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HOLDING ENTITY
The PPS Group holding entity is The Professional Provident Society Holdings Trust, registration number IT 312/2011 (‘PPS Holdings
Trust’), which controls all the entities in the PPS Group.
PRINCIPAL ACTIVITIES
PPSHoldings Trust is a trust registered by theMaster of theHigh Court in terms of the Trust Property Control Act of 1988. PPSHoldings
Trust's sole investment is 100% of the shares of Professional Provident Society Insurance Company Limited (‘PPS Insurance’).
The beneficiaries of PPS Holdings Trust are the PPS Group companies. Membership of PPS Holdings Trust is acquired through
participation in PPS Group products. The members of PPS Holdings Trust control the Group through the election of trustees.
Members participate in all the profits of the PPS Group through their participation in their policyholder PPS Profit-Share Accounts.
PPS Insurance Company Limited
(‘PPS Insurance’) is a long-term insurance company registered in South Africa in terms of the Long
Term Insurance Act , which offers a broad range of insurance products, including sickness and incapacity benefits, life and disability
benefits, critical illness benefits and business assurance policies. PPS Insurance also issues linked living annuities and endowment
policies to PPS members.
Professional Provident Society Insurance Company (Namibia) Limited
(‘PPS Namibia’) is a wholly-owned subsidiary of PPS
Insurance and provides insurance products exclusively to the Namibian market. A reinsurance agreement with PPS Insurance is in
place for PPS Namibia. In terms of this reinsurance arrangement, PPS Namibia partially reinsures its obligations to the Namibian
policyholders with PPS Insurance. This arrangement was put in place in order to protect the security and benefit expectations of the
Namibian policyholders by effectively including Namibian policyholders in a risk pool of over 122 000 policyholders. Without this
reinsurance arrangement, the Namibian subsidiary with over 4 900 Namibian policyholders would be exposed to higher volatility
from participating in a significantly smaller risk pool.
Professional Provident Society Healthcare Administrators (Pty) Limited
(‘PPS Healthcare Administrators’) is a wholly-owned
subsidiary of PPS Insurance, which administers Profmed and other medical schemes. PPS Healthcare Administrators’ objective is to
provide excellent service and to support the sustainability of the schemes by applying scheme, benefit and tariff rules properly and
managing clinical risk, to enable medical schemes to provide for the health care needs of members when they need it most.
Professional Provident Society Short-term Insurance Company Limited
(‘PPS Short-Term Insurance’) is a subsidiary of
PPS Insurance, in which PPS Insurance holds a 51% interest and Santam Limited the remaining 49%. PPS Short-Term Insurance is
operating independently of Santam as a fully-fledged short-term insurer, offering Personal Lines, Commercial Lines and Professional
Indemnity products to PPS members, and is under the control of PPS Insurance.
Professional Provident Society Investments (Pty) Limited
(‘PPS Investments’) and its subsidiaries are wholly-owned subsidiaries
of PPS Insurance which provide,
inter alia
, savings and investment products to PPS members.
PPS Mutual Limited
and its operating subsidiary are affiliates of PPS Insurance launched in Sydney, Australia in February 2016.
The company’s operating model replicates the PPS Group in South Africa’s mutual model, focusing on the insurance needs of
graduate professionals in Australia.
The PPS Property Fund Trust
(‘PPS Property Trust’) is a trust controlled by PPS Insurance, registered in terms of the Trust Property
Control Act of 1988, which invests in certain investment property for the benefit of PPS Insurance.
TRUSTEES’ REPORT
PPS
INTEGRATED REPORT
2017
82