{"id":768491,"date":"2024-04-18T14:04:28","date_gmt":"2024-04-18T12:04:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=768491"},"modified":"2024-04-18T14:04:33","modified_gmt":"2024-04-18T12:04:33","slug":"psgs-assets-under-management-grows-to-over-r400-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/768491\/psgs-assets-under-management-grows-to-over-r400-billion\/","title":{"rendered":"PSG’s assets under management grows to over R400 billion"},"content":{"rendered":"\n

PSG has seen increased assets under management and profits for the full year ended 29 February 2024. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

“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 \u2013 which is continuing to expand,” said CEO Francois Gouws.<\/p>\n\n\n\n

“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.”<\/p>\n\n\n\n

“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.\u201d <\/p>\n\n\n\n

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\u2019s gross written premium amounting to R7 billion (a 13% increase).<\/p>\n\n\n\n

From a cost perspective, the group\u2019s 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. <\/p>\n\n\n\n

That said, Western National’s reinsurance programme cushioned the effect on underwriting results. <\/p>\n\n\n\n

Regarding financials, the group’s core income increased by 11% to under R5.88 billion.<\/p>\n\n\n\n

The group’s recurring headline earnings also increased by 11% to 81.1 cents. <\/p>\n\n\n\n

The group also upped its total dividend per share by 17% to 42.0 cents per share. <\/p>\n\n\n

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Outlook <\/strong><\/p>\n\n\n\n

Gouws said that the group remains confident in its strategy and will invest in its business to ensure long-term growth. <\/p>\n\n\n\n

\u201cWe have always been confident that resourceful South Africans will build a better future for themselves and their children,” said Gouws.<\/p>\n\n\n\n

“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\u2019s clients and other stakeholders and adjust our approach if required.\u201d<\/p>\n\n\n\n

\u201cIrrespective 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.” <\/p>\n\n\n\n

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