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MAF - Mutual & Federal - Quarterly operational update MUTUAL & FEDERAL INSURANCE COMPANY LIMITED (Incorporated in the Republic of South Africa) Registration number 1970/006619/06 Share code: MAF ISIN No: ZAE000010823 ("Mutual & Federal" or "the company") Quarterly operational update Trading conditions in the third quarter of 2009 continued to reflect the difficult economic conditions in South Africa, which have resulted in subdued levels of consumer expenditure. As a result of these pressures, there was a marginal 2% decline in premiums, both for the third quarter 2009 compared to the third quarter 2008, and for 2009 year-to-date compared to 2008 year-to-date, in the corporate, commercial and conventional personal portfolios. Premiums within the personal group schemes portfolio declined by approximately 40% for the year-to-date due to the cancellation of a number of unprofitable schemes during 2008. Investment returns for the nine months have been most satisfactory following the adverse experience of 2008. Although interest rates have fallen to low levels, returns on equity shares have been highly positive in line with improvements in international equity markets and this has positively impacted both profitability and solvency. 9 Months ended 30 September 2009 Rm 2009 Change 2008 Quarter 3
2009 vs Quarter 3 2008
Quarter Half Quarter Value % Quarter Half Quarter Full 1 Year 3 1 Year 3 year Gross writ ten pre mium 2,385 4,358 6,454 (575) (8%) 2,566 4,689 7,029 9,159 Net earned pre mium 1,855 3,550 5,189 (632) (11%) 2,086 3,914 5,821 7,669 Mutual & Federal`s trading update for the nine months ended 30 September 2009, released today, can be accessed on Mutual & Federal`s website: http://www.mf.co.za Johannesburg 5 November 2009 Sponsor Nedbank Capital Date: 05/11/2009 09:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
