PPS SHORT-TERM INSURANCE (PERSONAL AND COMMERCIAL LINES) under the ethos of mutuality, so profits are returned to members with qualifying life products. Since we do not have to consider shareholder interests, the fair treatment of the whole pool of policyholders, claimants and non-claimants, is our sole consideration. Gross written premiums of R201.4 million UP 7% on 2021 Lapse rate ratio of 14.3% 7 713 insured professionals Performance PPS Short-Term Insurance (personal and commercial lines) had to face various challenges during the reporting period. Most notably, severe flooding in KwaZulu-Natal in April 2022 impacted the industry as a whole. Although PPS was not as severely affected as other providers, many of our members experienced flooding in their homes and businesses. Ongoing loadshedding (rolling power blackouts), especially in the second half of the year, also saw a spike in claims for equipment affected by power surges and, on a macro level, continued to contribute to poor economic growth. The business performed well overall, doing better than target on a bottom-line basis. This is mainly due to good claims experience, prudent expense management and a low lapse or cancellation rate. It is encouraging to see that the continuous focus on providing our members with a superior claim and service experience is yielding positive results. Members tend to stay with PPS Short-Term Insurance once they move their insurance to us. Although the above favourable variance was partly offset by the impact of lower-than-expected new business volumes, the business has started to make good inroads in crosssolutioning our PPS Group members, especially as holding a short-term insurance product in addition to a life product qualifies members for participation in the PPS Profit-Share Cross-Holdings Booster. There are now various self-service options available to make life easier for our members. They can access their policy information, submit claims and access concierge services via the mobile app. The business introduced innovations such as #PPSInsure, a self-service option, without needing a member to download a mobile app. About PPS Short-Term Insurance is unlike any other shortterm insurance provider in South Africa. Firstly, we provide intelligent short-term insurance for graduate professionals only, a benign risk pool. The solutions we provide, which include car, home, business and professional indemnity cover, are carefully tailored to meet the needs of each member. Secondly, we operate PPS GROUP PERFORMANCE AT A GLANCE 38 PPS Group performance at a glance
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