New business
PVP

35%

to R68 billion

Diluted
CORE HEADLINE EARNINGS

16%

to R3.2 billion

RETURN on
EMBEDDED
VALUE

13%

VALUE of
NEW BUSINESS

R850 million

+13% on
consistent basis

EXPENSE OPTIMISATION
PROJECT
on track

Total
DIVIDEND
increased to

157 cents

per share

DILUTED CORE HEADLINE EARNINGS contribution per division at 30 june 2016

Momentum Retail
Metropolitan Retail
Corporate and Public Sector
International
Shareholder capital

capital management

Economic capital June
2015
Rbn
June
2016
Rbn
Net asset value as per embedded value statement 16.5 16.9
Qualifying debt 3.3 3.5
Less: net asset value of strategic subsidiaries (2.0) (2.7)
Less: required capital (10.6) (10.0)
Capital before deployment 7.2 7.7
Deployed (2.9) (3.7)
Final dividend (1.5) (1.5)
Strategic initiatives (1.4) (2.2)
Capital buffer after deployment 4.3 4.0