|
CLE
CLE
CLE - Clientele Life - Amendment to supplementary information provided in the
summarised unaudited group results for the six months ended 31 December 2006
CLIENTELE LIFE ASSURANCE COMPANY LIMITED
Incorporated in the Republic of South Africa
Registration Number : 1973/016606/06
Share Code : CLE
ISIN: ZAE000013397
("Clientele Life")
AMENDMENT TO SUPPLEMENTARY INFORMATION PROVIDED IN THE SUMMARISED UNAUDITED
GROUP RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2006.
Shareholders are referred to the Summarised Group Results for the Six Months
ended 31 December 2006 ("the 2007 interim results") as published on SENS on 26
February 2007. These aforementioned results incorporated, for the first time,
the results in respect of the IFA Life Cash Back Plan, a new product that was
introduced during the six month reporting period.
A subsequent quarterly actuarial and embedded value review revealed that certain
data in respect of this new product had been incorrectly incorporated in the
Embedded Value numbers as presented in the supplementary information to the 2007
interim results which need to be amended accordingly. The amendments are as
follows:
Previously reported
2006 2005 %
R`000 R`000 increase
Embedded Value
Value of excess assets
attributable to shareholders 97 236 81 217
Cost of Capital (9 451) (4 330)
Value of in force business 715 764 515 580 39
Embedded value 803 549 592 467 36
Value of new Business 176 263 98 058 80
Actual
2006 2005 %
R`000 R`000 increase
Embedded Value
Value of excess assets
attributable 97 236 81 217
to shareholders
Cost of Capital (9 451) (4 330)
Value of in force business 693 377 515 580 35
Embedded value 781 162 592 467 32
Value of new Business 160 497 98 058 64
We apologise to shareholders for the misstatement. A comprehensive review has
been conducted of our data extract programs, controls and procedures since the
detection of the misstatement and the 31 December 2006 data has been
interrogated again in-depth with input from our statutory actuaries, QED
Actuaries & Consultants (Pty) Limited. We are satisfied that the error was a
once-off anomaly and that our data extract programmes can be confidently relied
upon.
We are pleased to report that new business growth and the resultant growth in
the Embedded Value numbers since 31 December 2006 are strong and in line with
our expectations.
Johannesburg
20 June 1007
Sponsor
Nedbank Capital
Date: 20/06/2007 17:00:03 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
