2020 INTEGRATED REPORT

WHO WE ARE AND WHAT MAKES US DIFFERENT “PPS was founded to enhance the financial security of its professional members and has become a powerful force for wealth creation and socio-economic development. Uniquely structured around the principle of mutuality, it is also exceptionally robust, enabling us to assist our members in times of greatest need. Whatever the external influences may be, we focus on providing a consistently reliable and professional service to our graduate professional members and on ensuring that all profits are allocated on an annual basis to our members with qualifying products.” Izak Smit Group Chief Executive Officer THE PPS STORY PPS turns 80 years old in 2021 and, throughout our existence, we have demonstrated reliance, recorded steady growth and consistently provided services to our members without disruption. The fact that we have been able to continue to do this throughout 2020 is testimony to the vision and objectives of our founders. In 1941, a group of eight hard-working dentists, who appreciated the value of a hard day’s work andwanted to protect their ability to earn an income from that work, established PPS. Even then, the methodology they chose was rare in financial institutions; the practice of people joining together to benefit from pooled resources. This concept of mutuality still permeates every aspect of our business, from the way it is structured to the way in which new innovations are designed. At PPS, we do not have shareholders, we have members; highly educated professionals who have one or more postgraduate qualification. Members who have products from a range of qualifying products are eligible to earn a portion of the profits that PPS generates. The greater their contributions to, and participation in these products, the greater their Profit-Share. Members’ Profit-Share is allocated annually into their notional PPS Profit-Share Account, which grows with investment returns, further profit distributions and vests on retirement from the age of 60 subject to contractual requirements. Profits accumulate simply as a result of members having qualifying products. Since PPSwas established, we have steadily expanded our product range, moving beyond our initial focus on income protection to include other financial services solutions. Today, the Group is a licensed Insurer and registered financial services provider and our members include leading academics, captains of industry and prominent members of the various professional sectors. 6 | PPS INTEGRATED REPORT 2020