Professional Provident Society posts R555m profit, despite higher life claims

Member-based society entered 2020 with solid capital reserves and good momentum, group CEO Izak Smit says

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The Professional Provident Society (PPS), which provides insurance and investment solutions to graduate professionals, posted an annual operating profit of R555m in its 2020 fiscal year, despite a surge in life claims, especially among medical professionals.

The member-based society, which operates on a profit-share basis, reported that operating profit fell by half in the 12 months to end-December, down from the R1.1bn in operating profit it made in 2019, according to its 2020 integrated report released on Wednesday...

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