2022 AVBOB Integrated Annual Report - FINANCIALS

1131 3 FINANCIAL STATEMENTS Continued AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) SOCIETY GROUP 2022 2021 2022 2021 R 000 R 000 R 000 R 000 7. CONTRACT BENEFITS AND CLAIMS Long-term insurance contracts and investment contracts with discretionary participation features 2 126 727 2 148 797 2 126 727 2 148 797 Death and disability claims 1 870 178 1 854 376 1 870 178 1 854 376 Maturities 941 1 301 941 1 301 Surrenders/lapses 255 608 293 120 255 608 293 120 Group scheme contracts Death and disability claims 204 086 215 390 204 086 215 390 Expenses 354 416 318 690 352 036 347 046 Insurance claims recovered from reinsurance Long-term insurance contracts ( 1 378) ( 613) ( 1 378) ( 613) NET BENEFITS 2 683 851 2 682 264 2 681 471 2 710 620 8. EXPENSES BY FUNCTION Comprising: - - 542 030 518 547 - - 31 152 30 339 - - 510 878 488 208 513 171 490 229 547 640 519 577 261 701 245 140 262 778 257 039 251 470 245 089 284 862 262 538 751 307 758 163 875 900 879 954 349 956 412 540 422 250 492 078 401 351 345 623 453 650 387 876 1 264 478 1 248 392 1 965 570 1 918 078 Number of full-time employees at 30 June 1 705 1 648 2 112 2 028 Number of representatives at 30 June 4 900 5 249 4 900 5 249 Other expenses Cost of goods and services Marketing expenses Employee benefit expenses Other expenses Employee benefit expenses Other expenses Operating and administrative expenses Employee benefit expenses