7 MARCH 2024

Annual results

The group recorded a marked upswing in performance in 2023 as the quality of our existing operations came through strongly after the series of one-in-25/100-year events from 2020 to 2022. We achieved a record net result from financial services of R12,4 billion, with the life insurance portfolio growing by 19%, general insurance by 21%, investment management by 14% and credit and structuring by 29%. Our strong capital position and cash generation, as well the diversity of our operations by product, market segment and geography, position us well to navigate the current macroeconomic environment.


Adjusted Return on Group Equity Value per share


Net results from financial services per share


Life insurance new business volumes (PVNPB)



Net value of new covered business (VNB)

R2 853million


Net VNB margin


(2022: 2,72%)

Key performance indicators


  • Net results from financial services reached a historic high, of R12,4 billion, increasing by 18% (21% on a per share basis) on 2022.
  • Net operational earnings increased by 25% (28% on a per share basis), supported by higher investment return over the period.

New business

  • Group new business volumes increased by 18% to R397 billion, also a record high, with robust sales growth across all lines of business. Net value of new covered business (VNB) increased by 19% to R2,9 billion, benefiting from a shift in sales mix to more profitable business. The group recorded a new business margin of 2,85

Group Equity value

  • Group Equity Value per share of R70,86.
  • Return on Group Equity Value (RoGEV) per share of 16,7%.
  • Adjusted RoGEV per share of 19,5% was above the group’s hurdle rate of 15,5%.

Dividend and capital

  • The group declared a normal dividend of 400 cents per share, up 11% on 2022.
  • Group solvency cover ratio remains strong at 170%, well within the target range.
  • Discretionary capital R2,7 billion at 31 December 2023.

Annual results

Media release 2023 Annual results (single) 2023 Annual results (spreads) 2023 IAS booklet (single) 2023 IAS booklet (spreads) 2023 Annual reporting suite Call registration Webcast