2020 INTEGRATED REPORT

able to navigate all of the monumental social and economic challenges that have presented themselves since PPS was founded. If ever there was a question about our purpose, the year 2020 demonstrated the very reason for our existence: to protect our members and their families, and to enable them to live the lives they aspire to. With the socio-economic situation still extremely fluid, it is impossible to make any firm predictions for 2021 other than to say that it will certainly prove to be another challenging year. I nevertheless feel confident that PPS will continue to maintain its course as it operates in a changing world and within a new and evolving business environment. GROUP PERFORMANCE Our 2020 results demonstrate the effectiveness of the ethos of mutuality in providing both financial security and unrivalled long-term benefits to our members. We continue to be grateful for their unprecedented loyalty, demonstrated by a very low membership attrition rate, even at a time when many members found themselves under significant financial pressure. Our shared resilience and success keep us strong. We believe in consistently innovating according to the evolving needs of graduate professionals, and many innovations developed and launched over the past two years are proving their mettle. Our PRO-FiT member engagement platform, for instance, is constantly being enriched. This enables members to have direct control of their PPS portfolio, engage with the larger professional community, and explore ways in which to optimise their Profit-Share. Members with qualifying products can now benefit from our enhanced PPS Profit-Share Cross-Holdings Booster, enabling them to make their Profit-Share work even harder for them in the long term by using more of the Group’s financial services solutions. There is also the PPSI Family Network, which is designed to encourage the aggregation of individual and family assets, enabling members to enjoy lower fees because of their larger, combined asset base. Similarly, the PPS Health Professions Indemnity, designed in response to the increasingly high costs of indemnity insurance and ever more litigious environment, has been very well received and is providing peace of mind for members in clinical practice. REGULATORY CHANGES AND COMPLIANCE Following several legislative and regulatory changes in 2019, and given the other extraordinary events of 2020 that consumed regulatory focus, there were relatively few in 2020. A summary of these is given in the governance section of this report. The National Health Insurance Bill which, if passed, is likely to have an impact on PPS and its members, is still under review in parliament. With both the public and private healthcare systems under extreme pressure due to COVID-19, it is difficult to predict the developments that we are likely to see in this sector during 2021. We will, however, track developments closely, remaining committed to representing and protecting the voice of professionals in all legislative and regulatory processes. CORPORATE SOCIAL RESPONSIBILITY PPS FOUNDATION As evidence of our ethos of mutuality, the PPS Foundation uses the shared value of our community of professionals to contribute to finding solutions to the key challenges we face as a developing economy, particularly as these relate to our large youth population. The crisis in South Africa’s education system continues unabated. It requires that all sectors of society commit to collaborating and being part of the solution. Within this context, the PPS Foundation continues to provide for bursaries for students in the science, technology, engineering and mathematics (STEM) fields of study. The Foundation’s University Support Programme also provides funds for related, but often ignored student needs, such as food security and psychosocial support. We are grateful to our professional members who take part in the important work of youth development by offering their time and expertise through the PPS Foundation’s Mentorship Programme. CHAIRMAN’S STATEMENT | 39