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enjoy. And yet, for most of our members, the positive

effect of operating profit was more than adequate to

compensate for the negative market return impact.

This demonstrates the power of our model, where

most members could still enjoy positive additions to

their Profit-Share Accounts after the most brutal year

in the investment markets since the Great Recession

of more than a decade ago.

PPS Investments (PPSI)

PPSI performed well due to new business signings

and tight control over expenditure. At year-end PPSI

had signed 46% more business than the previous year,

which was 10% above an optimistic target, a very good

achievement in a very tough environment.

Revised distribution strategies have transformed PPSI’s

new business drive into an operation that now also

has a wholesale focus. During 2018 PPSI introduced

the first of our new range of PPS Partnership Funds.

PPS Short-Term Insurance (STI)

Our 2018 results came in below budget due to the

unfavourable economy muting new business. We also

experienced a tougher claims environment, but continue

to see evidence that the professional market segment

is a relatively benign risk pool. STI has in recent months

successfully migrated its claims administration to a

new service provider, and developed a mobile app that

will soon be rolled out to our members, strengthening

a highly competitive value proposition. During 2018,

STI became a wholly owned subsidiary in the PPS

Group. Very exciting for our members in the medical

professions is the roll-out of new professional indemnity

solutions, a big need in this space.

PPS Healthcare Administrators (PPSHA)

PPS Healthcare Administrators recorded satisfactory

results, although growth in membership numbers did

not reach target. Nevertheless, PPSHAmet its budgeted

earnings targets and paid out healthy dividends which

we allocate to members.

PPS Advisory and Enablement Services

In response to market and regulatory shifts, PPS merged

its former Life and Investment Advisory businesses into

a consolidated financial advisory division for members

to access the entire suite of PPS products and financial

planning services.

Our Lifestyle Financial Planning team was repositioned

as Specialist Support Services (S

3

), to support our

advisers and members in complex financial planning,

and to coach members on how best to utilise PPS

options. The S

3

team remains impartial, as it does not

implement products or receive related commissions.

Implementation happens through our members’ trusted

advisers.

PPS Life Broker Services (LBS)

Our LBS team delivered an exceptional performance,

reaching its 2018 targets despite the stalled economy

and loss of a traditional business pipeline due to the

advent of the new Retail Distribution Review (RDR)

regulatory environment. Timeous preparation enabled

us to cushion the blow of RDR through solutions such

as assisting our business partners in relocating affected

advisers to independent financial practices, where

relevant. PPS also started its own independent financial

advisory practice in 2018, FS4P (Financial Solutions

for Professionals).

MAKING INNOVATION WORK

FOR PROFESSIONALS

Professionals will inevitably be at the forefront of

changes in their disciplines – with much based on

incoming technology. PPS has positioned itself at the

leading edge of change to remain in step with our

membership base in this fast-evolving reality.

PPS engages with world-leading innovators to share

learnings and participate in digital forums appropriate

for our member needs. In 2018 PPS sponsored the

first ever Singularity University conference in Africa

exclusively for professionals, which made available a

staggering amount of forward thinking and intellectual

property for our members.

In 2018 we also linked up with Plug and Play, a

San Francisco-based innovation platform that connects

the world’s largest corporations with innovators around

the globe. PPS is actively engaging in Plug and Play

programmes.

To be launched in 2019, the PPS PRO-FiT platform is

a game changer for members, enabling them to take

an integrated approach to their financial, wellness

and lifestyle planning. Profit-share planning is a

key feature, with members able to evaluate various

scenarios on their current or potential product portfolio.

PPS PRO-FiT will also help initiate professional growth

by enabling our members to exchange expertise,

referrals, consultations, internships and job offers,

particularly with practitioners in similar fields.

CEO MESSAGE

TO MEMBERS

(continued)

PPS

INTEGRATED REPORT 2018

12