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Johannesburg – Alexander Forbes Group [JSE:AFP] said on Wednesday that profit from continuing operations before non trading items increased 9% to R1.1bn‚ while pre-tax profit rose by 11% to R303m in the year to end March.
The operating income from continuing operations - net of direct product costs - increased by 12.5% to R4.4bn.
The headline earnings per linked unit increased by 22% to 169c per unit‚ while the headline loss per preference share decreased from 10c per preference share to 0c per preference share.
The group’s results are published for the purpose of informing the financial results of the listed Alexander Forbes Preference Share Investments‚ which holds a 26.5% interest in the issued ordinary share capital of the group.
“The results‚ both financial and non-financial‚ confirm that our strategic choices are correct and with greater focus and execution will deliver on promises made‚” group CEO Edward Kieswetter said in a statement.
He said the strategic focus area of growing the retail (individual clients) market segments throughout the group continued to show encouraging progress‚ with combined revenue in that client segment rising by 12% across the group in the year under review.
Top line revenue growth was achieved across all the continuing operations‚ a trend the group expected would continue in the coming year.
The short-term insurance industry in SA experienced difficult underwriting conditions during the course of last year but Alexander Forbes said its insurance business model ensured that it was better protected against losses than a number of its competitors.
