Registrar of Long-term Insurance

N i n t h A n n u a l R e p o r t o f t h e Registrar of Long-term Insurance 2006

CONTENTS TABLE PAGE Report by the Registrar of Long-term Insurance 2 Names and addresses of registered long-term insurers 1 14 Transfers of long-term business 2 17 Policies for which long-term insurers were registered 3 22 Name changes of long-term insurers 4 25 Individual ranking 5 29 Individual market share 6 30 Net premiums received and outstanding 7 31 Net benefits paid and provided for 8 32 Movement in policyholder funds 9 33 Movement in shareholder funds 10 34 Movement in the number of policies/schemes in force 11 35 Assets 12 36 Liabilities under unmatured policies 13 37 Other insurance liabilities 14 38 Summary of key figures 15 39 Summary of key ratios 16 40 Contact information 41 Long-term Insurance

REPORT BY THE REGISTRAR OF LONG-TERM INSURANCE TO FINANCIAL THE MINISTER STATEMENTS OF FINANCE I, the Registrar of Long-term Insurance, hereby submit the ninth annual report in terms of section 5 of the Long-term Insurance Act, 1998 (Act). The text of the report, as well as the information contained in tables 1 to 4, relate to the period 1 January 2006 to 31 December 2006. Tables 5 to 16 contain figures for long-term insurance companies with financial years ending during 2006 1. 1. Industry Overview 1.1 General Net premium income for primary insurers increased by 32.3% during 2006 compared to an increase of 8.2% during 2005. The increase in premium income is again attributable to the high levels of credit growth in the household sector where credit life policies are taken out as protection against credit arrangements. Benefit payments increased by 29.4% compared to a 2.8% decrease for 2005. The excess of income over expenditure for primary insurers increased from R26.3 billion in 2005 to R34.1 billion in 2006. Assets showed an increase of 20.3%. The increase in the assets of primary insurers was mainly due to the strengthening of equity markets. The 2006-year reflected an increase in fixed interest, equity and collective investment schemes, and immovable property investments by long-term insurers. The ratio of assets to liabilities for primary insurers is 1.09 compared to 1.10 in 2005. Compliance with the Financial Sector Charter International financial reporting standards (IFRS), i.e. IFRS 4 the implementation of Phase 1 and the possible impact of the proposals in Phase 2: Valuation of insurance contracts Addressing the needs of the low income market for appropriate products Technology High terminations in fund and group policies Public confidence in the industry Matching of assets and liabilities, in particular long dated assets backing long-term contracts Effective management of capital Consumerism. The following challenges continue to face the long-term insurance industry: Compliance with regulatory requirements. This includes the introduction of new regulatory requirements dealing with minimum early termination benefits of policies, i.e. implementation of the Statement of Intent signed by the Minister of Finance and the major players in the long-term insurance industry The introduction of new regulatory requirements, i.e. change in commission regulations Increased competition 1 The financial years of long-term insurers do not end on the same date and may cover periods other than 12 months. 2 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE 1.2 Financial summary Summary of the results of the primary long-term insurance industry: Primary insurers 2004 2005 2006 Change Change 04 to 05 05 to 06 R million R million R million % % Income: Net premiums 151 401 163 751 216 697 8.2 32.3 Investment income 42 057 46 828 53 869 11.3 15.0 Other income (709) 2 539 8 247 458.1 224.8 Total 92 749 213 118 278 813 0.6 30.8 Expenditure: Benefits 165 232 160 532 207 753 (2.8) 29.4 Management expenses 12 156 13 848 16 394 13.9 18.4 Commission 7 967 9 918 9 954 24.5 0.4 Other expenditure 4 581 2 532 10 578 (44.7) 317.8 Total 89 936 186 830 244 679 (1.6) 31.0 Excess of income over expenditure 2 813 26 288 34 134 834.5 29.8 Assets 908 517 1 058 438 1 272 819 6.5 20.3 Liabilities 820 043 966 166 1 163 899 7.8 20.5 Summary of the long-term business of reinsurers: Reinsurers 2004 2005 2006 Change Change 04 to 05 05 to 06 R million R million R million % % Income: Net premiums 2 693 2 717 2 911 0.9 7.1 Investment income 535 608 563 13.6 (7.4) Other income (15) 41 16 373.3 (61.0) Total 3 213 3 366 3 490 4.8 3.7 Expenditure: Benefits 1 674 1 975 2 006 18.0 1.6 Management expenses 166 162 201 (2.4) 24.1 Commission 460 250 223 (45.7) (10.8) Other expenditure 86 142 57 65.1 (59.9) Total 2 386 2 529 2 487 6.0 (1.7) Excess of income over expenditure 827 837 003.2 19.8 Assets 7 454 7 824 8 406 5.0 7.4 Liabilities 6 199 6 311 6 858.8 8.7 Long-term Insurance 3

REGISTRAR OF LONG-TERM INSURANCE 1.3 Investment spread The spread and categories of assets for primary insurers and reinsurers for the long-term insurance industry were as follows: 2004 2005 2006 Kinds of assets R million % R million % R million % In RSA: Cash and deposits 62 534 7 82 108 8 106 799 8 Fixed interest investments 141 812 15 114 468 11 150 821 12 Equities and collective investment schemes 421 198 46 542 614 51 675 963 53 Debentures and loan stock 54 835 6 100 762 9 93 262 7 Immovable properties 30 176 3 31 389 3 35 921 3 Fixed assets 1 176 0 3 102 0 3 336 0* Current assets 88 200 10 103 147 10 109 155 9 Foreign (covering domestic liabilities) 109 715 12 80 715 7 99 671 8 Foreign (covering foreign liabilities) 6 326 1 7 958 1 6 297 0* Total 915 972 100 1 066 263 100 1 281 225 100 * Result is less than 0.5% but not necessarily 0%. 1.4 Excess assets to capital adequacy requirement The number of times the Capital Adequacy Requirement (CAR) is covered by excess assets gives an indication of the financial strength of a long-term insurer. The median for long-term insurers with a 2006 financial year-end for which data was available at the time of writing was 2.8 (2005: 2.93). The minimum requirement is one. All insurers with a CAR cover below one have been investigated and corrective measures have been implemented. The following table gives a breakdown, based on available unaudited data, of the excess assets to CAR for long-term insurers with financial periods ending during 2004, 2005 and 2006: Excess assets to CAR Number of insurers 2004 2005 2006 Covered 0 1 times 6 1 1 Covered 1 2 times 13 20 24 Covered 2 5 times 37 36 33 Covered 5 10 times 8 11 15 Covered 10+ times 3 3 2 Total 67 71 75 4 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE 1.5 Primary insurance premiums 1.5.1 Classes of policies These diagrams show the net premiums according to the classes of policies of primary insurers in and outside the Republic of South Africa during 2005 and 2006: 2005 Total R63 75 million 2006 Total R26 697 million Life 49.9% Life 41.3% Assistance 1.6% Sinking fund 2.5% Disability 1.5% Assistance 1.4% Sinking fund 2.3% Disability 1.2% Health 1% Health 0.9% Fund 43.5% Fund 52.9% 1.5.2 Types of business in the RSA These diagrams show the net premiums according to the types of business in the Republic of South Africa of primary insurers during 2005 and 2006: 2005 Total R63 75 million 2006 Total R26 393 million Linked 55.4% Linked 55.4% Without-profit annuity 3.3% Without-profit annuity 3.3% With-profit annuity 1.3% With-profit business 9.7% Other 13.8% Marketrelated 16.5% With-profit annuity 1.3% With-profit business 9.7% Other 13.8% Marketrelated 16.5% Long-term Insurance 5

