The group said that despite the continued challenging market conditions, it attracted net client inflows of R23 billion. This was largely due to a new business pipeline, which attracted inflows from current and new clients.
“The group’s proud track record of delivering consecutive earnings growth demonstrate the success of our advice-led business model and strong network of advisers – which is continuing to expand,” said CEO Francois Gouws. “This is evidenced by our total assets under management growing by 15% to R406.9bn during the year under review. This is a strong performance in a tepid environment in which the Johannesburg Stock Exchange lost 6% of its value over the period.”
From a cost perspective, the group’s Insure division was severely impacted by several catastrophes during the year, including two severe flooding events in the Western Cape and a severe hailstorm in Gauteng.Regarding financials, the group’s core income increased by 11% to under R5.88 billion.Gouws said that the group remains confident in its strategy and will invest in its business to ensure long-term growth.
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