PPS Insurance pays N$158.8 million to members in 2020
The provider of financial solutions exclusively for graduate professionals, PPS Insurance Namibia, delivered a strong performance for the 2020 financial year, allocating N$158.8 million in profits to its members, after paying benefits and valid claims of N$134.5 million.
PPS is the largest financial services company of its kind in Namibia that focuses exclusively on graduate professionals, creating products and designing services that cater specifically for their needs. This is achieved through the ethos of mutuality, where members benefit significantly as all company profits are allocated to them through allocations to their PPS Profit-Share Accounts.
The PPS Profit-Share Account accumulates investment returns, and vests upon retirement, or is payable upon a member’s death.
Johan van der Westhuizen, Chief Executive Officer of PPS Namibia said they are extremely proud that they could pay claims during this unprecedented year and assist members through difficult times.
“We are acutely aware of the financial pressure experienced by our members and while we provided relief measures, our members continued to pay their premiums to maintain their benefits. This is testament to the value proposition our financial solutions offer members,” he added.
Van der Westhuizen added that regardless of the turmoil of 2020 that was felt widely across the world as well as locally, PPS Namibia achieved new annual premium income of N$16.9 million, which represents growth of 6.6% on 2019. New membership also grew by 22% compared to 2019.
“Looking ahead, our balance sheet remains strong. With four months into our 2021 financial year, we know that we will continue to face headwinds from the pandemic and global market volatility, but our resolve is strong to continue protecting our members the mutual way,” Van der Westhuizen said.
Meanwhile, PPS made significant strides to expand its business by introducing new core products in 2020. PPS now has an office in the far northern town of Ongwediva to support members in the surrounding area and has appointed an agent for the Coast.
The PPS Sickness benefit product was enhanced to cover all pregnancy related conditions and is applicable to all female members with an active Sickness and Permanent Incapacity Benefit.
The Functional Disability benefit introduced during 2020 covers professionals who suffer a disability that prevents them from continuing their occupation.
In February 2021 PPS Namibia introduced the enhanced Critical Illness benefit that among others provides for an additional lump-sum payment for specific types of cancer that meet the claims criteria and have the genetic make-up that makes it susceptible to targeted therapy and immunotherapy.
PPS also welcomed Stefan De Bruin as the first ever Namibian chairman of the PPS Namibia Board of Directors.
Izak Smit, Group CEO of PPS Insurance South Africa said that PPS members in Namibia enjoyed a good year, despite the pandemic and significant economic challenges.
“PPS Namibia is now well ahead of the objectives set by the Board and PPS Group when the Financial Institutions and Market Bill was initiated and published in the country in 2020. Our commitment to protect and enhance the lives of our members remains,” Smit said.