REGISTRAR OF LONG-TERM INSURANCE 1.6 Surrenders The chart below reflects the number of policies and the annualised premiums for surrenders of life business over the past five years. The figures exclude pension fund and group life business: 1.7 Lapses The chart below shows the number of policies and the annualised premiums for lapses of life business over the past five years. The figures exclude pension fund and group life business: 1 200 2 200 3 000 3 500 1 000 2 154 1 087 2 150 2 500 2 889 3 000 Thousand (Y1) 800 600 400 886 881 1979 2095 859 2019 884 2010 2 100 2 050 2 000 1 950 R million (Y2) Thousand (Y1) 2 000 1 500 1 000 1 866 1 847 1 377 1 647 2 152 1 495 2 238 1 688 2 439 2 500 2 000 1 500 1 000 R million (Y2) 200 1 900 500 500 0 2002 2003 2004 2005 2006 1 850 0 2002 2003 2004 2005 2006 0 Policies (Y1) Annualised premiums (Y2)* Policies (Y1) Annualised premiums (Y2)* * Annualised premiums refers to the amount of premium which must be paid annually to meet the contractual requirements of a policy. * Annualised premiums refers to the amount of premium which must be paid annually to meet the contractual requirements of a policy. Surrenders as a percentage of new business: Lapses as a percentage of new business: 2002 2003 2004 2005 2006 % % % % % Number of policies 19.7 14.7 15.3 11.9 14.8 Annualised premiums 23.1 27.0 25.0 25.6 21.5 2002 2003 2004 2005 2006 % % % % % Number of policies 30.6 27.4 26.6 22.7 33.1 Annualised premiums 21.8 23.8 26.6 26.6 31.0 6 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE 2. Economic trends in the insurance industry 2.1 Contribution to gross domestic product This graph shows the contribution by the long- and short-term insurance industries to the GDP from 1994 to 2006 (previous years percentages are sometimes adjusted by the South African Reserve Bank in their benchmarking and annual revision exercises): 3.0 2.5 2.0 2.3 2.6 2.3 2.4 2.2 2.6 2.4 2.3 2.1 2.0 2.3 2.5 2.1 1.5 1.0.5 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Percentage of GDP Source: South African Reserve Bank 2.2 The market capitalisation of the insurance sector on the JSE Limited The market capitalisation of the long-term insurance sector on the JSE Limited (JSE) amounted to R233.9 billion on 31 December 2006, or 4.64% of the total market capitalisation of the JSE. When Sanlam was listed on the JSE in December 1998 it contributed R19 billion to market capitalisation. When Old Mutual was listed on the JSE in July 1999 it contributed R45 billion to the market capitalisation. The graph shows the market capitalisation of the combined long- and short-term insurance sectors on the JSE since June 1995, as at 30 June each year until June 2004 and then from December 2004 as at 31 December each year: 300 R billion 250 262.32 200 190.20 150 100 76.80 100.80 99.91 77.66 136.06 148.60 127.99 105.37 122.57 164.50 50 48.60 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 Jun 2004 Dec 2004 2005 2006 Source: JSE Long-term Insurance 7

REGISTRAR OF LONG-TERM INSURANCE 3. Regulatory and policy developments 3.1 Advisory committee The Advisory Committee on Long-term Insurance is a statutory committee appointed by the Minister of Finance to investigate and advise on matters relating to the long-term insurance industry. The committee held four meetings during the period under review. 3.2 Micro-insurance A working group comprising representatives from the Financial Services Board (FSB) and National Treasury has been constituted to determine the way forward for the regulation of micro-insurance, which includes assistance business and short-term insurance business. The National Treasury has appointed Genesis Analytics as the consultants and they have been tasked to draft a discussion paper on micro-insurance. It is envisaged that this discussion paper will be circulated to all interested stakeholders for comments, after which plans will be put in place for the future regulation of micro-insurance. The International Association of Insurance Supervisors (IAIS) issues globally accepted principles, standards and guidance papers for insurance regulation and supervision. The IAIS through its Implementation Committee has expressed support for insurance markets in establishing a sound insurance supervisory system. In order to give practical support the IAIS created a joint working group to address the issues of micro-insurance. One member of the Insurance division took part in a workshop arranged by the IAIS on micro-insurance in Hyderabad, India from 31 August 2006 to 2 September 2006. The objective was to share the experience of providing micro-insurance products to low income earners, to look at the regulatory barriers to insurers accessing these markets and to develop an IAIS guidance paper on micro-insurance. Visits to low income rural insurance projects which encompassed health insurance, asset insurance and life insurance formed part of the programme. 3.3 Statement of Intent (SoI) The previous report refers to the SoI that was signed in December 2005 between the Life Offices Association (LOA) and the Minister of Finance. This agreement addresses ways to enhance values and benefits of certain existing and new savings policies. It also addresses ways to retrospectively rectify poor benefits paid under investment policies where contractual changes took place, going back to 1 January 2001. The products identified are mainly retirement annuity policies, fund member policies, endowment policies and other savings policies excluding fund policies. The SoI also includes a commitment by National Treasury to examine other issues affecting costs, including commission structures, disclosure standards and consumer education. National Treasury took responsibility to convert the SoI into regulations with the assistance of the FSB. A regulatory workgroup and an actuarial workgroup were established to address the new regulations. Following an intensive process the draft regulations were made available for public comment during October 2006. The regulation was published on 1 December 2006. National Treasury proposed further enhancements to the prescribed minimum values of investment policies in cases where contractual changes are made. 3.4 Commission regulations special provisions concerning commission on replacement policies The introduction of the minimum values to be paid when contractual changes are made to investment policies necessitated the introduction of further regulatory requirements. These requirements relate to the payment of commission on multiple premium investment policies that are replaced. National Treasury and the FSB were concerned that there could be an incentive for intermediaries to convince policyholders to terminate their existing policies and replace them with other policies as the regulations will prescribe that policyholders must receive a minimum benefit. 8 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE It was therefore decided to introduce special provisions regarding commission payments on replacement policies in the case of multiple premium investment policies. The new commission regulations prescribe that in the case of a replacement policy the same percentage commission must be applied to each of the premiums received on a multiple premium investment policy. No upfront commission payment is allowed in the case of a replacement policy. The new commission regulations on replacement policies became effective on 1 March 2007. 3.5 Discussion paper on contractual savings in the life insurance industry On 30 March 2006 the National Treasury distributed a discussion paper, called Contractual Savings in the Life Insurance Industry. The key recommendations made by National Treasury in the paper are: Efforts to lower costs and improve effective competition Regulatory changes to reduce the possibility of product opaqueness and conflicts of interest in the governance of retirement annuity funds Measures to better align the incentive structure of intermediaries with the interests of the client Continued regulation of commissions until there is evidence that other measures such as disclosure, consumer education and competition are effectively protecting policyholders, with the regulated level and structure of the sales commission subject to certain conditions Measures to ensure an improved safety net for investors in cases where the investor reduces or discontinues contributions to a contractual savings product. The release of the discussion paper was followed by a timetable, dividing the project into three work streams which would be addressed over the short, medium and long term. Outcomes that have already been finalised are the regulation of minimum values in cases where contractual changes are made to investment policies and also regulations to disincentivise churning of policies. Regulations covering these matters have been published. 3.6 Insurance group supervision The Insurance division continues to perform reviews on insurance groups with the co-operation of the management of insurers. The reviews are performed on an annual basis except in the case of the five larger groups, in which case reviews are also performed on a quarterly basis. The Insurance division is continuing with its investigation of the introduction of a formal approach to insurance group supervision. International developments are closely monitored and researched in this regard. 3.7 Risk-based supervision During the period under review the Insurance division implemented its risk-based supervision framework. Initial risk assessments were done on all registered insurance companies. Staff was trained in 2006 and will undergo further training during the course of the following year to ensure continuous improvement in the supervision process. 3.8 Unclaimed benefits The Insurance division issued a questionnaire on unclaimed insurance benefits to the long-term insurance industry on 15 June 2006. The purpose of the questionnaire was to determine the quantum of unclaimed benefits in the long-term insurance industry. 22 long-term insurers responded that they have unclaimed insurance benefits. The collective amount is R1.6 billion. The respondents indicated that unclaimed benefits are: Transferred to a general reserve Kept as current liabilities or policy liabilities indefinitely Accounted for as income after a period of five years, however, the insurer will pay a valid claim because the claim does not prescribe Forfeited for the benefit of other participating policyholders after a period of five years Transferred to the Guardian s Fund after a period of five years or if an executorship is served by a magistrate. The Insurance division will analyse the responses and decide on the way forward. Long-term Insurance 9

