METROPOLITAN HOLDINGS LIMITED FINANCIAL STATEMENTS
 
  SIGNIFICANT SUBSIDIARY COMPANIES  
  Annexure 1  
               
  Issued
share
 capital 
Interest held Cost   Amount owing
(to)/by
subsidiaries
    2008 
%  
2007 
%  
2008 
Rm  
2007 
 Rm  
2008 
Rm  
2007 
Rm  
Life insurance              
Metropolitan Life Ltd R624m   100   100   656.3   651.6   (5.5)  (6.4) 
(incorporated in South Africa)              
Metropolitan Odyssey Ltd R35m   100   100   36.0   36.0   (25.0)  (25.0) 
(incorporated in South Africa)              
Union Life Ltd (2) R24m   50   50   41.0   41.0      
(incorporated in South Africa)              
Metropolitan International (Pty) Ltd (3) (1)  100   100   –   –   203.3   45.7  
(incorporated in South Africa)              
Subsidiaries              
Metropolitan Life Insurance Kenya Ltd R19m   100   100          
(incorporated in Kenya)              
Metropolitan Life Insurance Ghana Ltd R25m   60   60          
(incorporated in Ghana)              
Metropolitan Life Swaziland Ltd R20m   100   –          
(incorporated in Swaziland)              
Metropolitan Life International Ltd R40m   100   100   47.1   47.1      
(incorporated in South Africa)              
Metropolitan Life (Namibia) Ltd R52m   82   82   37.6   37.6      
(incorporated in Namibia)              
Metropolitan Life of Botswana Ltd R27m   75.8   75.8   24.5   24.5      
(incorporated in Botswana)              
Metropolitan Lesotho Ltd R120m   100   100   120.3   120.2      
(incorporated in Lesotho)              
MHG UK Ltd (3) R11k   100   100   –   –   –   110.6  
(incorporated in England)              
Metropolitan Retirement Administrators (1)  80   80   28.0   28.0      
(Pty) Ltd (incorporated in South Africa)              
DirectFin Solutions (Pty) Ltd (1)  70   70   49.0   84.0   3.4   3.4  
(incorporated in South Africa)              
Asset management              
Metropolitan Asset Managers Ltd R148k   100   100   22.5   22.2   (9.5)  (33.5) 
(incorporated in South Africa)              
Metropolitan Collective Investments Ltd R13m   100   100   25.8   25.6      
(incorporated in South Africa)              
Metropolitan Property Services (Pty) Ltd (1)  100   100   0.5   0.3      
(incorporated in South Africa)              
Metropolitan Capital Ltd –   100   100   18.4     82.8   2.0  
(incorporated in South Africa)              
Health              
Metropolitan Health Holdings (Pty) Ltd (1)  100   100   31.3   29.5   265.6   129.2  
(incorporated in South Africa)              
Subsidiary              
Metropolitan Health Corporate (Pty) Ltd R63m   100   100          
(incorporated in South Africa)              
Banking              
Metropolitan Card Operations (Pty) Ltd (1)  100   100       54.3   196.3  
(incorporated in South Africa)              
        1 138.3   1 147.6   569.4   422.3  
Amount owing by subsidiaries       569.4   422.3      
Total interest in subsidiary companies       1 707.7   1 569.9      
   
(1) The issued share capital of these companies is less than R1 000.
(2) The company owns 50% of the voting rights, but has control through appointment of the chairman with a casting vote.
(3) All the interest in and loans to subsidiaries of MHG(UK) Ltd have been transferred to Metropolitan International (Pty) Ltd during 2008.
The aggregate amount of income, after tax before goodwill impairment, derived from subsidiary companies is R323 million(2007: R1 469 million). The aggregate amount of losses after tax from subsidiaries is R123 million (2007: R43 million).