Investec, which operates in both South Africa and the UK, aims to move into offering life insurance to its clients.
Reuters reported that the company, which focuses mainly on private banking and asset management, plans to offer life insurance from as early as the third quarter.
“I think it is a hole in our offering and it is something we think we can be pretty successful at,” CEO Stephen Koseff said during the company’s results presentation. “We have had a life insurance licence for decades but we never used it and we feel it’s a very appropriate product to offer to our client base.”
The group reported a 17% rise in profit for the year ended March 2017, while adjusted earnings per share climbed to 48.3 pence from 41.3 pence a year earlier.
Investec lifted its full-year dividend to 23 pence per share from 21 pence a year earlier.