REGISTRAR OF LONG-TERM INSURANCE 3.9 Cross border operations The Insurance division did a survey to establish the extent of cross border operations of registered insurers with a view to: Monitor the group operations of insurance companies; Identify those jurisdictions with which the FSB may need to co-operate; and Assess the key risks to insurance companies. Insurers were requested to provide information on their global activities and business conducted within the SADC region for their financial years ending in 2005. The information included reinsurance business conducted on a cross border basis. The annual statutory return will be amended to provide for this information. Name changes of insurers are indicated in table 4 of this report. 4. Directives and information letters issued 4.1 Directives The Insurance division issued the following directives: Subject Number Issue date Application of SA GAAP to the requirements Differences between the annual financial statements and the long-term insurance return 140.B.iii(LT) 10 March 2006 Governance of discretionary participation products 147.A.i(LT) 04 December 2006 3.10 Registrations, variation of conditions of registration, run-offs and dormant insurers, transfers, and name changes New insurers registered, run-offs of business and dormant companies are indicated in table 3 of this report. Two licenses were granted to new long-term insurers during the review period and no licence was cancelled. The license of one long-term insurer was amended to restrict it from conducting new business. This was as a result of the inability of the insurer to comply with the requirement to submit annual statutory returns and meet other requests for information. The application for the transfer of part of the business from Investec Employee Benefits Limited to Liberty Group Limited was approved by the High Court on 22 November 2006. Papers opposing the transfer by a number of pension funds that were filed with the High Court were withdrawn before the final hearing. 4.2 Information letters The Insurance division issued the following information letters: Subject Number Issue date Cross-border operations of insurance companies 1/2006(LT&ST) 10 April 2006 Service level commitments by the Registrars of Long-term and Short-term Insurance 2/2006(LT&ST) 20 December 2006 Requirements for minimum values where contractual changes are made to savings policies 3/2006(LT) 21 December 2006 The application for the transfer of the entire business of Metropolitan Odyssey Limited to Metropolitan Life Limited was approved by the High Court on 6 December 2006. All prior years transfers of business between insurers are indicated in table 2 of this report. 10 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE 5. General information 5.1 Staff of the Insurance division of the Financial Services Board As at 31 December 2006 the staff complement of the Insurance division was as follows: Deputy Executive Officer 1 Heads of departments 3 Managers 6 Analysts 24 Specialist Analysts 2 Specialists 3 Administrative staff 6 Number % Black Female 19 43 White Female 6 13 Black Male 14 31 White Male 6 13 5.2 Alleged contraventions of the Act 5.2.1 Inspections The FSB requested one inspection on an entity that was alleged to have been conducting unregistered insurance business. This inspection has been finalised. The following table gives a breakdown of the cases that were inspected during 2005 and 2006: Activity Number of cases* 2005 2006 In progress 0 0 Finalised 8 1 Total 8 1 * May include cases relating to prior years. 5.2.2 Prosecutions Two entities whose cases were closed by the prosecuting authorities for lack of sufficient evidence in the previous review period have been reopened at the insistence of the FSB. One entity which was conducting unregistered insurance business in KwaZulu-Natal province pleaded guilty to the criminal charge and Executive Officer Rob Barrow (Registrar of Long-term Insurance) Deputy Executive Officer: Insurance Mashudu Munyai (Deputy Registrar of Long-term Insurance) was fined R16 000. The entity mentioned in 5.2.1 was referred to the prosecuting authorities for prosecution. Seven other entities which were found to have been conducting unregistered business were handed over for investigation and prosecution. The following table gives a breakdown of the cases that were referred for prosecution during 2005 and 2006: Activity Number of cases* 2005 2006 In progress 5 7 Head: Insurance Prudential Suzette Vogelsang Head: Insurance Compliance Jacky Huma Head: Insurance Registration and Policy Patrick Ward Finalised 1 1 Reopened 0 2 Total 6 10 * May include cases relating to prior years. Long-term Insurance 11

REGISTRAR OF LONG-TERM INSURANCE 5.3 On-site visits The Insurance division continues to conduct on-site visits. The visits focus on the various risk areas of insurers and include the following: Counterparty risk Market and balance sheet risk Insurance risk Operational risk Liquidity risk Strategic risk Group and contagion risk Legal and regulatory risk. The majority of insurers reported the following top five risks (not ranked) in their annual statutory returns: Reputational risk Operational risk Regulatory risk Investment risk Expense risk. 5.4 Consumer complaints This office received 308 complaints (2005: 286) during the period under review and 99% of these were resolved. Consumer complaints can be broadly categorised as follows: Consumer complaints Low maturity/investment performance 35% 5.5 Inducements The Insurance division became aware of and had identified certain practices as inducements. This prompted the division to conduct an industry-wide investigation to determine the prevalence of such practices. The division will analyse the results and decide on the way forward. One specific practice involves a long-term policy. The FSB held discussions with the company and made it clear that aspects of the benefits constitute an inducement. The company did not share the FSB s view and it was agreed that the company could seek a declaratory order from the courts. At the time of writing the report the outcome was not known. 5.6 Involvement in international developments 5.6.1 Southern African Development Community The Committee of Insurance, Securities and Non-banking Financial Authorities (CISNA), was established in June 1998. It consists of the regulatory authorities of capital markets, retirement funds, collective investment schemes, insurance companies and providers of intermediary services from the Southern African Development Community (SADC) countries. The secretariat for CISNA is located at the FSB. The main objectives of CISNA can be summarised as addressing the three principal challenges namely: market development, market harmonisation and systemic stability in the SADC region. During the year under review CISNA met at Victoria Falls in Zimbabwe on 27 and 28 April 2006 and in Ezulwini, Swaziland on 26 and 27 October 2006. Other/poor service 10% Claims disputes 20% Alleged Act/Policyholder Protection Rules contraventions 8% Misrepresentation/ Misselling 20% Premium refunds/other premium complaints 7% The Zimbabwe meeting focused on the projects identified during the special CISNA meeting held in South Africa in August 2004, updates on the activities of the Committee of SADC Stock Exchanges, FIRST Initiative s SADC training programme and understanding the operation of hedge funds and the regulation thereof. The Swaziland meeting focused on the progress made with the Finance and Investment Protocol and the harmonisation of the regulatory frameworks of CISNA. 12 Long-term Insurance

REGISTRAR OF LONG-TERM INSURANCE The SADC Finance and Investment Protocol was approved and signed by member states at the summit in Maseru, Lesotho on 17 August 2006. The FSB hosted the programme and the IAIS funded the training. Twenty-seven delegates from fifteen African countries attended the training seminar. 5.6.2 Memoranda of Understanding The FSB is party to a number of bilateral Memoranda of Understanding (MOU s) with international supervisors. A list of these supervisory authorities is available on the FSB website. 5.6.3 Membership of international associations The FSB is a member of the International Association of Insurance Supervisors (IAIS), the African Insurance Organisation (AIO) and of the Association of African Insurance Supervisory Authorities (AAISA). FSB staff members serve on the executive committees of IAIS and AAISA respectively and also act as secretary-general and treasurer of AAISA. The FSB attended the general assembly and executive committee meetings of the AAISA that were held in Cape Town, South Africa in May 2006. The objectives of the AAISA is to promote cross-border co-operation and sharing of information, assisting in the establishing, monitoring and developing of African insurance supervisory authorities, enhancing of standards of supervision on the African continent and discussion of issues of mutual concern. Membership of these international associations provides opportunities to participate in the formulation of principles, implementation of standards and focusing attention on the special needs of emerging market countries. Through its membership of the IAIS, the FSB is also committed to the sharing and transfer of knowledge to other emerging market jurisdictions in Africa. The IAIS Annual Conference took place in Beijing, China from 18 to 21 October 2006. The Deputy Executive Officer in his capacity as member of the Executive Committee of the IAIS, also attends the subcommittee meetings that are held three times a year. 5.6.4 Liaison with foreign supervisors The FSB is in regular contact with international supervisors, responds to numerous queries from abroad and liaises with Interpol in the policing of global financial fraud and crime. 6. Conclusion I, the Registrar, wish to record my appreciation for the cooperation this Office received from insurers and representative bodies of insurers, intermediary associations and consumer forums, as well as the auditing and actuarial professions. The close working relationship with the National Treasury is much appreciated. r j g barrow Registrar of Long-term Insurance 16 November 2007 The FSB s staff members are continuously involved in the ongoing work of the IAIS, including the hosting of an annual training seminar for African Insurance Supervisors. A training session on capital adequacy and risk assessment was hosted from 27 to 30 November 2006. Long-term Insurance 13

