|
African Life Assurance Company Limited - Feedback given to those attending the
Company`s Annual General Meeting on Thursday 22 August 2002.
African Life Assurance Company Limited
(Registered in the Republic of South Africa)
(Registration number 1911/003818/06)
JSE Code: AFI
ISIN Code: ZAE000000246
("the Company")
Feedback given to those attending the Company`s Annual General Meeting on
Thursday 22 August 2002.
Shareholders are advised of feedback given to those attending the Company`s
Annual General Meeting on Thursday 22 August 2002.
SOUTH AFRICAN LIFE OPERATION
Persal
Rationalisation of existing policy deductions in excess of 15% continues. As at
31 July 70% of such policies had been rationalised.
A more even spread of business by premium deduction method has been maintained
with particular progress in commercial deductions.
Performance
New business performance for the quarter exceeded budget and that of first
quarter, previous year.
Persistency levels are improving at both lapse at inception and fully exposed
stages.
Filesize is growing steadily and both unit acquisition and maintenance costs are
within budget.
ORFEO
The migration from our legacy insurance administration system, ALIS, to the new
system ORFEO, is progressing according to timetable and within budget. The
development phase is nearing completion. Testing of the component parts has
commenced and will continue until all interested parties are satisfied for ORFEO
to be implemented. ORFEO has been fully operational in Ghana for many months
and is due to be implemented in Zambia towards the end of the financial year.
HEALTH (INGWE HPO)
Whilst cumulative member months are below an aggressive budget, Ingwe continues
to position itself as the healthcare provider of choice for the emerging market.
Costs are in line with actual cumulative member months.
INTERNATIONAL
Botswana
Botswana Life has had a fairly quiet new business quarter with new business
sales on par with the previous year. Premium income growth remain strong,
assisted by good persistency. Unit costs are within budget.
Botswana Insurance Fund Management received additional funds during the quarter
as a result of the privatisation of the government pension fund. However,
domestic and global investment performance has been dull relative to the strong
gains experienced in F2002.
Namibia (Life Office of Namibia)
Changes made at Namlife in F2002 are only expected to bear new business fruit in
the second half of F2003. Whilst the first quarter-]s new business was
therefore mediocre, costs are well under control and growth in filesize and
recurring premium income has been achieved on the back of improved persistency.
Kenya (Pan Africa)
New business performance in the life division for the quarter exceeded budget
and that of the first quarter, previous year.
Corporate governance issues have been resolved to our complete satisfaction.
Steps to separate the life and general divisions are at an advanced stage. We
do not expect the F2002 losses in the general division to re-occur in F2003.
Ghana (Enterprise Life Assurance Company)
This greenfield operation commenced in F2002 and is currently developing
according to business plan.
Zambia (African Life (Zambia))
A license was issued earlier this year. Group risk products have recently been
launched and individual life sales are expected to commence towards the end of
the year.
CONCLUSION
The South African life operation is demonstrating "a return to form" at a time
when the Botswana operations are not enjoying the remarkably facilitating
environment of F2002. The timing, whilst fortuitous, again demonstrates the
positive impact of our diversification strategy. Kenya`s performance in the
quarter has also vindicated that strategy.
Date: 22/08/2002 03:55:00 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
