Our values At PPS, we believe that what we value drives our behaviour. We live by three core values: • We take extreme ownership. Our people are empowered to deliver service excellence to our members and we encourage leadership in all areas of the business. • We are eternally curious. We are not satisfied with the status quo and are driven by the goal of constantly improving the solutions we offer to our members. We are committed to innovation, giving staff the licence to experiment while recognising and responding to our members’ unique, complex and changing needs. • We do the right thing. We conduct our business with empathy, authenticity and also with the highest standards of ethics, fairness, governance and respect for all. The ethos of mutuality Although this model is very popular in the developed world, it is a rarely used model in financial services in South Africa today. Mutuality is what defines us at PPS. It refers to our origins where graduate professionals worked together to protect every member’s financial future. PPS is not listed on any stock exchange and has no external shareholders who demand returns on the capital they invest. Members with qualifying products ultimately benefit directly from our profits through their dedicated PPS Profit-Share Accounts. The ethos of mutuality is at the heart of PPS; it is in our DNA. It permeates every aspect of our business and is fundamental to our success. Our highly skilled asset managers invest profits and investment returns on behalf of our members, taking a long-term view of wealth creation. Irrespective of claims our members may submit, a share of the Group’s profit accumulates to their individual PPS Profit-Share Accounts annually. PPS Profit-Share Accounts vest on retirement or death. This is a unique benefit in the South African insurance sector and there is no other benefit to rival it. Once our members retire from their professional careers at the age of 60 or after, the profits they have accumulated in their PPS Profit-Share Accounts throughout their membership period become available to them through a Vested PPS Profit-Share Account. Although this may be withdrawn in full without any deductions, many members choose to keep these assets invested as part of their post-retirement savings to generate further returns and supplement their retirement incomes. Members who have products from PPS subsidiaries and affiliates in addition to qualifying life insurance products, qualify for additional Profit-Share allocations. The PPS Profit-Share Cross-Holdings Booster is awarded over and above the existing allocation and is based on holding qualifying products across PPS subsidiaries and affiliates. The more diverse a member’s portfolio is across PPS subsidiaries and affiliates, the more their Profit-Share allocation will be. In fact, many long-standing members have received more in Profit-Share allocations in a particular year – irrespective of any claims under their policies – than what they have paid in premiums in that year. In a way, it is a counterintuitive scenario with members being paid to enjoy product benefits. A business that essentially pays its members to enjoy its products? That is what the mutual model at PPS delivers for our members. Professional focus Professional focus is another defining PPS characteristic. We are very discerning about granting membership. Only graduate professionals with a qualifying postgraduate degree are eligible to become members. This applies across all industries and professions, making PPS a leader in the professional segment. Not only are our products, services and solutions specifically tailored to meet our members’ needs, financial advisers also undergo a strict selection and accreditation process to ensure that they are suitably qualified to market and sell our products. PPS-accredited financial advisers have industry-specific knowledge that enables them to offer informed advice on the specific issues and challenges our members face. Last, but not least, PPS’s membership profile significantly reduces our business risk, ultimately enhancing returns to members. 5 Who we are and what makes us different
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