TABLE 1 - REGISTERED LONG-TERM INSURERS NAMES AND ADDRESSES* AS AT 31 DECEMBER 2006 Primary insurers POSTAL ADDRESS 1 1 Life Direct Insurance Limited P O Box 11250 Johannesburg 2000 2 Absa Life Limited P O Box 421 Johannesburg 2000 3 African Harvest Life Assurance Company Limited P O Box 51591 Waterfront 8002 4 African Life Assurance Company Limited P O Box 1941 Houghton 2041 5 AIG Life South Africa Limited P O Box 31983 Braamfontein 2017 6 Alexander Forbes Life Limited P O Box 787240 Sandton 2146 7 Algoa Insurance Company Limited P O Box 12270 Moffat Place 6002 8 Allan Gray Life Limited P O Box 51318 V&A Waterfront 8001 9 Alternative Channel Life Limited P O Box 1273 Parklands 2121 10 Anglo Dutch Life Limited Private Bag X50280 Waterfront 8002 11 Assupol Life P O Box 35900 Menlo Park 0102 12 AVBOB Mutual Assurance Society P O Box 1661 Pretoria 0001 13 Barinor Insurance Limited P O Box 3556 Tygervalley 7536 14 BOE Life Limited P O Box 149175 East End 4018 15 Capital Alliance Life Limited P O Box 10499 Johannesburg 2000 16 Centriq Life Insurance Company Limited P O Box 55674 Northlands 2116 17 Channel Life Limited P O Box 1273 Parklands 2121 18 Citadel Life Limited P O Box 23388 Claremont 7735 19 Clientele Life Assurance Company Limited P O Box 1316 Rivonia 2128 20 Constantia Life & Health Assurance Company Limited P O Box 1436 Cramerview 2060 21 Coronation Life Assurance Company Limited P O Box 993 Cape Town 8000 22 Corpcapital Life Insurance Limited P O Box 471917 Parklands 2121 23 Discovery Life Limited P O Box 3888 Rivonia 2128 24 E J Grobbelaar Insurance Company (Pty) Limited P O Box 4512 Pretoria 0001 25 Goodall and Bourne Assurance (Pty) Limited P O Box 2215 Cape Town 8000 26 Goodall and Company Funeral Assurance Society (Pty) Limited P O Box 2215 Cape Town 8000 27 Guardrisk Life Limited P O Box 786015 Sandton 2146 28 Hollard Life Assurance Company Limited P O Box 87428 Houghton 2041 29 HTG Life Limited P O Box 1781 Durbanville 7551 30 Investec Assurance Limited P O Box 4609 Cape Town 8000 14 Long-term Insurance

TABLE 1 - REGISTERED LONG-TERM INSURERS NAMES AND ADDRESSES* AS AT 31 DECEMBER 2006 Primary insurers POSTAL ADDRESS 31 Investec Employee Benefits Limited P O Box 785700 Sandton 2146 32 Investment Solutions Limited P O Box 786055 Sandton 2146 33 KGA Lewens Beperk P O Box 884 Bellville 7535 34 Liberty Active Limited P O Box 3329 Johannesburg 2000 35 Liberty Group Limited P O Box 10499 Johannesburg 2000 36 Lion of Africa Life Assurance Company Limited Private Bag X41 Mowbray 7705 37 M Cubed Life Limited P O Box 41259 Craighall 2024 38 McLife Assurance Company Limited P O Box 794 Durban 4000 39 Metropolitan Life International Limited P O Box 2212 Bellville 7535 40 Metropolitan Life Limited P O Box 2212 Bellville 7535 41 Metropolitan Odyssey Limited P O Box 4045 Tyger Valley 7536 42 Momentum Ability Limited P O Box 7400 Centurion 0046 43 Momentum Group Limited P O Box 7400 Centurion 0046 44 MS Life Assurance Company Limited P O Box 67335 Bryanston 2021 45 Nedgroup Life Assurance Company Limited P O Box 149175 East End 4018 46 Nestlife Assurance Corporation Limited P O Box 2919 Houghton 2041 47 Netcare Life Limited Private Bag X34 Benmore 2010 48 New Era Life Insurance Company Limited P O Box 31890 Braamfontein 2017 49 NIB Life Assurance Company Limited P O Box 149175 East End 4018 50 Old Mutual Alternative Risk Transfer Limited P O Box 455 Cape Town 8000 51 Old Mutual Life Assurance Company (South Africa) Limited P O Box 66 Cape Town 8000 52 Pinnafrica Life Limited P O Box 98758 Sloane Park 2052 53 Prescient Life Limited P O Box 31142 Tokai 7966 54 Professional Provident Society Insurance Company Limited P O Box 1089 Houghton 2041 55 Prosperity Insurance Company Limited P O Box 68871 Highveld Park 0169 56 Real People Assurance Company Limited P O Box 19610 Tecoma 5214 57 Regent Life Assurance Company Limited P O Box 4155 Edenvale 1610 58 Relyant Life Assurance Company Limited P O Box 47353 Greyville 4023 59 Rentmeester Assurance Limited P O Box 10499 Johannesburg 2000 60 RMA Life Assurance Company Limited P O Box 61413 Marshalltown 2107 Long-term Insurance 15

TABLE 1 - REGISTERED LONG-TERM INSURERS NAMES AND ADDRESSES* AS AT 31 DECEMBER 2006 Primary insurers POSTAL ADDRESS 61 RMB Structured Life Limited P O Box 652659 Benmore 2010 62 Saambou Life Assurers Limited P O Box 10499 Johannesburg 2000 63 SA Eagle Life Limited P O Box 61489 Marshalltown 2107 64 Safrican Insurance Company Limited P O Box 616 Johannesburg 2000 65 Sage Life Limited P O Box 7400 Centurion 0046 66 SAHL Life Assurance Company Limited P O Box 3918 Durban 4000 67 Sanlam Customised Insurance Limited P O Box 1 Sanlamhof 7532 68 Sanlam Life Insurance Limited P O Box 1 Sanlamhof 7532 69 Sekunjalo Life Assurance Limited Postnet Suite 96 Private Bag X3 Plumstead 7801 70 Sentry Assurance of South Africa Limited P O Box 1941 Houghton 2041 71 Standard General Insurance Company Limited, The Private Bag X170 Halfway House 1685 72 Stanlib Multi-Manager Limited P O Box 202 Melrose Arch 2076 73 Superflex Limited P O Box 786055 Sandton 2146 74 Ten-50-Six Life Limited P O Box 13567 Mowbray 7705 75 Universal Assurance Company Limited P O Box 1941 Houghton 2041 Reinsurers 76 African Reinsurance Corporation (SA) Limited P O Box 3013 Houghton 2041 77 General Reinsurance Africa Limited P O Box 444 Cape Town 8000 78 Hannover Life Reassurance Africa Limited P O Box 10842 Johannesburg 2000 79 Munich Reinsurance Company of Africa Limited P O Box 6636 Johannesburg 2000 80 RGA Reinsurance Company of South Africa Limited 8th Floor Letterstedt House Fedsure on Main Cnr Compground & Main Roads Newlands Cape Town 7700 81 Saxum Reinsurance Limited P O Box 1634 Houghton 2041 82 Swiss Re Life and Health Africa Limited P O Box 72209 Parkview 2122 * The most recent addresses appear in the table. 16 Long-term Insurance

