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  • Archive
  • Integrated Report For PPS Namibia Members
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  • Annual Financial Statements 2022
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  • Highlights 2022
  • Report to Members
  • Integrated Report 2022

    • Message from our CEO, Izak Smit

    It is my privilege to report to members that PPS has experienced an exceptional year in 2022 in terms of supporting our members and returning value to them. In our unique mutual model, premiums that members pay to our insurance businesses – with investment growth – are returned to them, either as claims or as allocations to their Profit-Share Accounts when they hold qualifying products. The only flow out of the Group, is of course the management expenses to run the business. From this perspective, 2022 has been a most astonishing year. As is to be expected during a worldwide pandemic, life insurance claims payments have exceeded anything that we have ever witnessed in our 80-year history. The investment markets also experienced a very good year and the investment returns that we can distribute to our members in the form of Special Benefit allocations to their Profit-Share Accounts have exceeded those of any previous year. Collectively, the value that was returned to members through claims in 2022, supporting them in times of need, and the value added to their Profit-Share Accounts due to investment returns on accumulated past profits, is extraordinary.

    >> Read the CEO's full message for 2022

    Key performance indicators

    Key Performance Indicators (KPIs) for each strategic focus area are allocated to specific individuals. Monthly scorecards for each are submitted to the PPS Executive Committee (Exco) for review.

    Our key
    KPI's    		   Unit of
    measure    		 2022
    Performance         		2022
    Goal
    Commentary
    Financial stability Gross premium income Rand
    billions    		 6.0 6.1     Gross premium income (long-and short-term insurance) is in line with expectations.
      Investment return % 7.5 7.0     Investment return measured over a five-year rolling period performed ahead of the benchmark.
      Efficiency ratio % 18.4 18.4     Cost control remains an imperative of the Group. Efficiency ratio in 2022 is in line with goals set.
      New annual risk premiums (long-term insurance) Rand
    millions    		 297.3 297.8     New annual risk premiums are 9% up on prior year and performed in line with target.
      New gross written premiums (short-term insurance) Rand
    millions    		 21.8 30.4     New short-term insurance premiums written are 54% up on prior year, but performed behind target.
      New investment inflows Rand
    billions    		 7.7 8.0     Net investment inflows were slightly behind target, but up 9% on prior year.
    Membership Number of new members recruited during the year Individuals 7 310 8 676     New member recruitment performed behind target in 2022.
    Long-term insurance policies lapse rate % 4.1 4.1    Lower policy lapse rates that were in line with an aggressive target due to enhanced member retention efforts.
    Health Claims Rand
    billions    		 2.4 2.1     Health claims were ahead of expectations.
    Death Claims Rand
    billions    		 1.0 1.5     Death claims are significantly less than expected mainly due to less COVID-19-related deaths.
    Staff Employee satisfaction survey results % 72 70     Employee satisfaction scores remain in excess of target.
      Training spend as a percentage of payroll % 5.4 > 4.0     Training spend is ahead of target. Investment in human capital continues to be an important strategic objective of the Group.

    * Assets in unit trusts for third parties
      Achieved
      Partly achieved
      Not achieved
      Target metric not achieved but members benefited from value returned through the payment of additional claims during the pandemic.
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