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304 NEDBANK GROUP Limited INTEGRATED REPORT 201014 NON-INTEREST REVENUECommission and fee income** 9 758 8 583Administration fees 336 217Cash-handling fees 630 530Insurance commission 525 276Exchange commission 300 302Fees 1 254 1 136Guarantees 122 118Card income 2 097 1 937Service charges 2 680 2 350Other commission 1 814 1 717Insurance income (note 14.2) 860 615Securities dealing and fair-value adjustments (300) 298Securities dealing*** (42) 254Fair-value adjustments (note 14.1) (258) 44Net trading income*** 2 096 1 841Foreign exchange 1 040 1 167Debt securities 774 764Equities 276 (108)Commodities 6 18Rental income 51 52Rents received 49 50Rental income from properties in possession 2 2Investment income 265 64Long-term-asset sales 11 14Dividends received 254 50Listed investments 6 3Unlisted investments 248 47Sundry income**** 485 454Income from non-banking subsidiaries 185 204Other sundry income 300 250Foreign currency translation loss * (1)2010Rm2009Rm13 215 11 906* Represents amounts less than R1 million.** Commission and fee income includes an amount of R1 213 million (2009: R776 million) received for trust and fiduciary fees.*** These amounts relate to gains and losses on financial assets and liabilities held for trading.**** Includes revenue relating to certain investments in associates presented as designated as ‘at fair value through profit and loss’ in terms of IFRS 7 FinancialInstruments.See note 14.4 for a breakdown of non-interest revenue by operating segment.2009 comparative information has been restated to allow for the separate disclosure of total insurance income.
305Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsnotes to the financial statements for the year ended 31 December 201014.1 Analysis of fair-value adjustmentsFair-value adjustments can be analysed as follows:Held for trading (1 092) 464Designated as at fair value through profit or loss 834 (420)14.2 Insurance income2010Rm2009Rm(258) 44Insurance contract income 861 677Net insurance premium income 1 920 1 126Gross premiums received 2 258 1 469Reinsurance premiums (338) (343)Net insurance claims and benefits (756) (555)Gross claims and benefits paid (911) (748)Reinsurance recoveries 155 193Net commission and administration fees (204) 47Investment income 159 95Changes in insurance contracts (258) (36)Investment contract expense (1) (62)Premium income 92 41Claims and benefits paid (25) (9)Investment income 11 7Changes in investment contracts (79) (101)The disclosure of insurance income has been enhanced to include short-term insurance and brokerage.14.3 Government grants860 615The group advances home loans from its Retail Cluster for affordable housing. The group receives various government grants, from theSA and foreign governments. The government grants take a variety of forms, including interest rate subsidies on loans advanced to clients andpayment in respect of previously writtenoff advances in respect of qualifying deceased estates. The government grants that are received by thegroup in respect of affordable housing are recognised when the conditions of the government grant have been fulfilled and the grant is due tothe group.Certain government assistance is directed towards the group’s clients, including grants made to clients as first-time homeowners. Although thegroup may assist the client in obtaining the grant, these grants do not qualify as government grants as envisaged by the accounting standard.The group receives certain SA government grants in the form of refunds for skills development levies and they pertain to prior training that hasbeen facilitated by the group on behalf of its employees.No assistance has been received by the group from any government or government organisation in respect of any troubled asset or financialcrisis-relatedprogramme.
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