TABLE 2 - TRANSFERS OF LONG-TERM BUSINESS CONFIRMED UP TO 31 DECEMBER 2006 TRANSFEROR TRANSFEREE EFFECTIVE DATE 1 AA Life Assurance Association Limited Amalgamated General Assurances Limited 2 ACA Insurers Limited Capital Alliance Life Limited 3 Adlams Funeral Benefit Society (Pty) Limited Homes Trust Life Assurance Company Limited 4 Affiliated Insurance Company Limited Standard General Insurance Company Limited 5 African Eagle Life Assurance Society Limited Guarantee Life Assurance Company Limited 6 African Funeral Furnishers (Pty) Limited Homes Trust Life Assurance Company Limited 7 Alexander Brothers (WM and WFJ Alexander, trading as) Homes Trust Life Assurance Company Limited 8 Alexander Brothers Funeral Fund (Pty) Limited Homes Trust Life Assurance Company Limited 9 Alliance Assurance Company Limited Protea Assurance Company Limited 10 Allianz Life Limited Momentum Lewensversekeraars Beperk 11 Allied Insurance Company Limited Absa Life Limited 12 APO Burial Society (Pty) Limited (TWJ and FC Roberts, trading as) African Peoples Organization Burial Society (Pty) Limited 13 Auto Protection Insurance Company Limited Homes Trust Life Assurance Company Limited 14 Avon Insurance Company Limited South African Mutual Life Assurance Society 15 Barinor Insurance Limited Bollard Investment Holdings Limited 16 Berrange Begrafnisfonds (Edms) Beperk Homes Trust Life Assurance Company Limited 17 Bodley s Funeral Fund (Pty) Limited Funeral Assurances Group Limited 18 Bolt & Seuns, EE (RH Bolt, trading as) E J Grobbelaar Versekeringsmaatskappy (Edms) Beperk 19 Bourne Brothers Insurers (Pty) Limited Rogers Insurance Company (Pty) Limited 20 Brummer & Seun, JPS (WH Brummer, trading as) Brummers Funeral Insurance Company (Pty) Limited 21 Cape of Good Hope Assurance Limited Rogers Insurance Company (Pty) Limited 22 Capital Assurance Company Limited South African Mutual Life Assurance Society 23 Colonial Mutual Life Assurance Society South African Mutual Life Assurance Society 24 Commercial Union Assurance Company Limited Commercial Union Assurance Company of SA Limited 25 Commercial Union Assurance Company of SA Limited Commercial Union Life Assurance Company of SA Limited 26 Commercial Union Life Assurance Company of SA Limited Metropolitan Life Limited 27 Cook, David T Home Trust Life Assurance Company Limited 28 Crusader Insurance Company Limited Security Life Assurance Corporation Limited 29 Crusader Life Assurance Corporation Limited (under judicial management) Hollard Life Assurance Company Limited Long-term Insurance 17

TABLE 2 - TRANSFERS OF LONG-TERM BUSINESS CONFIRMED UP TO 31 DECEMBER 2006 TRANSFEROR TRANSFEREE EFFECTIVE DATE 30 Crusader Life Assurance Corporation Limited (under judicial management) Southern Life Association Limited 31 Dove Insurance Corporation Limited Metropolitan Homes Trust Life Limited 32 Dove Insurance Corporation Limited (Funeral business) Homes Trust Life Assurance Company Limited 33 Dove, J. W. Homes Trust Life Assurance Company Limited 34 Dove s SA Funeral Fund (Pty) Limited Homes Trust Life Assurance Company Limited 35 Eagle Star Insurance Company Limited African Eagle Life Assurance Society Limited 36 Eastern District Burial Society (NFH Horace, trading as) Homes Trust Life Assurance Company Limited 37 E J Grobbelaar Versekeringsmaatskappy (Edms) Beperk Rentmeester Assurance Limited 38 Equity Life Assurance Company Limited Ned-Equity Insurance Company Limited 39 Erasmus, N. J. Homes Trust Life Assurance Company Limited 40 Fedsure Life Assurance Limited (All credit life business) Hollard Life Assurance Company Limited 41 Firstrand Limited Firstrand Insurance Limited 42 Funeral Fund (Pty) Limited Homes Trust Life Assurance Company Limited 43 Global Insurance Company Limited Capital Alliance Life Limited 44 Goodall & Williams Limited Homes Trust Life Assurance Company Limited 45 Goodwill Burial Society (PR Mosaka, trading as) Homes Trust Life Assurance Company Limited 46 Guarantee Life Assurance Company Limited African Eagle Life Assurance Society Limited 47 Guardian National Insurance Company Limited Charter Life Insurance Company Limited 48 Homes Trust Life Assurance Company Limited Metropolitan Homes Trust Life Limited 49 Hoogendoorn Limited, J. S. Funeral Assurances Group Limited 50 Hottentots-Holland Begrafnismaatskappy (Edms) Beperk Homes Trust Life Assurance Company Limited 51 Human & Pitt Funeral Limited Funeral Assurances Group Limited 52 Human and Sons (Pty) Limited, J. A. Funeral Assurances Group Limited 53 International Funeral Insurance Company Homes Trust Life Assurance Company Limited 54 Investec Employee Benefits Limited Liberty Group Limited 01/01/2007 55 Johannesburg Begrafnis Versekeringsmaatskappy (Edms) Beperk Homes Trust Life Assurance Company Limited 56 Jones Funeral Fund, JG (WF Miles and EAG Jones, trading as) Funeral Assurances Group Limited 57 Jones Funeral Fund (Pty) Limited Funeral Assurances Group Limited 58 Jones & Rice (Pty) Limited Homes Trust Life Assurance Company Limited 18 Long-term Insurance

TABLE 2 - TRANSFERS OF LONG-TERM BUSINESS CONFIRMED UP TO 31 DECEMBER 2006 TRANSFEROR TRANSFEREE EFFECTIVE DATE 59 Jones & Rice Funeral Insurers (Pty) Limited Homes Trust Life Assurance Company Limited 60 Law Union and Rock Insurance Company Limited Royal Insurance Company Limited 61 Legal & General Assurance Society Limited Legal & General Assurance of SA Limited 62 Lewensversekeringsmaatskappy van de Nederlanden van 1845 NV Netherlands Insurance Company of SA Limited 63 Lifegro Assurance Limited Momentum Lewensversekeraars Beperk 64 London and Scottish Assurance Corporation Limited Commercial Union Assurance Company of SA Limited 65 London Assurance Protea Assurance Company Limited 66 London Guarantee and Accident Company Limited Phoenix of SA Assurance Company Limited 67 Manufacturers Life Insurance Company Liberty Life Association of Africa Limited 68 Mercantile & General Reinsurance Company Limited Mercantile & General Reinsurance Company of SA Limited 69 Metropolitan Life Namibia Limited (Registered in Namibia) Metropolitan Life Limited 70 Metropolitan Life Limited (Lesotho business) Metropolitan Lesotho Limited 01/01/2004 71 Metropolitan Odyssey Limited Metropolitan Life Limited 01/01/2006 72 Momentum Assuransie Korporasie Beperk Momentum Lewensversekeraars Beperk 73 Natal Burial Society (Pty) Limited Homes Trust Life Assurance Company Limited 74 National Farmers Union Mutual Insurance Company Limited South African Mutual Life Assurance Society 75 National Funeral Assurance (Pty) Limited Homes Trust Life Assurance Company Limited 76 National Mutual Life Association of Australasia Limited Sage Life Limited 77 National Union Life Assurance (Pty) Limited Homes Trust Life Assurance Company Limited 78 NBS Insurance Company (1993) Limited NBS Life Assurance Company Limited 79 Neaser s Funeral Fund (Pty) Limited Homes Trust Life Assurance Company Limited 80 New India Assurance Company Limited Universal Assurance Company Limited 81 New Zealand Insurance Company (SA) Limited AA Life Association Limited 82 North British and Mercantile Insurance Company Limited Commercial Union Assurance Company of SA Limited 83 Northern Assurance Company Limited Commercial Union Assurance Company of SA Limited 84 Norwich Life South Africa Limited Fedsure Life Assurance Limited 85 Norwich Union Life Insurance Society Norwich Life SA Limited 86 Omega Versekeraars Beperk Onderlinge Versekeringsgenootskap AVBOB 87 Paarl Funeral Fund (Pty) Limited Funeral Assurances Group Limited 88 Pearl Assurance Company Limited Union National South British Insurance Company Limited Long-term Insurance 19

