FEATURE
PPS RESULTS 2024 Mutuality in action: PPS returns unprecedented value to graduate professionals
PPS ACHIEVED A RECORD-BREAKING RETURN OF VALUE TO ITS MEMBERS IN 2024, ALLOCATING R5.33 BILLION IN PROFIT-SHARE TO MEMBERS IN SOUTH AFRICA WITH QUALIFYING LIFE-RISK PRODUCTS’ NOTIONAL PPS PROFIT-SHARE ACCOUNTS™.
This marks the largest allocation in its 84-year history, up from R4.35 billion in 2023, reinforcing PPS’ s unwavering commitment to its mutual model, where all value generated is returned to members. The allocation consists of an all-time-high R1.74 billion from operating profit and R3.59 billion from investment returns.
“ Last year’ s performance is a testament to our commitment to mutuality and shared success. We are dedicated to helping our members build strong financial foundations both for today and retirement, while also fostering financial resilience and contributing to broader economic growth,” says Izak Smit, PPS Group CEO.
Beyond Profit-Share allocations, PPS returned a total of R5.95 billion in benefits to members in South Africa and Namibia in 2024. This included R1.96 billion in Profit-Share payouts to members exiting their life-risk cover phase, primarily due to retirement. Permanent incapacity benefit payments amounted to R973.6 million and life cover benefits paid to R1.15 billion. Additionally, PPS supported its members with R972.7 million in sickness claims, R536.2 million in critical illness benefits and R161.3 million in lump-sum disability benefits.
In South Africa, PPS Life Insurance delivered a solid performance despite economic pressures. Gross earned premium revenue grew by 7.3 % to R6.44 billion, while the lapse rate remained low at just under 4.42 %. New life-risk annual premium income grew by 5 % to R257.5 million. The number of members with PPS life-risk products in South Africa increased from 127 490 at the end of 2023 to 129 366 at the end of 2024, while the total number of members across the PPS Group rose from 155 554 to 159 252.
Mutuality is knowing that for every graduate professional, a degree is an achievement earned by the entire family – because behind every individual success lies a shared story of effort and sacrifice. No one understands this better than PPS. Following our commitment to mutuality, we allocated R5.33 billion in Profit-Share to qualifying members’ notional PPS Profit-Share Accounts™ in 2024. This shared value is one of the reasons more than 150 000 of South Africa’ s graduate professionals choose PPS, the only financial services provider dedicated to them. Success is better, shared.
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