Annual results for year ended 31 March 2022

Alexforbes has delivered a pleasing set of results owing to disciplined strategic execution, a transformed organisational culture, sound corporate governance and focused innovation. The strategy set out in 2019 has proven to be resilient to the impact of the Covid-19 pandemic as it created the foundation for accelerated growth. The resolve to execute on the strategy has served the business well and there has been clear and demonstrable delivery across our strategic objectives.

The business is now in a strong position to forge a greater connection with the people who we ultimately serve resulting in a refreshed vision, purpose and overarching customer value proposition. This change is reflected by the launch of the Alexforbes brand in March 2022 that represents who we are, why we exist and how we add value, which is to pioneer insight to deliver advice and solutions that impact people’s lives.

We have had a productive year

• Our customer satisfaction score has improved for a third consecutive year.
• Our culture metrics have shown that employee engagement, morale and trust in leadership remain high.
• Continued momentum in winning new business, representing R148 million in annualised revenue.
• New business asset flows of R11.6 billion achieved in the individual consulting business, up 23% year on year.
• R9.4 billion in new institutional business assets under management (AuM), with an additional R4 billion pending regulatory approvals.
• Significant administration mandates won with membership within client funds ranging from 7 000 to 60 000 members per fund.
• Notable wins in both the healthcare broking and healthcare management solutions businesses.
• Continued our digital transformation as well as our member engagement and individualisation strategy, in line with our growth ambitions.
• Embedded environmental, social and governance (ESG) principles into our investment process and within our investment portfolios.
• Successfully implemented changes to the Performer portfolio bringing in new thinking and new managers. These changes aim to maintain a well-structured, diversified portfolio solution and accelerate our transformation objectives to advance a more inclusive asset management industry.

Accelerating our journey to become the most impactful provider of financial advice to institutional clients and individual customers

• Completed the sale and transfer of the group risk and retail life businesses to Sanlam Life.
• The group announced three corporate transactions in line with its growth strategy.
• Launched our refreshed vision, purpose, customer value proposition and brand.
• Improved the utilisation of our digital tools across individual customers.
• Delivered the Alexforbes Member Insights research, now augmented by non-retirement fund data.

We have built a solid foundation for our business to grow

• Strong governance principles supported by an active board.
• Modernised fund administration with further innovation imminent.
• Leading consulting across retirements and healthcare with opportunity to compete in a mature market.
• Stable retail advice with opportunity to extend reach into pre-retirement and discretionary markets.
• Further scale being created in fund administration through organic and acquisitive means.
• A culture of diversity, integrity, collaboration and leadership.
• A hybrid work environment where productivity is measured by output centered on our clients’ needs.