Abridged Income Statement for the year ended 31 March 2004
| 2004 | 2003 |
Rm | Rm |
| Gross premium written | 336 | 551 |
| Outward reinsurance premium | (87) | (48 |
| Net premium written | 249 | 503 |
| |
| Net policy benefits | (133) | (96) |
| Net commission | (7) | (4) |
| Administration expenses | (35) | (29) |
| Underwriting profit | 74 | 374 |
| |
| Operating profit | 134 | 419 |
| Fair value adjustment on investment contracts | (9) | - |
| Transfer to policyholder liabilities | (105) | (372) |
| Profit before tax | 20 | 47 |
| Taxation | (4) | (12) |
| Profit for the year | 16 | 35 |
