PSG’s assets under management grows to over R400 billion

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PSG’s profitabilty has increased on the back of increased assets under management, even if the group’s insure division was hit by catastrophes.

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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