TABLE 2 - TRANSFERS OF LONG-TERM BUSINESS CONFIRMED UP TO 31 DECEMBER 2006 TRANSFEROR TRANSFEREE EFFECTIVE DATE 89 Peter Robertson & Company (P Robertson and GW Minnaar, trading as) Homes Trust Life Assurance Company Limited 90 Pietermaritzburg and District Burial Society Limited Homes Trust Life Assurance Company Limited 91 Pitt (Pty) Limited, L Funeral Assurances Group Limited 92 Pretorium Trust (Koöperatief) Beperk Rentmeester Versekeraars Beperk 93 Prosperity Insurance Company Limited New Era Life Insurance Company Limited 94 Protea Assurance Company Limited Protea Life Company Limited 95 Prudential Assurance Company Limited Prudential Assurance Company of SA Limited 96 Prudential Assurance Company of SA Limited Liberty Life Assurance of Africa Limited 97 Prudential Funeral Company (Pty) Limited Homes Trust Life Assurance Company Limited 98 Rand Life Assurance Company Limited Momentum Lewensversekeraars Beperk 99 Robert Brothers (JJ and FC Robertson, trading as) African Peoples Organization Burial Society (Pty) Limited 100 Rogers Funeral Fund Rogers Insurance Company (Pty) Limited 101 Rogers Funeral Fund (Pty) Limited, Geo H Funeral Assurances Group Limited 102 Rogers GH Funeral Assurances Group Limited 103 Rogers & Sons, WH (PJ and HH Rogers, trading as) Rogers Insurance Company (Pty) Limited 104 Royal Exchange Assurance Liberty Life Association of Africa Limited 105 Royal Insurance Company Limited South African Mutual Life Assurance Society 106 Sanlam Life Insurance Limited (Namibian business) Sanlam Namibia Limited 107 Sanlam Life Insurance Limited (Linked investment service business) Sanlam Personal Portfolios (Pty) Limited 108 Senator Versekeringsmaatskappy Beperk Rentmeester Versekeraars Beperk 109 South African Eagle Insurance Company Limited African Eagle Life Assurance Society Limited 110 South African Fire and Accident Insurance Company Limited African Eagle Life Assurance Society Limited 111 South African Mutual Fire and General Insurance Company Limited South African Mutual Life Assurance Society 112 South African Railways and Harbours Friendly Society Rogers Insurance Company (Pty) Limited 113 South African Trade Union Assurance Society Limited, The Amalgamated General Assurances Limited 114 Southern Cross Assurance Company Limited South African Metropolitan Life Assurance Company Limited 115 Southern Life Association, The Anglo American Life Assurance Company Limited 116 Standard General Insurance Limited, The Capital Alliance Life Limited 117 Standard Life Assurance Company Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy 20 Long-term Insurance

TABLE 2 - TRANSFERS OF LONG-TERM BUSINESS CONFIRMED UP TO 31 DECEMBER 2006 TRANSFEROR TRANSFEREE EFFECTIVE DATE 118 STBS Insurance Company Limited UBS Insurance Company Limited 119 Suid-Afrikaanse Federasie van Begrafnisversekeringsverenigings Beperk Metropolitan Homes Trust Life Limited 120 Suid-Afrikaanse Verbandversekeringsmaatskappy Beperk Land-en Landboubank van Suid-Afrika 121 Sun Life Assurance Company of Canada Liberty Life Association of Africa Limited 122 Superflex Limited Investment Solutions Limited 123 Swift Funeral Assurance Society (Pty) Limited, John Homes Trust Life Assurance Company Limited 124 Swift Limited, John Homes Trust Life Assurance Company Limited 125 Swiss Re Life and Health Southern Africa Limited (Short-term business) Swiss Re Southern Africa Limited 126 Swiss Re Southern Africa Limited (Long-term business) Swiss Re Life and Health Southern Africa Limited 127 UBS Insurance Company Limited Absa Life Limited 128 Unie Versekeraars Beperk Onderlinge Versekeringsgenootskap AVBOB 129 Union Guarantee and Insurance Company Limited South African Metropolitan Life Assurance Company Limited 130 Uni-Protection Company Limited Permanent Life Assurance Company Limited 131 United Provident and Assurance Association of South Africa Limited Provident Assurance Corporation of Africa Limited, The Liquidator (Mr AH Gunn) 132 Universal Burial Company (Pty) Limited Permanent Life Assurance Company Limited 133 Universal Insurance Company Limited Capital Assurance Company Limited 134 Wasserfall & Hardick Funeral Fund and Assurance Society Limited Funeral Assurances Group Limited 135 Waterberg Begrafnisgenootskap (DJ Coetzee, trading as) Suid-Afrikaanse Federasie van Begrafnisversekeringsverenigings Beperk 136 Western Assurances Limited Onderlinge Versekeringsgenootskap AVBOB 137 Wilson Davey (Pty) Limited Homes Trust Life Assurance Company Limited 138 Yorkshire-General Life Assurance Company Limited Momentum Lewensversekeraars Beperk 139 Yorkshire Insurance Company Limited Yorkshire-General Life Assurance Company Limited Long-term Insurance 21

TABLE 3 - POLICIES FOR WHICH LONG-TERM INSURERS WERE REGISTERED AS AT 31 DECEMBER 2006 SECTION 4(7) RECLASSIFIED*** SINKING FUND LIFE HEALTH FUND DISABILITY ASSISTANCE AMOUNT ASSISTANCE Primary insurers 1** 1 Life Direct Insurance Limited X X X X 2 Absa Life Limited X 10 000 X X X X X X 3 African Harvest Life Assurance Company Limited X X X 4 African Life Assurance Company Limited X 10 000 X X X X X X 5 AIG Life South Africa Limited X 10 000 X X X X X 6 Alexander Forbes Life Limited X 10 000 X X X X 7 Algoa Insurance Company Limited X 10 000 X X X 8 Allan Gray Life Limited X X X 9 Alternative Channel Life Limited X X X 10* Anglo Dutch Life Limited X X 11 Assupol Life X X 12 AVBOB Mutual Assurance Society X 10 000 X X 13* Barinor Insurance Limited X X 14 BOE Life Limited X X X 15 Capital Alliance Life Limited X 10 000 X X X X 16 Centriq Life Insurance Company Limited X 10 000 X X X X X X 17 Channel Life Limited X 10 000 X X X X X X 18 Citadel Life Limited X X X 19 Clientele Life Assurance Company Limited X 10 000 X X X X X X 20 Constantia Life & Health Assurance Company Limited X 10 000 X X X 21 Coronation Life Assurance Company Limited X X X 22* Corpcapital Life Insurance Limited X X X 23 Discovery Life Limited X 10 000 X X X X X 24* E J Grobbelaar Versekeringsmaatskappy (Edms) Beperk X 2 000 25 Goodall and Bourne Assurance (Pty) Limited X 10 000 26* Goodall and Company Funeral Assurance Society (Pty) Limited X 5 000 27 Guardrisk Life Limited X 10 000 X X X X X 28 Hollard Life Assurance Company Limited X 10 000 X X X X X X 29 HTG Life Limited X 10 000 X X 22 Long-term Insurance

