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| Africa
Financial Services |
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Description
of business |
| Retirement
Funds |
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The largest division
within Africa Financial Services providing
consulting, actuarial and administration
services to trustees of
retirement funds and corporates. |
Health
Care Consultants
& Health Management
Solutions |
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Provides clients with
holistic advice and creative solutions in
formulating sustainable corporate health
care strategies. |
Financial
Planning
Consultants |
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Provides financial advice
and services to individual clients. |
| Asset
Consulting |
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Provides specialist
investment advice to corporates and trustees
of retirement funds and medical aid schemes. |
| HomePlan |
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Offers members of retirement
funds the option of using their
retirement fund withdrawal benefit as security
for a home loan. |
| Alexander
Forbes Life |
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Offers niche group risk
benefits including group life and disability
schemes under a separate life insurance
licence. |
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| Divisional
highlights |
| • |
Strong performance
from core Actuarial Consulting business. |
| • |
Solid performance
from Retirement Funds Administration
business. |
| • |
Significant growth
in Umbrella Retirement Fund business. |
| • |
Financial Planning
Consultants benefiting from new business
and strong equity markets. |
| • |
HomePlan pensions-backed
lending book increases to R2,1 billion. |
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from operations |
Trading
results |
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International
Financial Services |
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|
Description
of business |
| Lane
Clark & Peacock |
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Leading consulting actuarial
business in UK and Europe. |
Alexander
Forbes
Financial Services |
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Leading UK Corporate
Pensions IFA and employee benefit
consultants with offices in UK and Channel
Islands. |
| DC
Link Administration |
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Defined contribution
retirement fund administration servicing
retirement funds and corporate clients. |
| Direct
Marketing |
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Promotes accidental
death benefit policies through the media
and mailing lists. |
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| Divisional
highlights |
| • |
Lane Clark &
Peacock (UK, Belgium and Switzerland)
– exceptional growth. |
| • |
Alexander Forbes
Financial Services (UK). |
| • |
Main Pensions IFA
delivered double digit growth. |
| • |
Launch of Wealth
Management division. |
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results |
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| Investment
Solutions |
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Description
of business |
| Africa |
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Multi-manager investment |
| International |
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Multi-manager investment |
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| Divisional
highlights |
| • |
Strong revenue
and profit growth. |
| • |
Net new inflows
of R3 billion. |
| • |
Positive impact
from favourable market conditions. |
| • |
Further growth
in Stanlib Multi-manager
and success with larger funds. |
| • |
5-year management
agreement replaces share swap arrangement
with Stanlib. |
| • |
Competitive relative
investment performance continues. |
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Launched to market
in September 2003; continues to attract
new clients and assets. |
| • |
£285 million
net inflows during year, AUM doubled
to £890 million. |
| • |
Gathering momentum. |
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results |
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Africa
Risk &
Insurance Services |
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Description
of business |
| Risk
Services |
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Risk and insurance programme
management and consulting. |
| Personal
Services |
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Personal lines short-term
insurance products for individuals. |
| Afrinet |
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Network of offices in
10 African countries. |
| Cre8 |
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Underwriting management
and product development, managed
separately from the broking and advisory
business. |
| Guardrisk |
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The world’s first cell
captive insurance company, Guardrisk offers
short-term insurance and life assurance
to the corporate market in
South Africa and off-shore through Guardrisk
Mauritius. |
| Reinsurance
Solutions |
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Reinsurance broking
in South Africa, Namibia and Mauritius. |
| Compensation
Technologies |
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Recovery of claims from
the Road Accident and Workmen’s
Compensation funds on behalf of accident
victims and medical service providers. |
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| Divisional
highlights |
| • |
Trading results
impacted by |
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| - |
R12 million
reduction in operating interest
income. |
| - |
R16 million
reduced contribution from Personal
Lines insurance. |
| - |
Excluding
above items, 11% growth in profits. |
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| • |
Good new business
gains by the core Corporate Broking
business. |
| • |
Success in attracting
additional key client facing personnel. |
| • |
Niche/specialist
aviation broker acquired. |
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from operations |
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results |
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| International
Risk Services |
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Description
of business |
| Corporate
Risk Solutions |
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Retail broker dealing
directly with corporate industrial and commercial
clients in the UK and Ireland. |
| Professions |
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Professional Indemnity
insurance to a wide spectrum of professionals
in the UK and internationally. |
| International |
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Works with insurance
intermediaries and their clients on a world-wide
basis assisting them in finding highly specialised
insurance and
reinsurance solutions. |
| Specialisms |
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Niche business units
focusing on construction and commercial
property,
reinsurance and political risks. |
| Asia
Pacific region |
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Corporate Risk Solutions
and Financial Services. |
| Latin
America region |
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Corporate Risk Solutions
and Financial Services. |
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| Divisional
highlights |
| • |
Holding revenue
in difficult trading conditions. |
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| - |
Rate reductions
in a number of insurance classes,
particularly Professional Indemnity. |
| - |
Certain non-core
assets spun off and key professions
team restructured. |
| - |
Demonstrable
signs of underlying growth. |
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Decreased profitability
reflects both defence and offence. |
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Significant
costs of defending market position. |
| - |
Investment
in key producers. |
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Strategic repositioning
underway, including potential introduction
of additional new shareholder. |
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