CONTENTS Page CORPORATE INFORMATION DIRECTORATE GROUP CHAIRMAN’S STATEMENT TO SHAREHOLDERS GROUP CHIEF OPERATING OFFICER’S REVI
Afre Corporation 2007 ANNUALR E P O R T CORPORATE INFORMATION REGISTERED OFFICE AND HEAD OFFICE ReNaissance Park Borrowdale Roa
DIRECTORATE 1 2 3 4 5 6 7 4 A f r i c a F i r s t R e N a i s s a n c e 1. 2. 3. 4. 5. 6. 7. Mrs S Ndhlovu - Group Chief Operat
8. Mr D Mboweni 9. Mr T. Ndebele 10. Mrs C Chetsanga 11. Mrs R P Kupara 12. Mr M Mujaji 13. Mr J Chikura 14. Prof. N Nyazema 8
CHAIRMAN’S STATEMENT Historical Financial Highlights SHALOM INTRODUCTION I am pleased to present the annual report to the membe
CHAIRMAN’S STATEMENT (continued) In terms of contribution to the Group, this segment contributed $17 trillion to shareholder pr
CHAIRMAN’S STATEMENT (continued) The board believes that the new brand will clearly position your company as an investment hold
GROUP CHIEF OPERATING OFFICER’S REPORT Sibusisiwe Ndhlovu Group Chief Operating Officer REVIEW OF OPERATIONS Preamble Afre Corp
GROUP CHIEF OPERATING OFFICER’S REPORT (continued) Operational Performance Holding Company Afre Corporation contributed 40.93%
GROUP CHIEF OPERATING OFFICER’S REPORT (continued) The bonus rates on the Deposit Administration Fund broadly reflect the inves
GROUP CHIEF OPERATING OFFICER’S REPORT (continued) Gross premium written (in millions) Underwriting loss (in millions) Combined
REPORT OF THE DIRECTORS The Directors present their report for the financial year ended 31 December 2007. 1. 1.1. 1.2. 2. Share
REPORT OF THE DIRECTORS 5.4. Directors’ Interest In Shares (continued) As at 31 December 2007, the Directors held the following
BOARD OF DIRECTORS SUBSIDIARY COMPANIES FIRST MUTUAL LIFE ASSURANCE COMPANY (PVT) LIMITED Non Executive Directors T Ndebele, I
CORPORATE GOVERNANCE The Group is committed to principles of good corporate governance based on the King ll report. The directo
CORPORATE GOVERNANCE (continued) addition to a basic salary package whilst a discretionary share purchase scheme is in place fo
CORPORATE GOVERNANCE INTERNAL AUDIT (continued) The Internal Audit department headed by the Group Audit and Risk Management Exe
STATEMENT OF DIRECTORS’ RESPONSIBILITIES The Group inflation adjusted financial statements have been prepared in accordance wit
CERTIFICATE OF COMPLIANCE BY COMPANY SECRETARY In my capacity as Company Secretary of Africa First ReNaissance Corporation Limi
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AFRICA FIRST RENAISSANCE CORPORATION LIMITED (FORMERLY FIRST MUTUAL LIMITED) We
GROUP BALANCE SHEETS AS AT 31 DECEMBER 2007 2007 $ 'm Inflation adjusted 2006 $ 'm Restated Historical cost 2007 2006 $ 'm $ 'm
GROUP INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 Notes INCOME Gross premium income Unearned premium reserve Actuaria
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007 INFLATION ADJUSTED Share capital $ ‘m Share Adjustment
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007 (continued) HISTORICAL COST Share capital $ ‘m Share A
GROUP CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 Inflation adjusted 2 007 2 006 $ 'm $ 'm Restated 291 741 069 1
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 1 Corporate Information The Group inflation adjusted financial statements of
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.2 Basis of Consolidation i) Group “Shareholders’ Group” represents the con
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.3 Changes in Accounting Policies and Disclosures (continued) (continued) I
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.4 Significant Accounting Judgements, Estimates and Assumptions (continued)
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.2 Summary of Significant Accounting Policies (continued) Property, V
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.8 Summary of Significant Accounting Policies (continued) Financial I
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.8 Summary of Significant Accounting Policies (continued) Financial I
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.13 Summary of Significant Accounting Policies (continued) Revenue Re
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.16 Summary of Significant Accounting Policies (continued) (continued
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.17 Summary of Significant Accounting Policies (continued) (continued
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.21 Summary of Significant Accounting Policies (continued) Share Base
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 3 (b) i. Business Combinations and Acquisition of Minority Interests (contin
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 4 Property, Vehicles and Equipment Inflation adjusted Property $’m At 1 Janu
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated 64 831 568 99 626 432 164 458
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2006 $’m Restated 237 401 (continued) 2007 $’m 10 Reinsur
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated 14 Provisions Provision for lo
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated (continued) 18 Other Operating
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated 20 Earnings Per Share (continu
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 21.3 Share Consolidation Summary (continued) During the year the company had
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated (continued) 22 Commitments and
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated (continued) 23 Related Party D
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 24 Post Balance Sheet Events (continued) (continued) 24.2 Investment Propert
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 25 Group Financial Risk Management (continued) (continued) Insurance Risk (c
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 26 Segment Report (continued) Reinsurance - Life and Health FMRE Life and He
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 26 Segment Report (continued) (continued) Year ended 31 December 2007 Histor