TABLE 3 - POLICIES FOR WHICH LONG-TERM INSURERS WERE REGISTERED AS AT 31 DECEMBER 2006 SECTION 4(7) RECLASSIFIED*** SINKING FUND LIFE HEALTH FUND DISABILITY ASSISTANCE AMOUNT ASSISTANCE Primary insurers 30 Investec Assurance Limited X X X 31 Investec Employee Benefits Limited X 10 000 X X X X X X 32 Investment Solutions Limited X X X X X 33 KGA Lewens Beperk X 10 000 34 Liberty Active Limited X 10 000 X X X X X X 35 Liberty Group Limited X X X X X X**** 36 Lion of Africa Life Assurance Company Limited X 10 000 X X X X 37 M Cubed Life Limited X X X 38 McLife Assurance Company Limited X 10 000 X X X X 39 Metropolitan Life International Limited X X 40 Metropolitan Life Limited X 10 000 X X X X X X 41 Metropolitan Odyssey Limited X X 42 Momentum Ability Limited X 10 000 X X X X X 43 Momentum Group Limited X 10 000 X X X X X X 44 MS Life Assurance Company Limited X 10 000 X X X X X X 45 Nedgroup Life Assurance Company Limited X X X X X 46 Nestlife Assurance Corporation Limited X 10 000 X X X X 47 Netcare Life Limited X X X X 48 New Era Life Insurance Company Limited X 10 000 X X X 49 NIB Life Assurance Company Limited X X X 50 Old Mutual Alternative Risk Transfer Limited X 10 000 X X X X X X 51 Old Mutual Life Assurance Company (South Africa) Limited X 10 000 X X X X X X**** 52 Pinnafrica Life Limited X 10 000 X X X 53** Prescient Life Limited X X X 54 Professional Provident Society Insurance Company Limited X X X 55 Prosperity Insurance Company Limited X 10 000 X X X 56 Real People Assurance Company Limited X 10 000 X X X X 57 Regent Life Assurance Company Limited X 10 000 X X X X X X 58 Relyant Life Assurance Company Limited X 10 000 X X X X 59 Rentmeester Assurance Limited X 10 000 X X X X Long-term Insurance 23

TABLE 3 - POLICIES FOR WHICH LONG-TERM INSURERS WERE REGISTERED AS AT 31 DECEMBER 2006 SECTION 4(7) RECLASSIFIED*** SINKING FUND LIFE HEALTH FUND DISABILITY ASSISTANCE AMOUNT ASSISTANCE Primary insurers 60 RMA Life Assurance Company Limited X 10 000 X 61 RMB Structured Life Limited X 10 000 X X X X 62 Saambou Life Assurers Limited X 10 000 X X X X X X 63 SA Eagle Life Limited X 10 000 X X X X X 64 Safrican Insurance Company Limited X 10 000 X X 65 Sage Life Limited X 10 000 X X X X X 66 SAHL Life Assurance Company Limited X X 67 Sanlam Customised Insurance Limited X 10 000 X X 68 Sanlam Life Insurance Limited X X X X X X 69 Sekunjalo Life Assurance Limited X 10 000 X X X 70* Sentry Assurance of South Africa Limited X 1 000 X 71 Standard General Insurance Company Limited, The X 10 000 X X X 72 Stanlib Multi-Manager Limited X X X 73 Superflex Limited X X 74 Ten-50-Six Life Limited X 75* Universal Assurance Company Limited X Reinsurers 76 African Reinsurance Corporation (SA) Limited X 10 000 X X 77 General Reinsurance Africa Limited X 10 000 X X X X X 78 Hannover Life Reassurance Africa Limited X 10 000 X X X X X X**** 79 Munich Reinsurance Company of Africa Limited X 10 000 X X X X X 80 RGA Reinsurance Company of South Africa Limited X 10 000 X X X X X X 81* Saxum Reinsurance Limited X 10 000 X X X X 82 Swiss Re Life and Health Africa Limited X 10 000 X X X X X X**** Total 54 58 54 38 76 48 32 * Run-off of business as well as dormant companies during the period under review. ** New insurers registered during the period under review. *** Insurer is authorised to underwrite retrenchment benefits as an ancillary to a life product. **** New policies included in the registration of insurers during the period under review. 24 Long-term Insurance

TABLE 4 - NAME CHANGES OF LONG-TERM INSURERS UP TO 31 DECEMBER 2006 PREVIOUS NAME CHANGED NAME EFFECTIVE DATE 1 AA Life Association Limited BOE Life Limited 2 AA Mutual Life Assurance Association Limited AA Life Assurance Association Limited 3 ACA Insurers Limited Capital Alliance Risk Assurers Limited 07/07/1999 4 African Eagle Life Assurance Company Limited Anglo American Life Assurance Company Limited 5 African Guarantee and Indemnity Company Limited Guarantee Life Assurance Company Limited 6 African Homes Trust and Insurance Company Limited Homes Trust Life Assurance Company Limited 7 African Life Assurance Society Limited African Eagle Life Assurance Society Limited 8 African Peoples Organization Burial Society (Pty) Limited Lion of Africa Life Assurance Company Limited 9 Afrikaanse Verbond Begrafnisonderneming Beperk Onderlinge Versekeringsgenootskap AVBOB 10 Afrikaanse Verbond Lewensversekeringsgenootskap Beperk Momentum Lewensversekeraars Beperk 11 Amalgamated General Assurances Limited Capital Alliance Life Limited 12 Anchor Life Assurance Company of M and T Limited Anchor Life Assurance Company Limited 13 Anchor Life Assurance Company Limited PSG Anchor Life Limited 14 Anglo American Life Assurance Company Limited The Southern Life Association Limited 15 Atlantic and Continental Assurance Company of SA Limited ACA Versekeraars Beperk 16 BOE Life Assurance Company Limited NedLife Assurance Company Limited 22/10/2004 17 Bollard Investment Holdings Limited Barinor Insurance Limited 01/02/2001 18* Bonben Assurance Limited Sekunjalo Life Assurance Limited 03/04/2006 19 Bourne Brothers Funeral Insurers (Pty) Limited Bourne Brothers Insurers (Pty) Limited 20 Brummers Funeral Insurance Company (Pty) Limited Constantia Life & Health Assurance Company Limited 21 Cape of Good Hope Funeral Assurance and Undertakers (Pty) Limited Cape of Good Hope Funeral Assurance Limited 22 Cape of Good Hope Funeral Assurance Limited Cape of Good Hope Assurance Limited 23 Capital Alliance Risk Assurers Limited Standard General Insurance Company Limited, The 01/02/2000 24 Charter Life Insurance Company Limited Liberty Active Limited 03/12/2004 25 Cologne Reinsurance Company of SA Limited, The General & Cologne Re Africa Limited, The 01/06/1999 26 Commercial Union Life Assurance Company of SA Limited Metropolitan International Limited 09/09/2003 27 Commercial Union Life Limited Protea Life Company Limited 24/02/1999 28 Crusader Life Assurance Corporation Limited Clientele Life Assurance Company Limited 29* Direct Life Assurance Limited 1 Life Direct Insurance Limited 13/03/2006 30 Discovery Health Limited Discovery Life Limited 04/12/2000 31 Dominion Insurance Company of SA Limited AA Mutual Life Assurance Association Limited 32 Falken Funeral Fund (Pty) Limited Bourne Brothers Funeral Insurance (Pty) Limited Long-term Insurance 25

