Chamwe Kaira
PSG Financial Services said its Namibian operations influenced its latest results, with growth in its insurance business held back by the sale of its Western Namibia unit.
For the year ended 28 February 2026, the group reported that gross written premiums in its insurance division increased by 5% to N$8 billion.
It said premium growth would have reached 7% if the Western Namibia business had not been sold to Santam Namibia.
The disposal generated a one-time profit of N$56.5 million and forms part of the group’s capital optimisation strategy.
The group reported higher earnings for the period. Recurring headline earnings per share rose by 34% to 135 cents.
Total dividends per share increased by 25% to 65 cents. Assets under management grew to N$564.6 billion.
PSG said the improved securities markets supported asset performance, investment income and performance fees. These fees made up 9.2% of headline earnings, compared to 3.7% a year earlier. The group reported a return on equity of 31.7%.
PSG Wealth remained the largest contributor, with earnings of R950.6 million. PSG Asset Management reported N$472.8 million, while PSG Insure contributed N$258.8 million.
The group increased spending on technology and infrastructure by 8.6%. It also expanded its workforce, including 147 newly qualified graduates.
PSG said its balance sheet remains strong, with a capital cover ratio of 260%, above regulatory requirements. The group also received a credit rating upgrade during the year.
It repurchased 12.3 million shares at a cost of N$296.9 million. It declared a final dividend of 45 cents per share, bringing the total annual dividend to 65 cents.
PSG said it remains cautious about global and domestic economic risks, including geopolitical tensions and policy uncertainty in South Africa.
It said it will continue to invest in technology and people as it pursues long-term growth.
