Abridged Balance Sheets as at 31 March 2004

	2004	2003
	Rm	Rm
Assets
Non-current assets	772	532
Current assets	85	227
Total assets	857	759
Equity and liabilities
Capital and reserves	26	23
Interest of "L" ordinary shareholders and rent-a-captive policyholders	36	37
Policyholder liabilities	764	664
Current liabilities	31	35
Total equity and liabilities	857	759
Capital adequacy requirement (CAR)	19	8
CAR cover ration	3.1x	7.0x