PPS Insurance Namibia (PPS Namibia), a provider of tailored financial solutions exclusively for graduate professionals, has announced another year of exceptional performance in 2023, delivering significant value to its members despite economic challenges.

Johan van der Westhuizen, Chief Executive of PPS Namibia on Thursday, expressed satisfaction with the company’s achievements, stating, “PPS Namibia had a stellar year in 2023, reinforcing our commitment to enhancing the well-being of our members. Our steadfast focus on long-term investments has once again proven successful.”

In 2023, PPS Namibia witnessed a notable increase in gross insurance premium revenue, rising by 9% from N$213.3 million in 2022 to N$233.3 million. The benefits and claims paid out to PPS Namibia members totaled N$206.5 million during the same period.

Despite an uptick in net claims, which rose from N$73.8 million to N$83.3 million, PPS Namibia achieved an operating profit of N$49.3 million. Van der Westhuizen highlighted the substantial returns on investments, with N$176.9 million distributed to members’ notional PPS Profit-Share Accounts™ in 2023, compared to N$4.7 million in 2022.

While acknowledging the positive performance, Van der Westhuizen emphasized the importance of long-term investment strategies, cautioning against unrealistic expectations based solely on short-term gains. He noted that PPS Namibia had welcomed 70 new members into the “PPS Profit-Share Millionaires Club,” bringing the total to 504 individuals who have accumulated over N$1 million in their accounts.

To demonstrate its ongoing commitment to members, PPS Namibia announced an allocation of N$226 million in total distributions, comprising operating profit and investment returns, to qualifying members’ Profit-Share Accounts™.

“We take pride in allocating three times more value to our members’ Profit-Share Accounts™ compared to 2022, representing nearly 100% of all premiums received,” concluded Van der Westhuizen.

In 2023, PPS Namibia expanded its network of independent advisers, targeted younger professionals in rural areas, and strengthened engagement with professional associations, corporations, and state-owned enterprises. The company also enhanced member-facing services, particularly in underwriting, claims, and retentions.

Izak Smit, PPS Group Chief Executive, outlined the company’s strategy for 2024, focusing on introducing new products, services, and solutions shortly after their launch in South Africa, ensuring members in Namibia benefit from the latest innovations.