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The Professional Provident Society (PPS), which provides insurance and investment products exclusively to graduate professionals, has announced an almost eightfold increase in annual profit.
Total profits added to members' notional profit share accounts in SA and Namibia was R4.54 billion in 2023, up from just less than R620 million the previous year, PPS said in its annual results on Wednesday. Of the R4.54 billion profit that was announced, R1.2 billion was operational profit, and R3.34 billion came from investment returns.
PPS Investments' total assets increased 26% year-on-year to just over R84 billion, and the number of investors grew to more than 66 500. Net inflows were also positive at R2.5 billion.
