SPONSORED | Highlights from the Professional Provident Society's 2022 financial results.
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In 2022, the total value of the benefits paid to members by the group was R5bn, lower than the R6.1bn in 2021:Sickness and life claims paid totalled R3.4bn in 2022 compared to R4.3bn in 2021. Sickness claims increased by 6%. Group insurance gross earned premiums in SA reached R6bn, an increase of 7.6% on 2021. Annual premium income of new business written in 2022 in SA was R280.4m, up from R253.7m in 2021.Membership lapses remained low, supported by the group's model which ensures that all insurance premiums paid by members who hold qualifying products are ultimately returned to them through claims paid or investment growth allocations to their notional PPS Profit-Share Accountsafter business running costs.
PPS Investments exceeded many peer benchmarks, more than doubling both assets under management and the number of investors it serves during the five years from 2017 to 2022. Gross new investment flows to PPS Investments were R7.7bn, and net flows came in at R3.3bn, up 21%. Profit before tax increased to R121m, up from R98m in 2021.
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