AVBOB Financial Statements 2018

88 REPORT OF THE INDEPENDENT ACTUARY FOR THE YEAR ENDED 30 JUNE 2018 Notes 2018 2017 R 000 R 000 STATEMENT OF EXCESS ASSETS, LIABILITIES AND CAPITAL ADEQUACY REQUIREMENTS Published Reporting Basis Net assets as per statement of financial position 3 15 850 331 13 845 964 Policyholder liabilities 4 9 666 959 7 665 048 Excess of assets over liabilities 6 183 372 6 180 916 Statutory Basis Net assets 3 15 705 258 13 674 530 Policyholder liabilities 4 9 652 001 7 651 612 Excess of assets over liabilities 6 053 257 6 022 918 Capital adequacy requirement 5 1 184 367 1 265 453 Ratio of excess assets to capital adequacy requirement 5.1 times 4.8 times CERTIFICATION OF STATUTORY FINANCIAL POSITION I hereby certify that: • • • • M HARRISON - FASSA STATUTORY ACTUARY The valuation on the statutory basis of Avbob Mutual Assurance Society as at 30 June 2018, the results of which are summarised above, has been conducted in accordance with, and this Statutory Actuary’s report has been produced in accordance with, applicable Actuarial Society of South African Standards of Actuarial Practice and Actuarial Practice Notes; In my opinion the Society is financially sound at the valuation date and is expected to remain so for the foreseeable future, where financial soundness includes meeting the asset spreading requirements as prescribed by the Long-term Insurance Act. Assets exceeded liabilities plus the Capital Adequacy Requirements at the valuation date; The Society met the asset spreading requirements of the Long-term Insurance Act at the valuation date; and 27 September 2018 88