Vitalis Group SA Business Plan › Section 17 › Projected Statement of Financial Position

The projected balance sheet reflects the disciplined capital
allocation, the build-up of the insurance liability base in proportion
to written premium, and the progressive deployment of investment assets.
Total assets grow from R1.18 Billion at the close of Year 1 to R7.94
Billion by the close of Year 5, while shareholders’ equity,
recapitalised with the Series B raise in Year 4, finishes the period at
R1.55 Billion.

17.1 Five-Year Balance Sheet — Base Case

Note: The accumulated deficit reflects investment-phase losses
through Year 4. The Series B injection in Year 4 plus retained Year 5
earnings restore equity to R1.25 Bn, of which a R438M behavioural
smoothing reserve is non-distributable. Statutory solvency (presented
separately below) remains above SAM SCR requirements throughout,
supported by reinsurance, subordinated debt, and shareholder
funds.

17.2 Statutory Solvency Position

The Solvency Capital Requirement (SCR) and the eligible own funds
available to cover it are presented below. The plan maintains an SCR
coverage ratio of 170%+ throughout the projection period, well above the
FSCA regulatory floor of 100% and the Company’s internal trigger of
150%.

Reported SCR coverage in Years 2-3 reflects accumulated
investment losses. The Series B injection in Year 4 restores coverage to
comfortably above the 150% internal trigger. During the Year 2-3 period,
the Company maintains explicit reinsurance capital relief and a standby
liquidity facility with two South African banks as supplementary
protection. All scenarios pass MCR coverage by a minimum 1.5x
throughout.

17.3 Asset-Liability Matching

Insurance liabilities are matched against a duration-aligned bond
portfolio. Equity exposure is held against shareholder funds and a small
portion of long-duration liability backing. Liquidity holdings cover six
months of operating outflows plus stress-tested catastrophe claims.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Vitalis Group South Africa (Pty) Ltd.