31 MARCH 2015ALEXANDER FORBES GROUP HOLDINGS LIMITEDINTEGRATED ANNUAL REPORT

OUR NEW STRUCTURES

In April 2015, we reorganised our group into new clusters to align with, and better execute, our strategic intent. We will not substantially change what we do but we will change how we do it. The new clusters are:


Institutional cluster
Investment Solutions
AF Financial Services
AF Insurance
  • Standalone and umbrella fund administration
  • Fund management and consulting
  • Public sector administration, management and consulting
  • Actuarial consulting
  • Umbrella fund consulting
  • Multi-manager portfolio management, manager monitoring and consulting
  • Health and medical scheme consulting
  • Group risk insurance
  • Multi-manager platform services.

Retail cluster
Investment Solutions
AF Financial Services
AF Insurance
  • Retail multi-manager
  • Individual financial planning, wealth and well-being management
  • Short-term insurance
  • Personal accident and dread disease
  • Tax-free savings vehicles.
AfriNet
geographic
representation
Namibia
Botswana
West Africa
East Africa
  • Employee benefits
  • Actuarial and investment consulting
  • Retail offering including short-term insurance and investing.
International
geographic
representation
LCP
Channel Islands
  • Actuarial and employee benefits consulting.

Operational cluster: Group-wide scalable operational platforms; effective deployment of people, systems, information and technology; drive strategic projects through group enterprise project management office

Shared services cluster: People; finance; treasury; risk; compliance and governance; technology; procurement; facilities; insurance; payroll and marketing

 

Our new operating structure pertains to our Africa businesses and flows from our 2016 – 2020 strategic intent.

This is how we report our 2014/15 and 2013/14 results under the operating structure prevailing between 2010/11 and the present:

 

Operating income

Operating profit

 

31 March
2015

%

31 March
2014

31 March
2015

%

31 March
2014

Financial Services (Rm)

1 852

9

1700

386

2

377

Investment Solutions (Rm)

806

12

717

407

13

360

AF Insurance (Rm)

407

16

350

105

19

88

AfriNet (Rm)

291

17

249

60

25

48

Total Africa

3 356

11

3 016

958

10

873

The operational reviews have been reported based on the traditional structure (see here for divisional reviews). As this structure largely follows the legal or statutory structure of the group, we will continue to provide this view as a supplementary segmental analysis.

 

In future we will report in terms of our strategic view:

 

Operating income

Operating profit

 

31 March
2015

%

31 March
2014

31 March
2015

%

31 March
2014

INSTITUTIONAL CLUSTER

2 004

10

1 819

563

12

503

Financial Services (Rm)

1 311

8

1 211

208

6

196

Investment Solutions (Rm)

680

12

605

353

14

311

AF Insurance (Rm)

13

333

3

2

100

(4)

RETAIL CLUSTER

1 061

12

948

335

4

322

Financial Services (Rm)

541

11

489

178

(2)

181

Investment Solutions (Rm)

126

13

112

54

10

49

AF Insurance (Rm)

394

14

347

103

12

92

AFRINET

291

17

249

60

25

48

Total Africa

3 356

11

3 016

958

10

873