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Annual Financial Statements OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED ANNUAL FINANCIAL STATEMENTS Consolidated and Separate For the year ended 31 December 2020 DO GREAT THINGS EVERY DAY Index to the Annual Financial Statements Index Page Directors’ Responsibility Statement 2 Certificate by the Company Secretary 3 Directors’ Report 4 Corporate Governance Report 6 Audit Committee Report 7 Independent Auditors’ Report 12 Separate and consolidated income statements 17 Separate and consolidated statements of comprehensive income 18 Separate and consolidated statements of financial position 19 Separate and consolidated statements of cash flows 20 Separate and consolidated statements of changes in equity 21 Notes to the separate and consolidated financial statements 22 A: Significant accounting policies 22 B: Segment information 25 C: Separate and consolidated income statement notes 28 D: Financial assets and liabilities 35 E: Financial risk and capital management 51 F: Analysis of financial assets and liabilities 64 G: Non-financial assets and liabilities 82 H: Interests in subsidiaries, associates and joint ventures 98 I: Other notes 111 J: Standards, amendments to standards, and interpretations adopted in the 2020 separate and consolidated financial statements 120 K: Directors’ and Prescribed officers emoluments 122 L: Biographical information on the directors’ 141 The consolidated and separate financial statements were audited in terms of the Companies Act 71 of 2008. The preparation of the consolidated and separate annual financial statements was supervised by the Group Chief Financial Officer, Casper Troskie CA(SA). OMLACSA Separate and Consolidated Annual Financial Statements for the year ended 31 December 2020 1 Directors’ Responsibility Statement Certificate by the Company Secretary The directors of Old Mutual Life Assurance Company (South Africa) Limited (the Company) are required by the South African In terms of Section 88(2)(e) of the South African Companies Act, 71 of 2008, as amended, I certify that Old Mutual Life Assurance Companies Act, 71 of 2008, as amended (the Companies Act) to maintain adequate accounting records and are responsible for Company (South Africa) Limited has lodged with the Commissioner, all such returns and notices as required by the Companies the content and integrity of the consolidated and separate annual financial statements and related financial and non-financial Act for the year ended 31 December 2020, and that all such returns and notices appear to be true, correct and up to date. information included in this report. The directors are responsible for the preparation and fair presentation of the consolidated and separate annual financial statements of the Company, comprising the statement of financial position at 31 December 2020 and the income statement, statement of comprehensive income, changes in equity and cash flows for the year then ended, and the notes thereto, which Ms E M Kirsten include accounting policy elections and other explanatory notes in accordance with International Financial Reporting Standards Company Secretary (IFRS), as issued by the IASB, including interpretations to IFRS as issued by the IFRS Interpretations Committee (IFRIC), the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings 22 March 2021 Requirements, and requirements of the Companies Act, no 71 of 2008 (Companies Act). In addition, the directors are responsible for the preparation of the directors’ report. The directors are also ultimately responsible for such internal controls as they determine are necessary to enable the preparation of the consolidated and separate annual financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records in addition to reducing the risk of loss or error cost-effectively and effective risk management. An effective system of internal financial controls provides reasonable assurance as to the reliability of financial information being reported. To the best of their knowledge and belief the directors are satisfied that the system of internal controls provides reasonable assurance that reliance can be placed on financial records used in the preparation of the consolidated and separate financial statements during the financial year ended 31 December 2020. The directors have considered the proposed and completed remedial actions in respect of the identified control deficiencies. The directors have made an assessment of the ability of the Group and Company to continue as a going concern and have no reason to believe that the business will not be a going concern in the year ahead. It is the responsibility of the Company’s independent external auditors to report on the fair presentation of the consolidated and separate financial statements. These financial statements have been audited in terms of section 29(1) of the Companies Act. Their unmodified report is included within these annual financial statements. Approval of consolidated and separate annual financial statements The consolidated and separate annual financial statements of Old Mutual Life Assurance Company (South Africa) Limited, as identified in the first paragraph, were approved by the board of directors on 22 March 2021 and signed on their behalf by: T A Manuel I G Williamson Chairman Chief Executive Officer Sandton 22 March 2021 2 OMLACSA Separate and Consolidated Annual Financial Statements for the year ended 31 December 2020 OMLACSA Separate and Consolidated Annual Financial Statements for the year ended 31 December 2020 3 Directors’ report Directors’ report The directors of Old Mutual Life Assurance Company (South Africa) Limited have pleasure in submitting their report on the 6. Directors consolidated and separate annual financial statements for the year ended 31 December 2020. Details of the members of the Board who served during the year and at the reporting date have been provided below. 1. Review of activities During the year Ms O Ighodaro was appointed to the Board, in accordance with the Board’s appointment policy. The The principal activity of the Group is the transaction of all classes of life assurance, savings and retirement funding issuer is required, by the Insurance Act, to annually evaluate the performance of the board of directors of the issuer and business. The Group underwrites life insurance risks associated with death and disability. It also issues a diversified that of its committees, its chair and its individual directors as set out by the King Code. The Board hereby confirms that it portfolio of investment contracts and earns fee income from investment management service contracts. has performed a performance assessment for the reporting year, which assessment was performed by an independent service provider (The Board Practice). The biographical information of the current directors can be found in note L and on The operating results and financial position of the Group and company are set out in the income statements, the Group’s website. The directors’ interests in ordinary shares in Old Mutual Limited are set out in the 2020 Remuneration statements of comprehensive income, statements of financial position, statements of changes in equity, statements of Report. This report can be accessed on https://www.oldmutual.com/investor-relations/reporting-centre/reports. cash flows and accompanying notes. The directors had no third party or company responsible for managing any business activities of the Group. Refer to note I3 for detailed related party disclosure. Loss before tax for the Group was R8,402 million (2019 profit of R10,650 million), and loss after tax was R10,151 million (2019: profit of R6,942 million). Name Position as director Appointment date Resignation date Loss before tax for the company was R4,628 million (2019 profit of R4,365 million), and loss after tax was R6,816 million Mr TA Manuel c Independent Non-Executive Director 05.03.2018 (2019: profit of R367 million). Mr PC Baloyi a, r Non-Executive Director 05.03.2018 09.06.2020 2. Consolidated and Separate annual financial statements Mr PG de Beyer a, r, c, ac Independent Non-Executive Director 05.03.2018 In terms of International Financial Reporting Standards (IFRS), the company is required to produce consolidated financial Mr AK Essien r, c Independent Non-Executive Director 05.03.2018 statements as its subordinated debt instruments are traded in a public market. Ms Funke Ighodaro a, ac, r Independent Non-Executive Director 22.09.2020 In the company financial statements, the company’s investments in its subsidiaries, joint ventures, associate companies and structured entities are accounted for as financial assets at fair value through profit or loss and dividends are Mr I Kgaboesele a, ac Independent Non-Executive Director 05.03.2018 recognised when receivable. Mr JR Lister a, r, ac Independent Non-Executive Director 05.03.2018 Details of the financial results are set out on pages 17 to 144 of the consolidated and separate annual financial statements. Dr SM Magwentshu-Rensburg c Independent Non-Executive Director 05.03.2018 The directors have approved the consolidated and separate annual financial statements as reflected on pages 17 to 144, including the certificate by the Company Secretary on page 3 and the Audit committee report for the 2020 financial year Ms TM Mokgosi-Mwantembe
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