,00 0,00 1,56 0,00 0,00 0,00 0,00 0,00 0,00
Guardrisk Life 19,98 3,44 0,00 9,20 27,31 0,01 2,20 23,71 18,75 65,00
Hollard Life 58,29 25,85 0,00 4,01 89,73 0,58 1,41 3,10 63,21 12,25
Investec Assurance Limited 83,80 0,59 0,00 14,80 0,00 61,91 0,00 4,62 36,84 8,11
IEB 95,87 11,41 1,94 12,50 0,00 0,18 0,05 3 946,92 0,00 0,00
Investment Solutions 99,94 2,83 0,00 17,94 0,00 32,02 14,99 4,63 158,62 (5,15)
JDG Micro Life 13,61 19,09 3,71 3,17 6,92 0,00 2,10 9,81 0,00 0,00
KGA Life 42,87 19,84 36,55 12,00 77,52 0,00 1,96 15,47 0,00 0,00
Land Bank Life 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Liberty 90,99 14,02 8,83 15,93 49,05 26,09 20,82 0,12 108,22 (8,61)
Lion Life 52,22 27,97 28,77 14,27 2,85 0,00 0,54 306,04 91,74 10,87
Lombard Life 25,32 41,76 160,80 2,15 40,50 0,00 0,51 28,10 91,13 1,00
Metropolitan Life International 48,04 4,94 0,00 0,09 0,00 14,95 0,93 88,24 0,00 0,00
Metropolitan Odyssey 0,00 0,00 0,00 6,97 0,00 0,00 0,00 (1,69) 0,00 0,00
MMI Group 88,53 8,70 4,90 17,22 75,83 7,25 10,23 2,21 80,70 3,60
Momentum Ability 29,90 0,84 0,00 1,02 63,09 0,00 6,22 17,08 0,00 0,00
MS Life 38,23 23,35 5,51 1,40 85,27 0,00 1,02 14,16 538,46 (36,77)
Nedgroup Life Assurance 28,41 9,80 17,09 4,48 52,21 2,94 3,60 23,34 0,00 0,00
Nedgroup Structured Life 86,03 0,20 1,01 14,34 0,00 55,09 25,71 1,37 104,76 (1,22)
Nestlife Assurance 40,38 16,15 33,36 2,27 29,34 0,00 1,82 27,00 230,00 (18,31)
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
Short name
Percentage of net premiums Individual and grouped individual Fund and group
Benets paid
and provided
for %
Operating
expenses
%
Acquisition
costs
%
Investment
yield
%
Lapse ratio
%
Termination
ratio
%
Contractual
termination
ratio
%
Growth in
number of
policies during
this nancial
period
%
Termination
ratio
%
Growth in
number of
schemes during
this nancial
period
%
Primary
1Life Limited 16,78 94,64 0,00 4,17 44,86 0,00 0,72 30,08 18,87 0,00
Absa Life 89,10 5,80 7,81 12,59 74,85 1,16 1,72 6,22 0,00 0,00
African Unity 21,16 8,36 0,00 6,39 0,00 0,00 0,00 (70,62) 16,67 4,67
AIG Life 25,31 12,53 46,46 4,31 108,46 30,86 2,91 (6,92) 0,00 0,00
Alex Forbes Life 34,71 426,41 8,49 33,56 60,22 0,00 3,87 5,56 125,62 (4,70)
Allan Gray 89,32 0,00 0,00 16,78 0,00 3,90 6,54 8,99 127,78 (1,63)
Assupol Life 55,67 23,77 17,54 15,08 42,48 9,49 14,29 6,85 32,05 32,85
AVBOB 31,17 42,93 0,00 17,19 52,26 10,93 6,74 5,76 118,18 (0,88)
Bidvest Life 17,93 42,80 26,33 15,23 62,85 0,00 0,19 17,62 0,00 (91,67)
Cadiz Life 43,81 0,15 0,00 0,23 0,00 15,50 0,00 15,32 28,57 58,14
Centriq Life 44,79 2,58 23,73 5,49 25,53 0,00 0,25 61,22 100,00 0,00
Channel Life Limited 54,34 5,79 4,19 3,13 1 770,41 911,52 497,96 (8,68) 100,00 0,00
Citadel Life 100,60 8,05 0,00 13,59 0,00 603,58 61,65 (23,72) 0,00 0,00
Clientele Life 44,10 16,23 47,22 10,80 81,07 7,56 2,36 (3,43) 0,00 0,00
Community Life 90,72 292,27 0,00 7,75 0,00 0,00 0,00 (9,84) 0,00 0,00