COMPANY BALANCE SHEETS AS AT 31 DECEMBER 2007 Inflation adjusted 2007 2006 $'m $'m Restated Historical cost 2007 2006 $'m $'m R
SCHEDULES TO COMPANY BALANCE SHEETS AS AT 31 DECEMBER 2007 Inflation adjusted 2007 2006 $’m $’m Restated Historical cost 2007 2
SHAREHOLDERS INFORMATION Top 20 Shareholders as at 31 December 2007 Number Shareholder’s Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14
NOTICE TO SHAREHOLDERS Notice is hereby given that the fifth Annual General Meeting of the shareholders of AFRICA FIRST RENAISS
NOTICE TO SHAREHOLDERS a) b) c) d) 6. (continued) The Company is in a strong financial position and will, in the ordinary cours
SUBSIDIARY COMPANIES SUBSIDIARIES CONTACT DETAILS MANAGING DIRECTOR AFRICAN ACTUARIAL CONSULTANCY Arundel Office Park Block 6,
SUBSIDIARY COMPANIES (continued) SUBSIDIARIES CONTACT DETAILS MANAGING DIRECTOR Mr. T. T. Moyo FMRE LIFE & HEALTH FMRE Life & H
NOTES 2007 A N N U A L R E P O R T 59
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Afre Corporation 2007 ANNUALR E P O R T Afre Corporation Logo R
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CONTENTS Page CORPORATE INFORMATION DIRECTORATE GROUP CHAIRMAN’
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Afre Corporation 2007 ANNUALR E P O R T CORPORATE INFORMATION R
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DIRECTORATE 1 2 3 4 5 6 7 4 A f r i c a F i r s t R e N a i s s
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8. Mr D Mboweni 9. Mr T. Ndebele 10. Mrs C Chetsanga 11. Mrs R
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CHAIRMAN’S STATEMENT Historical Financial Highlights SHALOM INT
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CHAIRMAN’S STATEMENT (continued) In terms of contribution to th
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CHAIRMAN’S STATEMENT (continued) The board believes that the ne
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GROUP CHIEF OPERATING OFFICER’S REPORT Sibusisiwe Ndhlovu Group
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GROUP CHIEF OPERATING OFFICER’S REPORT (continued) Operational
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GROUP CHIEF OPERATING OFFICER’S REPORT (continued) The bonus ra
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GROUP CHIEF OPERATING OFFICER’S REPORT (continued) Gross premiu
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REPORT OF THE DIRECTORS The Directors present their report for
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REPORT OF THE DIRECTORS 5.4. Directors’ Interest In Shares (con
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BOARD OF DIRECTORS SUBSIDIARY COMPANIES FIRST MUTUAL LIFE ASSUR
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CORPORATE GOVERNANCE The Group is committed to principles of go
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CORPORATE GOVERNANCE (continued) addition to a basic salary pac
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CORPORATE GOVERNANCE INTERNAL AUDIT (continued) The Internal Au
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STATEMENT OF DIRECTORS’ RESPONSIBILITIES The Group inflation ad
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CERTIFICATE OF COMPLIANCE BY COMPANY SECRETARY In my capacity a
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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AFRICA FIRST REN
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GROUP BALANCE SHEETS AS AT 31 DECEMBER 2007 2007 $ 'm Inflation
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GROUP INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 Not
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GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECE
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GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECE
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GROUP CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 1 Corporate
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.2 Basis of
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.3 Changes
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.4 Signific
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.2 Su
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.8 Su
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.8 Su
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.13 S
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.16 S
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.17 S
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 2.5 2.5.21 S
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 3 (b) i. Bus
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 4 Property,
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 21.3 Share C
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 Inflation ad
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 24 Post Bala
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 25 Group Fin
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 26 Segment R
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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2007 26 Segment R
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COMPANY BALANCE SHEETS AS AT 31 DECEMBER 2007 Inflation adjuste
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SCHEDULES TO COMPANY BALANCE SHEETS AS AT 31 DECEMBER 2007 Infl
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SHAREHOLDERS INFORMATION Top 20 Shareholders as at 31 December
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NOTICE TO SHAREHOLDERS Notice is hereby given that the fifth An
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NOTICE TO SHAREHOLDERS a) b) c) d) 6. (continued) The Company i
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SUBSIDIARY COMPANIES SUBSIDIARIES CONTACT DETAILS MANAGING DIRE
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SUBSIDIARY COMPANIES (continued) SUBSIDIARIES CONTACT DETAILS M
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NOTES 2007 A N N U
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PROXY
African Annual Reports
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