TABLE 4 - NAME CHANGES OF LONG-TERM INSURERS UP TO 31 DECEMBER 2006 PREVIOUS NAME CHANGED NAME EFFECTIVE DATE 33 Federated Employers Fire and General Insurance Company Limited Federated Employers Insurance Company Limited 34 Federated Employers Insurance Company Limited Federated Insurance Company Limited 35 Federated Insurance Company Limited Federated Life Assurance Company Limited 36 Federated Life Assurance Company Limited Fedlife Assurance Limited 37 Fedhealth Assurance Limited Fedsure Health Assurance Limited 38 Fedlife Assurance Limited Fedsure Life Assurance Limited 39 Fedsure Health Assurance Limited Normkow Assurance Limited 40 Fedsure Life Assurance Limited Investec Employee Benefits Limited 04/12/2001 41 Firstrand Insurance Limited Momentum Group Limited 24/07/2000 42 Forbes Life Limited Investment Solutions Limited 29/09/1999 43 Funeral Assurances Group Limited Western Assurances Limited 44 General & Cologne Re Africa Limited, The GeneralCologne Re Africa Limited 45 GeneralCologne Re Africa Limited General Reinsurance Africa Limited 11/06/2004 46 General Life Assurance Company Yorkshire-General Life Assurance Company 47 Gerling Global Reinsurance Company of SA Limited Saxum Reinsurance Limited 08/12/2003 48 Grobbelaar Begrafnisfonds (Edms) Beperk, E J E J Grobbelaar Versekeringsmaatskappy (Edms) Beperk 49 Guarantee Life Assurance Company Limited African Life Assurance Company Limited 50 Harvest Life Assurance Company Limited Coronation Life Assurance Company Limited 23/05/2000 51* Harvest Life Assurance Company Limited African Harvest Life Assurance Company Limited 07/03/2006 52 Haven Life Assurance Company Limited Hollard Life Assurance Company Limited 53 Hollandia Life and Health Reassurance Company Limited Hannover Life Reassurance Africa Limited 27/03/2000 54 Hollandia Life Reassurance Company Limited Hollandia Life and Health Reassurance Company Limited 01/07/1999 55 Hollandia Life Reassurance Company of SA Limited Hollandia Life Reassurance Company Limited 56 IGI Life Assurance Company Limited Amalgamated General Assurances Limited 57 Incentive Life Limited Anglo Dutch Life Limited 21/05/2003 58 International Burial Society Limited International Funeral Insurance Company Limited 59 Legal & General Assurance of SA Limited Legal and General Volkskas Assurance Limited 60 Legal & General Volkskas Assurance Limited Lifegro Assurance Limited 61 Les Nest Life Assurance Corporation Limited Nestlife Assurance Corporation Limited 01/08/2003 62 Liberty Life Association of Africa Limited Liberty Group Limited 23/05/2000 63 Life and Pensions Assurance Corporation Limited Les Nest Life Assurance Corporation Limited 04/08/1999 64 Lodestone Investments Limited Stanlib Multi-Manager Limited 25/04/2003 26 Long-term Insurance

TABLE 4 - NAME CHANGES OF LONG-TERM INSURERS UP TO 31 DECEMBER 2006 PREVIOUS NAME CHANGED NAME EFFECTIVE DATE 65 Lombard Waarborg Versekering Maatskappy Beperk Lombard Versekering Maatskappy Beperk 66 M Cubed Capital Limited M Cubed Capital Life Limited 01/10/2002 67 M Cubed Capital Life Limited M Cubed Life Limited 15/03/2000 68 M Cubed Investment Life Limited Alternative Channel Life Limited 08/09/2005 69 Magnum National Life Assurance Company Limited Momentum Health Limited 70 Medscheme Life Assurance Company Limited MS Life Assurance Company Limited 06/09/2004 71 Mercantile and General Reinsurance Company of SA Limited Swiss Re Life and Health SA Limited 72 Metropolitan Homes Trust Life Limited Metropolitan Life Limited 73 Metropolitan International Limited Metropolitan Life International Limited 30/09/2003 74 Momentum Health Limited Discovery Health Limited 75 Momentum Lewensversekeraars Beperk Firstrand Limited 76 Munich Reinsurance Company of SA Limited Munich Reinsurance Company of Africa Limited 77 National Employers Life Assurance Company of SA Limited Magnum National Life Assurance Company Limited 78 NBS Insurance Company Limited NBS Insurance Company (1993) Limited 79 NBS Life Assurance Company Limited BOE Life Assurance Company Limited 11/05/2000 80 Nedlife Assurance Company Limited Nedgroup Life Assurance Company Limited 01/07/2005 81 Ned-Equity Insurance Company Limited Sage Life Limited 82 Netherlands Insurance Company of SA Limited Ned-Equity Insurance Company Limited 83 Normkow Assurance Limited Netcare Life Limited 84 Nova Life Limited Nova Life Partners Limited 28/11/2000 85* Nova Life Partners Limited Centriq Life Insurance Company Limited 07/09/2006 86 Permanent Life Assurance Company Limited Sentry Assurance of SA Limited 87 Preflife Assurance Company Limited Relyant Life Assurance Company Limited 28/01/1999 88 Protea Life Company Limited Commercial Union Life Limited 19/10/1998 89 Protea Life Company Limited Metropolitan Odyssey Limited 29/07/1999 90 PSG Anchor Life Limited Channel Life Limited 04/06/2001 91 PSG Escher Life Limited M Cubed Investment Life Limited 01/10/2002 92 PSG Life Limited PSG Escher Life Limited 19/09/2000 93* Real People Insurance Company Limited Real People Assurance Company Limited 14/08/2006 94 Rogers Insurance Company (Pty) Limited Goodall and Bourne Assurance (Pty) Limited 95 Rondalia Versekeringskorporasie van SA Beperk Senator Versekeringsmaatskappy Beperk 96 Saflife Funeral Association Limited Safrican Insurance Company Limited Long-term Insurance 27

TABLE 4 - NAME CHANGES OF LONG-TERM INSURERS UP TO 31 DECEMBER 2006 PREVIOUS NAME CHANGED NAME EFFECTIVE DATE 97 Safrican Association for Burial and Aid (Pty) Limited Safrican Association for Burial and Aid Limited 98 Safrican Association for Burial and Aid Limited Safrican Association Limited 99 Safrican Association Limited Saflife Funeral Association Limited 100 Security Life Assurance Corporation Limited Crusader Life Assurance Corporation Limited 101 Shield Life Insurance Limited Allianz Life Limited 102 Shilling Assurance Limited Permanent Life Assurance Company Limited 103 South African Liberal Insurance Company (Pty) Limited South African Mutual Fire and General Insurance Company Limited 104 South African Metropolitan Life Assurance Company Limited Metropolitan Homes Trust Life Limited 105 South African Mining and General Assurance Company (Pty) Limited Rondalia Versekeringskorporasie van SA Beperk 106 South African Mutual Life Assurance Society Old Mutual Life Assurance Company (SA) Limited 17/05/1999 107 South African Police Assurance Fund Assupol Life 108 South African Trade Union Assurance Society Limited, The Investec Assurance Limited 109 South African Workmen s Insurance (Pty) Limited Rogers Insurance Company (Pty) Limited 110 Southern Life Association Limited, The Firstrand Insurance Limited 14/12/1999 111 Southern Life Association of Africa Southern Life Association 112 Southern Life Association, The Westerford Assurance Association 113 Standard General Insurance Company Limited, The Nova Life Limited 01/02/2000 114 Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy Sanlam Life Insurance Limited 115 Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy Beperk Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy 116 Swiss Re Life and Health Southern Africa Limited Swiss Re Life and Health Africa Limited 01/08/2003 117 Swiss South African Reinsurance Company Limited Swiss Re Southern Africa Limited 118 Time Life Insurance Limited M Cubed Capital Limited 119 Union and National General Assurance Company of SA Limited Union National South British Insurance Company Limited 120 Union National South British Insurance Company Limited Guardian National Insurance Company Limited 121 Vista Assurance Corporation Limited Rand Life Assurance Company Limited 122 Volks Lewensassuransiemaatskappy Beperk Equity Life Assurance Company Limited 123 Voorsorg Beperk Omega Versekeraars Beperk 124 Woltemade Versekeraars Beperk Saambou Lewensversekeraars Beperk 125 Yorkshire-General Life Assurance Company Yorkshire-General Life Assurance Company Limited * Name changes during the period under review. 28 Long-term Insurance