PSG reports interim growth after prior-period Namibian insurance sale

PSG’s interim results show recurring earnings growth, while the earlier comparison period included profit from selling Western National Insurance Namibia to Santam Namibia.

PSG Financial Services reported recurring headline earnings of R754.5 million for the six months to August, a 4% increase. Group income rose 5% to R4.16 billion, with growth in its wealth business offsetting weaker contributions from asset management and insurance.

The comparison also reflects an earlier Namibian transaction. The previous reporting period included a R51 million profit on the sale of Western National Insurance Namibia to Santam Namibia. Overall profit attributable to ordinary shareholders fell 3% to R755.1 million.

The group said assets under management increased 15% to R594.1 billion. It declared an interim dividend of 22 cents per share, up 10%, scheduled for 9 November.