Financial capital

  • Market capitalisation R9.768 billion at listing on 24 July 2014
  • Total borrowings R1 billion (-40%) as at 31 March 2015

Our JSE listing on 24 July 2014 was the largest initial public offer in South Africa since 2010. Between March 2011 and March 2015 our total debt reduced from R5.8 billion to just R1 billion through application of operational cash generation, application of disposal proceeds and conversion of debt to equity.

Human capital

  • Employees 4 111 (+5%)

Our employees deliver the administration, asset management, short-term insurance and actuarial and consulting services that keep us in business. They utilise and grow the intellectual capital that is at the heart of our value offering to clients.

Social capital

  • Institutional clients
  • Individual customers
  • Trustees
  • Regulators
  • Employers
  • Trade unions
  • Government
  • Intermediaries
  • Underwriters
  • Suppliers
  • Communities

Clients trust us to administer, manage and grow funds on their behalf while managing their risks. We advise clients on investments and administering funds, on healthcare, death and disability and other employee benefits. Various partners enable us to deliver our services within frameworks and to standards specified and enforced by regulators. As we create value for our shareholders and employees, we also create value for suppliers, partners and communities.

Intellectual capital

In 80 years our group has built up a vast store of knowledge, insights and systems which it uses to create value for clients and investors. Our expertise and capability across the various areas in which we operate account for our reputation, brand strength and our ability to offer consistently superior, cost-effective services and expertise.


Financial capital

  • Net operating income R4.9 billion (+12%)
  • Normalised profit after tax R850 million (+15%)
  • Dividends R156 million.

Human capital

  • R27 million on training
  • Employment equity improvement
  • Salaries and benefits R2.6 billion
  • 139 internal promotions.

Social capital

  • Payments to suppliers R945 million
  • CSI investment R4.6 million
  • Taxes paid R524 million
  • Preferential procurement R1.8 million
  • Enterprise development spend R15.7 million.

Our broader social outcomes:

  • National wealth creation
  • Savings for economic growth-enhancing investment
  • 21 000 additional members benefiting from Alexander Forbes peace of mind.

Our broader socio-economic context (see here) presents us with particular opportunities as well as risks (see here) on which we bring our strategic intent to bear, engaging with various stakeholders (see here) while being guided by our material themes (see here).