2019 Integrated Report

OVERVIEW It is my pleasure to report to our members that, despite the tough trading environment in which we operate and which continued to pose challenges to financial services businesses throughout South Africa in 2019, PPS managed to outperform most of the goals we had set for ourselves at the beginning of the year. This result was due to the hard work of our staff and the committed implementation of our strategic agenda, as well as the enduring strength of our mutual model. We are often humbled by the niche market we serve, a market segment that includes some of South Africa’s and Namibia’s most educated and influential individuals in government, the academic world, business and, of course, the various professions. It is both a privilege and a mammoth responsibility. Although professionals generally have the education, experience and resources to navigate the changes and challenges in the world around them, they are by no means immune to the effects of the prevailing environment. Our mutual model and the behavioural traits of our professional target market benefit our business and our members, particularly when trading conditions are tough. CEO’S MESSAGE TO MEMBERS | 31

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