SG’s wealth and asset management unit PSG Konsult said it is going to stick to its strategy of growing existing businesses following its strong performance during the year to February.
The group, whose operations comprise of wealth management unit, PSG Wealth, PSG Asset Management and short-term insurer PSG Konsult, reported a 4% increase in recurring net profits when most life insurers posted declines for the 2018 financial year as a result of the JSE losses. The JSE closed 11.37% down in 2018.
“We often get asked if we plan to be acquisitive and it’s very difficult to predict if we will be in future but we don’t envisage that right now. We try and focus and we try to be consistent. We still managed to grow when most life insurers’ earnings were down and I think we can attribute that to us being highly focused,” said PSG Konsult CEO Francois Gouws.
The 4% growth in earnings is low by PSG Konsult’s standard as the company has in the long-term been growing its profits by high single digits and double digits. In 2018 it recorded a 16% increase in earnings for the year to February.