Chamwe Kaira
PSG Wealth made N$51 million from the sale of Western National Insurance Namibia to Santam Namibia.
The company said in its interim results for the six months ended 31 August that the assets and liabilities related to the insurance business were classified as held for sale since 29 February 2024, after management approved the sale.
The sale became effective on 3 March 2025 after all suspensive conditions were met.
PSG, which operates in South Africa and Namibia, reported a 21% rise in recurring headline earnings per share and a return on equity of 28.6%.
The company said better market conditions had a positive effect on its results despite challenging operating conditions.
It said key financial indicators reflected the strength of its advice-led business model.
Total assets under management increased by 19% to N$517.6 billion. PSG Wealth managed N$448.9 billion, up 18%, and PSG Asset Management handled N$68.7 billion, up 21%. PSG Insure’s gross written premium rose by 6% to N$4 billion.
The group said core income increased by 15% during the period due to higher management and recurring fees and transactional brokerage fees.
Client assets managed by wealth advisers increased to N$448.9 billion, which included N$11.7 billion in positive net inflows. Assets under management stood at N$68.7 billion as of 31 August 2025, with net client inflows of N$900 million during the six-month period. Assets administered by the division rose by 10% to N$292 billion, supported by N$6.9 billion in multi-managed net inflows.
PSG Asset Management said it continued engaging clients on the value of its 3M investment philosophy and the importance of staying invested through market cycles.
“The division achieved commendable results during the current period, mainly due to ongoing underwriting improvement initiatives, but also benefiting from a more favourable claims environment and an absence of catastrophe storms experienced across the industry. The division achieved 6% gross written premium growth as we continue to focus our efforts on growing our commercial lines’ business, which requires specialist adviser expertise. The number of insurance advisers in the group at 31 August 2025 was 337,” the group said.
Caption
PSG Wealth made a profit by selling its insurance arm to Santam Namibia.
- Photo: Contributed
