PSG’s assets under management grows to over R400 billion

 ·18 Apr 2024

PSG has seen increased assets under management and profits for the full year ended 29 February 2024.

The group said that despite the continued challenging market conditions, it attracted net client inflows of R23 billion. This was largely due to a new business pipeline, which attracted inflows from current and new clients.

Chief Executive Officer Francois Gouws believes that this ability to secure new business in a challenging operating environment consistently is a marker of a healthy business with a clear strategy.

“The group’s proud track record of delivering consecutive earnings growth demonstrate the success of our advice-led business model and strong network of advisers – which is continuing to expand,” said CEO Francois Gouws.

“This network, and its commitment to excellent client service, has helped the business gain market share and has generated significant value for shareholders over the years.”

“This is evidenced by our total assets under management growing by 15% to R406.9bn during the year under review. This is a strong performance in a tepid environment in which the Johannesburg Stock Exchange lost 6% of its value over the period.”

The increase in assets under management was comprised of assets managed by PSG Wealth growing by 16% to R355.1 billion, PSG Asset Management by 7% to R51.8 billion, and PSG Insure’s gross written premium amounting to R7 billion (a 13% increase).

From a cost perspective, the group’s Insure division was severely impacted by several catastrophes during the year, including two severe flooding events in the Western Cape and a severe hailstorm in Gauteng.

That said, Western National’s reinsurance programme cushioned the effect on underwriting results.

Regarding financials, the group’s core income increased by 11% to under R5.88 billion.

The group’s recurring headline earnings also increased by 11% to 81.1 cents.

The group also upped its total dividend per share by 17% to 42.0 cents per share.


Gouws said that the group remains confident in its strategy and will invest in its business to ensure long-term growth.

“We have always been confident that resourceful South Africans will build a better future for themselves and their children,” said Gouws.

“Nevertheless, current economic activity remains depressed, and expectations have continued to plummet to new lows. As a business, we will continue to monitor local and global events and the associated impact on the group’s clients and other stakeholders and adjust our approach if required.”

“Irrespective of the short-term challenges, we remain confident in our long-term strategy and will continue to invest in our businesses, thereby securing prospects for growth.”

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