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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

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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