Consolidated Abridged Income Statement*
for the year ended 31 March 2006

Guardrisk Insurance Company Limited
Reg. No. 1992/001639/06

**Group
Company
2006
2005
2006
2005
Rm
Rm
Rm
Rm
Premium written
2 448
2 201
2 416
2 107
Premium Refunds
(35)
(34)
(9)
(10)
Gross premium revenue
2 413
2 167
2 407
2 097
Outward reinsurance premiums
(663)
(721)
(663)
(656)
Net premium revenue
1 750
1 446
1 744
1 441
Unearned premium
(59)
(202)
(69)
(215)
Net earned premium
1 691
1 244
1 675
1 226
Net benefits to policyholders
(589)
(549)
(585)
(545)
Net operating expenses
(955)
(589)
(953)
(583)
Underwriting profit
147
106
137
98
Net investment income
162
144
160
142
Profit before taxation
309
250
297
240
Taxation
(84)
(69)
(84)
(69)
Net profit for the year
225
181
213
171

* This financial information has been prepared on the statutory basis
** Including operations in Mauritius