PPS investments FY24 assets under management increased by 14.9%

The Professional Provident Society, also known as PPS, has recently released its full-year results, showcasing a record return of value to its members. The group allocated an impressive R5.33 billion in profit-share to its members in South Africa. This allocation included an all-time-high operating profit of R1.74 billion and an investment return allocation of R3.59 billion. CNBC Africa had the opportunity to speak with Izak Smit, the CEO of PPS, to gain insight into the company's strategic objectives and future plans amidst the current economic uncertainties. Smit shared PPS's optimistic approach, focusing on long-term investments and expansion into new markets like New Zealand. He emphasized the importance of diversity in their investment strategies and highlighted the positive trends in claims patterns, particularly in the reduction of mortality claims. Additionally, Smit discussed PPS's entry into the non-professional market segments in South Africa, unveiling a new mutual option for individuals interested in life insurance products. The company's recent launch has generated significant interest and quotes, indicating a promising future in this area. Looking ahead, PPS is concentrating on enhancing the overall well-being of its professional members, exploring innovative concepts like the 'mutual system' to offer additional support beyond financial services. With a focus on long-term growth and member satisfaction, PPS is gearing up for a dynamic year ahead, filled with opportunities for expansion and value creation for its members.