Alexander Forbes, whose services range from asset management and health-care insurance, to consulting for multinational corporations, has trimmed its interim dividend by more than a quarter, warning it expects the economic fallout from Covid-19 to keep weighing on its business for at least another year.
Assets under administration increased 3% year on year to R353m, with the group reporting new business assets of R8.7bn flowing in, which helped offset the effects of client losses. The Covid-19 pandemic led to significant pressure on clients, Alexander Forbes said, some of whom were hit by temporary salary reductions.
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