Constantia Life and Health 46,67 4,08 45,17 8,24 0,00 0,00 0,00 1,74 0,00 0,00
Constantia Life Limited 26,68 51,21 6,92 18,17 375,00 0,00 314,76 (1,50) 0,00 (33,33)
Coronation Life 88,21 0,00 0,00 0,02 0,00 6,32 1,17 32,96 236,84 (11,78)
Covision Life 0,00 75,92 0,00 1,13 0,00 0,00 0,00 (16,08) 0,00 0,00
Discovery Life 40,65 14,06 17,12 6,14 49,15 8,30 1,28 7,23 45,21 10,70
Fedgroup Life 87,00 0,26 1,21 8,52 0,00 0,00 0,00 0,00 22,54 35,71
Frank Life 19,17 30,56 85,33 1,73 89,14 0,00 0,03 8,11 0,00 0,00
Goodall & Co 0,00 0,00 0,00 1,56 0,00 0,00 0,00 0,00 0,00 0,00
Guardrisk Life 19,98 3,44 0,00 9,20 27,31 0,01 2,20 23,71 18,75 65,00
Hollard Life 58,29 25,85 0,00 4,01 89,73 0,58 1,41 3,10 63,21 12,25
Investec Assurance Limited 83,80 0,59 0,00 14,80 0,00 61,91 0,00 4,62 36,84 8,11
IEB 95,87 11,41 1,94 12,50 0,00 0,18 0,05 3 946,92 0,00 0,00
Investment Solutions 99,94 2,83 0,00 17,94 0,00 32,02 14,99 4,63 158,62 (5,15)
JDG Micro Life 13,61 19,09 3,71 3,17 6,92 0,00 2,10 9,81 0,00 0,00
KGA Life 42,87 19,84 36,55 12,00 77,52 0,00 1,96 15,47 0,00 0,00
Land Bank Life 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Liberty 90,99 14,02 8,83 15,93 49,05 26,09 20,82 0,12 108,22 (8,61)
Lion Life 52,22 27,97 28,77 14,27 2,85 0,00 0,54 306,04 91,74 10,87
Lombard Life 25,32 41,76 160,80 2,15 40,50 0,00 0,51 28,10 91,13 1,00
Metropolitan Life International 48,04 4,94 0,00 0,09 0,00 14,95 0,93 88,24 0,00 0,00
Metropolitan Odyssey 0,00 0,00 0,00 6,97 0,00 0,00 0,00 (1,69) 0,00 0,00
MMI Group 88,53 8,70 4,90 17,22 75,83 7,25 10,23 2,21 80,70 3,60
Momentum Ability 29,90 0,84 0,00 1,02 63,09 0,00 6,22 17,08 0,00 0,00
MS Life 38,23 23,35 5,51 1,40 85,27 0,00 1,02 14,16 538,46 (36,77)
Nedgroup Life Assurance 28,41 9,80 17,09 4,48 52,21 2,94 3,60 23,34 0,00 0,00
Nedgroup Structured Life 86,03 0,20 1,01 14,34 0,00 55,09 25,71 1,37 104,76 (1,22)
Nestlife Assurance 40,38 16,15 33,36 2,27 29,34 0,00 1,82 27,00 230,00 (18,31)
74
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
Percentage of net premiums Individual and grouped individual Fund and group
Benets paid
and provided
for %
Operating
expenses
%
Acquisition
costs
%
Investment
yield
%
Lapse ratio
%
Termination
ratio
%
Contractual
termination
ratio
%
Growth in
number of
policies during
this nancial
period
%
Termination
ratio
%
Growth in
number of
schemes during
this nancial
period
%
Netcare Life 0,00 0,00 0,00 4,69 0,00 0,00 0,00 0,00 0,00 0,00
New Era 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Oasis Crescent 18,03 1,93 0,00 1,02 0,00 8,78 2,03 32,67 0,00 0,00
Old Mutual Alternative Risk 11,37 5,77 4,51 0,03 67,25 0,00 0,46 (18,93) 100,00 0,00
Old Mutual Life 102,27 15,24 5,22 30,16 34,40 24,34 12,27 5,57 50,49 1,94
Outsurance Life Insurance Limited 14,00 77,79 0,00 4,69 59,53 0,00 0,32 27,09 0,00 0,00
PPS 58,22 24,69 6,08 19,21 46,78 26,63 1,49 2,23 0,00 0,00
Prescient Life 86,86 0,33 0,00 16,68 0,00 10,56 0,00 80,38 50,00 13,75
