2022 AVBOB Integrated Annual Report - FINANCIALS

101101 FINANCIAL STATEMENTS Continued AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES SUMMARISED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022 SOCIETY GROUP Restated Restated Notes 2022 2021 2022 2021 R 000 R 000 R 000 R 000 Revenue from contracts with customers Services - - 374 122 373 046 Goods - - 583 851 471 383 Total revenue - - 957 973 844 429 Cost of goods and services 8 - - ( 691 127) ( 518 547) Gross profit - - 266 846 325 882 Premium revenue 6 5 737 542 5 193 027 5 737 542 5 193 027 Investment income* 1 275 048 777 918 1 219 140 729 710 Interest income on financial assets at amortised cost 445 679 176 854 469 538 201 059 Other gains/(losses)* 359 348 2 898 446 341 945 2 806 063 Net income 7 817 617 9 046 245 8 035 011 9 255 741 Contract benefits and claims 7 (2 683 851) (2 682 264) (2 681 471) (2 710 620) Expenses for the acquisition of insurance contracts ( 887 902) ( 867 241) ( 887 902) ( 867 241) Interest expenses ( 389 742) ( 153 046) ( 392 809) ( 156 733) Marketing expenses 8 ( 513 171) ( 490 229) ( 547 640) ( 519 577) Operating and administrative expenses 8 ( 751 307) ( 758 163) ( 875 900) ( 879 954) Expenses for asset management services ( 167 631) ( 128 741) ( 167 631) ( 128 741) Profit before transfer to policyholder liabilities 2 424 013 3 966 561 2 481 658 3 992 875 Transfer to policyholder liabilities 15 (2 303 696) (3 669 695) (2 300 553) (3 684 860) Profit before income tax 120 317 296 866 181 105 308 015 Income tax ( 117 735) ( 260 454) ( 144 243) ( 295 111) PROFIT FOR THE YEAR 2 582 36 412 36 862 12 904 Other comprehensive income/(loss) Items that will not be reclassified to profit or loss Gains/(losses) on revaluation of land and buildings 14 983 3 858 18 126 ( 11 307) Realisation of depreciation ( 3 040) ( 2 844) ( 101) ( 3 381) Net change in liabilities for insurance contracts arising from unrealised gains on owner-occupied properties ( 11 943) ( 1 014) ( 18 025) 14 688 Remeasurement of the net defined employee benefits ( 82) 173 205 410 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2 500 36 585 37 067 13 314 * Refer to note 21 of the notes to the summarised financial statements regarding the restatement of the 2021 comparatives.