Investor Presentation 2018 Financial Results. For the year ended 28 February 2018
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1 Investor Presentation 2018 Financial Results For the year ended 28 February 2018
2 Contents results divisional performance 3. Highlights & focus 4. Conclusion 2
3 PSG Structure PSG Group 60.4% Other 39.6% PSG Wealth* 100% PSG Asset Management 100% PSG Insure** 100% Copyright PSG * Includes PSG Employee Benefits ** Includes Western National Insurance PSG Group s holding net of treasury shares = 61.4% As at 28 February
4 A great company Wealthy clients serviced where they reside 211 Adviser offices 784 Advisers 193 offices 618 advisers clients Source: PSG Distribution No. of advisers PSG Wealth PSG Insure No. of offices
5 Business characteristics Equity market dependent Administration businesses people / systems dependent Not very balance sheet intensive Free cash flow generative Vulnerable to regulatory change 5
6 results
7 Key macro indicators Weakening economic environment Key indicators 14 % 15 % 16 % 17 % 18 CAGR Rand / US$ % % % % % FTSE/JSE Index % % % % % All Bond Index % 498-4% % % % Cash Index - STeFI Call 281 6% 296 6% 314 7% 335 7% 358 6% S&P 500 (Rand) % % % % % SA Property Index % 656-7% 610 5% % 562 4% 7
8 2018 financial results overview Recurring HEPS grew by 16% for 18 Consolidated results 2014 %Δ 2015 %Δ 2016 %Δ 2017 %Δ 2018 %CAGR Headline earnings % % % % % Recurring headline earnings % % % % % Recurring headline earnings (excluding amortisation) Weighted ave. no. of shares (millions) % % % % % % % % % % HEPS (cents) % % % % % Recurring HEPS (cents) % % % % % Recurring HEPS (excluding amortisation) (cents) % % % % % Assets under management (Rbn) 99 34% % % % % Assets under administration (Rbn) % 309 6% % 371 8% % Premiums* (Rbn) % % % % % Source: PSG Finance * Excludes ST admin gross written premium to avoid duplication. Note: figures rounded to nearest R million 8
9 Headline earnings by division Total recurring headline earnings growth of 16% year on year Headline earnings* 2014 % 2015 % 2016 % 2017 % 2018 %CAGR Wealth % % % % % Asset Management 54 51% 82 1% 83 57% % % Insure 28 7% 30 33% 40 70% 69 4% 71 26% Total % % % % % Recurring headline earnings* 2014 % 2015 % 2016 % 2017 % 2018 %CAGR Wealth % % 286 1% % % Asset Management 54 51% 82 1% 83 57% % % Insure 35-12% 31 29% 40 70% 69 4% 71 20% Total % % % % % * All overhead costs are fully allocated Source : PSG Finance 9
10 Financial trend We always look at our 10 year rolling track record CAGR % YoY Gwth % AUA (Rbn) % % AUM (Rbn) % % Premiums (Rbn) ** * % % Core Revenues (Rm) % % Recurring headline earnings (Rm) % % Shares in issue (m)*** % % Recurring HEPS (cents) Recurring HEPS (cents) excl. amortisation % % % % Return on equity (%) N/A N/A Total advisers % % * Includes Western National Premiums from Nov 2012 ** Excludes Short-term administration platform gross written premium to avoid duplication 10 *** Net of Treasury Shares Source : PSG Finance
11 divisional performance
12 Wealth plans Growing and protecting client wealth Excellence in products & services Wealth assets split (Rm) 2017 Market movement Net flows 2018 % Third party funds * % PSG Multi Managed ** % Top advisers Discretionary % Total managed assets % Non discretionary % Third party administration % Superb platform Total wealth assets % * Includes PSG advisers single managed funds of R6.5bn for Feb 2017 and R8.8bn for Feb 2018 ** Includes PSG single managed funds of R7.1bn for Feb 2017 and R8.0bn for Feb 2018 Source: PSG Wealth 12
