Professional Provident Society , the financial services company focused solely on solutions for graduate professionals — and the only diversified financial services company in South Africa operating under the ethos of mutuality — weathered challenging market conditions during 2018 to continue to show solid growth. By definition, mutuality is shared, and while members benefited from an increased value of valid claims payouts, operating profit continued to grow.
Despite this challenging economic environment, PPS was still able to allocate R634.6-million to members’ unique profit-share accounts, irrespective of whether those members claimed or not. “For most of our members, the positive effect of operating profit was more than adequate to compensate for the negative market return impact.
Regarding the group’s subsidiaries, PPS Investments grew assets under administration by 10% to R31.4-billion, mainly due to good new investments inflows.“We signed 46% more business than the previous year, which was above an optimistic target, a very good achievement in a very tough environment.More members are starting to realise that, after the profit-share benefit, what PPS investments has to offer is superb value,” says Smit.