2020 INTEGRATED REPORT

Our mission and values give expression to what it is we aim to deliver to our members. OUR MISSION Our mission is to enhance the financial security of our members and we aim to ensure that, from a financial perspective, they can live the lives they want to live. We deliver on this mission by providing exceptional insurance benefits and a range of financial services that are specially designed for professionals. We help our members secure their current and future financial position by providing peace of mind throughout their professional careers and during their retirement years. At PPS, we believe that what we value internally will drive our behaviour externally and we live by three core values:  We take ownership. Our people are empowered to deliver service excellence to our members, and we encourage leadership in all areas of the business.  We are curious. We are not satisfied with the status quo and are driven by the goal of constantly improving the solutions we offer to our members. We embrace new learning and we are committed to innovation, giving staff the licence to experiment while recognising and responding to the unique, complex and changing needs of our members.  We do the right thing. We conduct our business with empathy, authenticity and caring, but also with the highest standards of ethics, fairness, governance and respect for all. THE ETHOS OF MUTUALITY Although it is now an uncommon practice in financial services, mutuality is what defines PPS. This takes us back to the original roots of insurance and to the true purpose of the insurance industry. PPS is not listed on any stock exchange, therefore we have no external shareholders who receive dividends. Our members with qualifying PPS insurance products benefit directly from our profits through their dedicated Profit-Share Accounts. Mutuality is at the heart of PPS and is in our DNA. It permeates every aspect of our business and is fundamental to our success. We invest profits and investment returns on behalf of our members, taking a long-term view of wealth creation. Irrespective of the claims our members may make, returns accumulate in their individual Profit- Share Accounts and vest free of tax (as it is already taxed within the policy) on retirement from the age of 60 or at the time of death. This is a unique feature in the South African insurance sector and there is no benefit to rival it. Once our members retire from their professional careers at or after the age of 60 and, typically, when the cover from their PPS life insurance products is not required anymore, the profits they have accumulated in their Profit-Share Accounts over the course of their membership become available to them through a Vested PPS Profit-Share Account. Although this is then available, subject to contractual requirements, for members to withdraw in full without any reductions, we encourage them to keep these assets invested in order to generate further returns and to supplement their retirement incomes. The benefits of mutuality are self-evident. There is no leakage of profits to shareholders and our members benefitdirectly fromourprofits simplybyparticipating in qualifying products. Members who have products from PPS subsidiaries and affiliates in addition to qualifying life insurance products now also qualify for an additional Profit-Share allocation. The PPS Profit- Share Cross-Holdings Booster is awarded over and above the existing allocation and is based on holding products across PPS subsidiaries and affiliates. OUR VALUES WHO WE ARE AND WHAT MAKES US DIFFERENT | 7