13 Wealth Excellence in products and services Independent process with advisers oversight Net Flows (Rm) Year-on-year Wealth managed asset net flows % -13% 39% -23% -10% 19% 25% -36% -2% 31% ALSI Rapid growth in advisers Negotiation with product providers H H H H H H H H H H Source: PSG Wealth, Bloomberg PSG Multi Managed Discretionary 3rd Party Funds ALSI 13
14 Top advisers We continue to add top advisers to our PSG Wealth distribution business Wealth advisers (incl. EB) H1 2014* H2 2014* H1 2015* H2 2015* H H H H H H Balance opening Net movement Balance closing Growth 2% 4% 3% 4% 2% 8% 5% 2% 2% 2% * Restated to exclude advisers moved from Wealth to Insure during 2016 Up scale existing offices via new hires Greater penetration selected area Growth in number of advisers & average book size Financial advisers new home at PSG unlocking and creating value for clients and themselves Well positioned to support advisers: Open architecture, stable systems, risk & regulatory compliance allowing advisers to focus on client interaction Source: PSG Distribution 14
15 Asset management plans Net new money at acceptable margin Focused marketing AM assets split (Rm) 2017 Market movement Net flows 2018 % PSG Single manager* % Investment performance PSG Money market and related assets* % PSG Segregated Portfolios % Total assets under management % Superb platform PSG Multi Managed ** % Total AM assets*** % Source: PSG Asset Management * Includes PSG advisers single managed funds of R6.5bn for Feb 2017 and R8.8bn for Feb 2018 ** Includes PSG Single Managed funds of R7.1bn for Feb 2017 and R8.0bn for Feb 2018 *** Assets under administration, excluding segregated portfolios, amounts to R101bn (2017: R83bn) which represents a 22% increase from prior year 15
16 Asset management Brick by Brick strategy Long-term assets (retail emphasis) Getting adequate margins Protect our capacity Net Flows (Rm) Year-on-year single managed net flows % 128% 137% -93% 591% -40% -166% 461% -23% 81% H H H H H H H H H H ALSI Source: PSG Asset Management, Bloomberg Single Managed PSG Money Market Segregated Institutional Portfolio* ALSI * Includes private clients and segregated money market portfolios 16
17 Asset management Solid long-term track record Single manager funds Performance 1-month rank 3-months rank 6-months rank 1-year rank 3-year rank 5-year rank 10-year rank PSG Flexible Rank Return 0.3% 1.3% 5.3% 8.1% 9.2% 13.9% 13.8% PSG Equity A Rank Return 0.3% 2.5% 6.6% 8.2% 7.1% 14.0% 12.1% PSG Balanced A Rank Return 0.7% 2.5% 5.6% 8.9% 8.1% 11.8% 10.7% PSG Stable Rank Return 1.2% 3.5% 5.8% 9.2% 8.1% 9.0% N1 N1 The PSG Stable fund does not have a 10-year history Source : MorningStar February 2018 report 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile 17
18 Insure Grow gross written premium income Top advisers Excellence in underwriting Gross written premium PSG Insure gross written premium (Rm) % 9% 4% 10% 7% 7% 4% 9% 6% 5% Superb platform H H H H H H H H H H ST Distribution ST Admin Western Source: PSG Insure Western acquisition Nov 12 * Includes Short-term administration platform gross written premium 18
19 Top advisers We continue to add top advisers to our Insure Distribution business Insure advisers H1 2014* H2 2014* H1 2015* H2 2015* H H H H H H Balance opening Net movement Balance closing Growth -4% -3% -1% 7% 0% 3% 1% -2% -1% 8% * Restated to include advisers moved from Wealth to Insure during 2016 ** Terminations relate to personal lines advisers and is due to the strategy of focussing on commercial product lines Greater penetration selected area Growth in number of advisers & average book size Financial advisers new home at PSG unlocking and creating value for clients and themselves Well positioned to support advisers: Open architecture, stable systems, risk & regulatory compliance allowing advisers to focus on client interaction Source: PSG Distribution 19