Prudential Portfolio 74,81 1,90 0,01 23,12 0,00 0,00 0,00 13,79 69,23 12,90
PSG Asset Management 100,70 2,79 0,84 13,00 0,00 10,18 11,98 38,24 0,00 (0,84)
Real People 14,20 5,36 22,36 6,31 83,22 0,00 2,12 (22,61) 0,00 0,00
Regent Life 33,06 26,45 29,63 14,74 65,29 4,24 1,16 38,89 41,18 47,62
Relyant 31,86 1,88 0,02 5,04 20,72 0,00 53,45 11,61 0,00 0,00
RMA Life 175,76 0,00 0,00 10,61 0,00 0,00 22,45 (2,37) 0,00 0,00
RMB 373,17 90,61 0,67 20,31 22,98 0,00 0,05 220,23 0,00 0,00
Safrican Insurance 27,79 8,82 6,52 13,31 59,20 0,33 8,14 7,48 236,13 (14,78)
SAHL 38,68 33,74 0,00 4,88 76,61 0,00 5,98 1,91 0,00 0,00
Sanlam Customised 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Sanlam Developing Markets 57,14 6,57 16,02 16,39 56,77 6,49 6,33 10,19 31,08 31,29
Sanlam Life Insurance Limited 97,50 7,58 6,12 16,95 31,49 26,15 73,92 (2,56) 53,14 (41,64)
SIS Life Company Limited 84,80 0,00 0,00 0,00 0,00 0,00 4,14 15,08 117,65 (0,77)
Smart Life 14,55 151,60 0,00 0,75 5,20 2,47 0,45 197,26 0,00 0,00
Stangen 36,48 2,08 15,65 3,94 22,41 0,00 57,58 8,83 0,00 0,00
Stanlib 0,00 0,00 0,00 29,56 0,00 0,00 0,00 0,00 0,00 26,67
Superex 327,98 5,18 0,00 14,13 0,00 4 333,33 1 066,67 (5,72) 0,00 100,00
Sygnia Life 137,33 0,00 0,07 21,99 0,00 1 950,00 0,00 (12,71) 147,27 (4,97)
Ten-50-Six 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Union Life 47,38 48,02 0,00 15,68 60,12 0,12 7,54 10,37 10,00 23,08
Viva Life Insurance 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Vodacom Life 0,00 0,00 0,00 10,38 3,32 11,31 0,01 0,00 0,00 0,00
Workers Life 66,94 19,23 0,00 4,92 0,00 0,00 0,00 0,00 0,00 0,00
Zurich Life SA Limited 91,40 0,00 725,27 2,24 0,00 0,00 0,00 (77,63) 0,00 0,00
Reinsurers
Gen Re 72,35 2,97 3,06 6,25 0,00 0,00 0,00 0,00 0,00 0,00
Hannover Life Re 80,66 5,20 5,43 4,60 0,00 0,00 0,00 0,00 0,00 0,00
Munich Re 76,93 5,31 6,06 6,67 0,00 0,00 0,00 0,00 0,00 0,00
RGA Re 76,86 21,45 4,04 5,77 0,00 0,00 0,00 0,00 0,00 0,00
Saxum Re 78,51 51,28 2,18 5,64 0,00 0,00 0,00 0,00 0,00 0,00
SCOR Africa 80,97 15,91 10,14 2,12 0,00 0,00 0,00 0,00 0,00 0,00
Swiss Re Life 71,62 10,94 14,01 3,86 0,00 0,00 0,00 0,00 0,00 0,00
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
75
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
Short name
Percentage of net premiums Individual and grouped individual Fund and group
Benets paid
and provided
for %
Operating
expenses
%
Acquisition
costs
%
Investment
yield
%
Lapse ratio
%
Termination
ratio
%
Contractual
termination
ratio
%
Growth in
number of
policies during
this nancial
period
%
Termination
ratio
%
Growth in
number of
schemes during
this nancial
period
%
Netcare Life 0,00 0,00 0,00 4,69 0,00 0,00 0,00 0,00 0,00 0,00
New Era 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Oasis Crescent 18,03 1,93 0,00 1,02 0,00 8,78 2,03 32,67 0,00 0,00
Old Mutual Alternative Risk 11,37 5,77 4,51 0,03 67,25 0,00 0,46 (18,93) 100,00 0,00
