Clientèle Income Statement

Financials in millions ZAR. Fiscal year is July - June.

Millions ZAR. Fiscal year is Jul - Jun.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021
Premiums & Annuity Revenue	3,403	1,931	1,954	2,050	2,169
Total Interest & Dividend Income	-473.37	-355.23	-435.66	8.09	9.73
Gain (Loss) on Sale of Investments	1,133	843.6	766.73	285.28	507.1
Other Revenue	407.57	379.09	344.88	221	181.17
Total Revenue	4,470	2,799	2,630	2,564	2,867
Revenue Growth (YoY)	59.74%	6.41%	2.57%	-10.58%	-8.73%
Policy Benefits	2,944	1,760	1,789	322.55	533.24
Policy Acquisition & Underwriting Costs	-	-	-	-	1,149
Selling, General & Administrative	551.17	420.7	418.75	1,442	322.69
Provision for Bad Debts	6.46	-2.48	-0.65	3.25	-
Non-Insurance Activities Expense	34.44	40.54	24.85	13.22	14.88
Other Operating Expenses	-2.2	-2.94	-1.76	-1.4	-
Reinsurance Income or Expense	-	-	-	-6.95	52.39
Total Operating Expenses	3,534	2,215	2,230	1,787	1,967
Operating Income	936.26	583.2	399.96	777.17	900.12
Interest Expense	-39.5	-33.17	-25.43	-22.81	-20.27
Other Non Operating Income (Expenses)	-	-	-	-114.81	-301.6
EBT Excluding Unusual Items	896.76	550.03	374.53	639.55	578.25
Gain (Loss) on Sale of Assets	-	-	0.01	0.69	0.16
Other Unusual Items	403.15	-	-	-	-
Pretax Income	1,300	550.03	374.54	640.23	578.41
Income Tax Expense	240.56	216.12	28.13	219.88	186.15
Earnings From Continuing Ops.	1,059	333.91	346.41	420.35	392.26
Minority Interest in Earnings	-4.61	-3.97	-2.36	-	-
Net Income	1,055	329.94	344.05	420.35	392.26
Net Income to Common	1,055	329.94	344.05	420.35	392.26
Net Income Growth	219.68%	-4.10%	-18.15%	7.16%	19.40%
Shares Outstanding (Basic)	449	335	335	335	335
Shares Outstanding (Diluted)	454	336	336	336	336
Shares Change (YoY)	35.24%	0.02%	-0.01%	0.01%	0.02%
EPS (Basic)	2.35	0.98	1.03	1.25	1.17
EPS (Diluted)	2.32	0.98	1.02	1.25	1.17
EPS Growth	136.37%	-4.12%	-18.15%	7.14%	19.40%
Free Cash Flow	914.56	429.3	174.09	469.51	339.86
Free Cash Flow Per Share	2.01	1.28	0.52	1.40	1.01
Dividend Per Share	1.320	1.250	1.250	1.200	1.100
Dividend Growth	5.60%	-	4.17%	9.09%	15.79%
Operating Margin	20.94%	20.84%	15.21%	30.31%	31.39%
Profit Margin	23.59%	11.79%	13.08%	16.39%	13.68%
Free Cash Flow Margin	20.46%	15.34%	6.62%	18.31%	11.85%
EBITDA	963.4	596.78	413.02	790.73	914.93
EBITDA Margin	21.55%	21.32%	15.70%	30.84%	31.91%
D&A For EBITDA	27.14	13.58	13.06	13.55	14.81
EBIT	936.26	583.2	399.96	777.17	900.12
EBIT Margin	20.94%	20.84%	15.21%	30.31%	31.39%
Effective Tax Rate	18.51%	39.29%	7.51%	34.34%	32.18%

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.