20 Western National Insurance Insurance results % -12% 37% -28% 69% -5% 31% 47% -20% 15% Key differentiators Personalised service to brokers Focus on commercial business Excellence in underwriting Healthy insurance float level of R421m* Limited insurance and investment risk retention levels Net insurance result % % % % % 6.6% 5.7% % % % 7.4% 9.2% % % Underwriting margin 0 H H H H H H H H H H % Underwriting Results (Rm) Float Income (Rm) Underwriting Margin (%) Source: PSG Insure * Conventional float R146m & ART float R293m 20
21 Reducing risk Recurring revenues Margin enhancing Risk vs return Perf fees / HE* 11.4% 7.7% 3.8% 8.8% 8.6% Op margin 13.2% 14.9% 15.2% 15.7% 16.6% ROE* 24.8% 26.4% 24.8% ** 25.3% 24.3% Recurring HEPS 20.6c 27.0c 32.1c 37.2c 43.0c Op margin (excl perf fees) 12.1% 14.0% 14.7% 14.5% 15.1% ROE (excl perf fees) 22.0% 24.3% 24.0% ** 23.4% 22.2% C:I% 63.8% 60.6% 59.0% 60.0% 57.2% Debt : Equity 9.4% 0.9% 0.7% 0.2% 4.3% * Based upon recurring headline earnings ** Based upon recurring headline earnings (Headline ROE: 18.4% and Headline ROE (excl. perf. Fees): 17.6%) 21 Source : PSG Finance
22 22 03 Highlights & focus
23 Key achievements Significant progress on top priorities Datacentre refresh project completed Key adviser acquisitions completed - ABSA Insurance and Financial Advisers - Both the Commercial Lines and Personal Lines - First Equity/Fairlands merger - 28E Capital Increased focus on Client Events 23
24 Top line focus Core operations (excl. IFRS consolidated fund and policyholder related income) Top line revenue (Rm) (33%) (13%) (34%) (13%) (35%) (11%) (36%) (12%) (37%) (12%) (54%) (53%) (54%) (52%) (51%) Total core revenue per division (excluding inter-segment income) Source: PSG Finance PSG Wealth PSG AM PSG Insure 24
25 25 04 Conclusion
26 Conclusion Business features underpinning our expectations for future success Largest independent adviser network in South Africa, with a broad geographic footprint that continues to expand Strong governance structures Clear growth opportunities for our businesses History of superior shareholder returns Focus on optimising risk adjusted return per share (restrict issuance of new shares) 26
27
28 28 Appendix
29 TRI of PSG Konsult PSG Konsult performed better than JSE ALSI during tough times (in USD terms) Investment of R in PSG Konsult shares on 11 April 2005, and reinvesting all dividends received (net of DWT) and other distributions over period vs R invested on JSE ALSI Date Number of PSG Konsult shares PSG Konsult investment (R) PSG Konsult investment (USD) Annual growth in investment (R) Annual growth in investment (USD) JSE ALSI Total Return Index JSE ALSI Investment (R) JSE ALSI Investment (USD) Annual growth in investment (R) Annual growth in investment (USD) 2005/04/ /02/ % 184% % 45% 2007/02/ % 46% % 18% 2008/02/ % 2% % 16% 2009/02/ % -38% % 52% 2010/02/ % 53% % 90% 2011/02/ % 31% % 38% 2012/02/ % 24% % 2% 2013/02/ % 29% % 1% 2014/02/ % 49% % 1% 2015/02/ % 36% % 8% 2016/02/ % 31% % 32% 2017/02/ % 38% % 32% 2018/02/ % 30% % 30% CAGR 33.2% 26.6% 15.4% 9.7% Source: PSG Finance 29
30 Trading statistics Creating shareholder value Statistic No. of shares in issue (millions) No. of shares traded (millions) % of shares traded 0.2% 0.9% 1.3% 1.4% 1.8% 2.6% 4.9% 8.9% 8.4% 6.8% Market capitalisation (Rm) Value of shares traded (Rm) % of market cap traded 0.3% 0.8% 1.1% 1.1% 1.4% 2.1% 4.7% 10.2% 7.9% 6.6% Source: PSG Finance 30
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