Old Mutual Life 102,27 15,24 5,22 30,16 34,40 24,34 12,27 5,57 50,49 1,94
Outsurance Life Insurance Limited 14,00 77,79 0,00 4,69 59,53 0,00 0,32 27,09 0,00 0,00
PPS 58,22 24,69 6,08 19,21 46,78 26,63 1,49 2,23 0,00 0,00
Prescient Life 86,86 0,33 0,00 16,68 0,00 10,56 0,00 80,38 50,00 13,75
Prudential Portfolio 74,81 1,90 0,01 23,12 0,00 0,00 0,00 13,79 69,23 12,90
PSG Asset Management 100,70 2,79 0,84 13,00 0,00 10,18 11,98 38,24 0,00 (0,84)
Real People 14,20 5,36 22,36 6,31 83,22 0,00 2,12 (22,61) 0,00 0,00
Regent Life 33,06 26,45 29,63 14,74 65,29 4,24 1,16 38,89 41,18 47,62
Relyant 31,86 1,88 0,02 5,04 20,72 0,00 53,45 11,61 0,00 0,00
RMA Life 175,76 0,00 0,00 10,61 0,00 0,00 22,45 (2,37) 0,00 0,00
RMB 373,17 90,61 0,67 20,31 22,98 0,00 0,05 220,23 0,00 0,00
Safrican Insurance 27,79 8,82 6,52 13,31 59,20 0,33 8,14 7,48 236,13 (14,78)
SAHL 38,68 33,74 0,00 4,88 76,61 0,00 5,98 1,91 0,00 0,00
Sanlam Customised 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Sanlam Developing Markets 57,14 6,57 16,02 16,39 56,77 6,49 6,33 10,19 31,08 31,29
Sanlam Life Insurance Limited 97,50 7,58 6,12 16,95 31,49 26,15 73,92 (2,56) 53,14 (41,64)
SIS Life Company Limited 84,80 0,00 0,00 0,00 0,00 0,00 4,14 15,08 117,65 (0,77)
Smart Life 14,55 151,60 0,00 0,75 5,20 2,47 0,45 197,26 0,00 0,00
Stangen 36,48 2,08 15,65 3,94 22,41 0,00 57,58 8,83 0,00 0,00
Stanlib 0,00 0,00 0,00 29,56 0,00 0,00 0,00 0,00 0,00 26,67
Superex 327,98 5,18 0,00 14,13 0,00 4 333,33 1 066,67 (5,72) 0,00 100,00
Sygnia Life 137,33 0,00 0,07 21,99 0,00 1 950,00 0,00 (12,71) 147,27 (4,97)
Ten-50-Six 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Union Life 47,38 48,02 0,00 15,68 60,12 0,12 7,54 10,37 10,00 23,08
Viva Life Insurance 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Vodacom Life 0,00 0,00 0,00 10,38 3,32 11,31 0,01 0,00 0,00 0,00
Workers Life 66,94 19,23 0,00 4,92 0,00 0,00 0,00 0,00 0,00 0,00
Zurich Life SA Limited 91,40 0,00 725,27 2,24 0,00 0,00 0,00 (77,63) 0,00 0,00
Reinsurers
Gen Re 72,35 2,97 3,06 6,25 0,00 0,00 0,00 0,00 0,00 0,00
Hannover Life Re 80,66 5,20 5,43 4,60 0,00 0,00 0,00 0,00 0,00 0,00
Munich Re 76,93 5,31 6,06 6,67 0,00 0,00 0,00 0,00 0,00 0,00
RGA Re 76,86 21,45 4,04 5,77 0,00 0,00 0,00 0,00 0,00 0,00
Saxum Re 78,51 51,28 2,18 5,64 0,00 0,00 0,00 0,00 0,00 0,00
SCOR Africa 80,97 15,91 10,14 2,12 0,00 0,00 0,00 0,00 0,00 0,00
Swiss Re Life 71,62 10,94 14,01 3,86 0,00 0,00 0,00 0,00 0,00 0,00
REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO THE
MINISTER OF FINANCE
(a) The gures for New Era Life are not included due to the process of curatorship.
(b) The gures for Sanlam Customised Life are not included due to the process of deregistration.
76
FINANCIAL SERVICES BOARD
16TH ANNUAL REPORT OF THE
REGISTRAR OF LONG-TERM INSURANCE 2013
BASTION GRAPHICS
www.fsb.co.za
RP: 163/2015
ISBN: 978-0-621-43663-1

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