RENASA INSURANCE COMPANY LIMITED
REGISTRATION NUMBER 1998/000916/06
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2007

CONTENTS

• Cover
• Alignment Strategy
• Long Term Perfomance
• Chairman's Statement
• RITE - Renasa Insurance Training and Education
• Chief Executive Officer's Report
• Board and Management
• Annual Financial Statements - Index
  • Annual Financial Statements - Corporate Governance
  • Annual Financial Statements - Corporate Governance  - Meetings and Committees
  • Annual Financial Statements - Corporate Governance - Functions
  • Annual Financial Statements - Corporate Governance - Risk Management
  • Annual Financial Statements - Corporate Governance - Sustainability Reporting
  • Annual Financial Statements - Corporate Governance - Accounting and Audit
  • Annual Financial Statements - Director's Approval
  • Annual Financial Statements - Auditor's Report
  • Annual Financial Statements - Director's Report
  • Annual Financial Statements - Balance Sheet
  • Annual Financial Statements - Income Statement
  • Annual Financial Statements - Statement of Changes in Equity
  • Annual Financial Statements - Cashflow Statement
  • Annual Financial Statements - Notes
  • Annual Financial Statements - Notes - Fixed Assets
  • Annual Financial Statements - Notes - Share Capital and Reserves
  • Annual Financial Statements - Notes - Loss before Taxation
  • Annual Financial Statements - Notes - Taxation
  • Annual Financial Statements - Notes (continue)
• Contact Details
• Reinsurance Business Partners
• Corporate Advisers and Agencies

HIGHLIGHTS OF EXPANSION PHASE - FIRST STAGE

1. Annualised monthly premium grew by 90%.
2. Growth yields a loss as cost of cleansing newly acquired business incurred.
3. Deterioration in South African Motor Insurance Market depresses margins - Renasa margin unexceptional for stage of development.
4. Renasa's margin sufficient for profitable operation at critical mass - 69% growth in premiums required to achieve critical mass at 2007 margin.
5. Gross combined result of Renasa and its reinsurers of more than R7 million for the year.
6. Significant infrastructural development addresses motor performance through the following disciplines:
   1. Business Development;
   2. Systems and IT;
   3. Procurement; and
   4. Rating.
7. Three year reinsurance treaties concluded - industry first.
8. Company capitalised further - 43% statutory solvency margin.
9. "BBB+" rating maintained.
10. Board and executive expanded.