2006/2007: Standing the test of time, spiralling into the future
Ammonites, prehistoric squid-like creatures, stood the test of time.
"It is once again very pleasing to report on an excellent financial year in which tremendous growth was realised in all facets of the Assupol Life Group of Companies", says Gert Wessels, CEO of Assupol Life.
The following is a summary of the results:
- Group assets increased by 23.6 % to R2, 025 billion
- Embedded value increased by 42.7%
- Group operating profit increased by 167%
- Net group premium income increased by 24.7 %
- Total group income increased by 21% to R 1,291 billion
This spiral of growth emanates from Assupol Life's core mission to make our financial and life products accessible to all income groups. This strategy is supported by our diversified stakes in core businesses, both in the formal and informal sector.
Assupol Life has stood the test of time and celebrates its 95th anniversary in 2008. What started as a friendly society in a niche market in 1913 has spiralled into a remarkable life insurer that at present insures the lives of more than two million people.
"We have embraced 2008 with tremendous momentum and believe that the time zone we have entered will again yield rewards and prosperity, although uncertainty regarding interest rates, inflation and volatile financial markets may put a damper on excellent growth."
People. Products. Progress. This threefold focus will continue to propel Assupol Life into the future.
We will grow and expand our boundaries and face the future with true broad-based black economic empowerment.