As the dust of 2020 settles, Assupol Holdings Ltd remains optimistic about the future as the organisation maintains its strategic intent of transforming South Africa for the benefit of all her citizens.
This year, even with its many conflicting priorities and uncertainties brought about by Covid-19, Assupol continued to aim for satisfactory results where performance targets are concerned.
Set against efforts displayed during the 2019/2020 financial year which saw the Group deliver a net profit attributable to ordinary shareholders of R564 million (R907 million: 2019) on a gross insurance premium revenue of R4 billion (R3,4 billion: 2019) and a 12.8% return on equity (23%: 2019), Assupol’s 2021 outlook is optimistic in keeping with the organisation’s intentions in ensuring sustainable growth and quality delivery on stakeholder value.
“Although the Covid-19 pandemic tested virtually every aspect of our business, from our balance sheet to our ability to quickly respond to the unexpected, our strategy remains relevant and will focus greater attention on our client engagement efforts, building and strengthening strategic partnerships and growing consumer education initiatives,” said Riaan van Dyk, Assupol Group CEO.
Assupol achieved a B-BBEE Level 1 rating in 2020, from Level 3 in 2019. “We believe that this positions Assupol as one of the most transformed insurance businesses in South Africa. We strive to maintain our Level 1 rating,” said van Dyk.
Strategic partnerships are critical to help facilitate an upward trajectory of any business. Diversification is an exciting and pertinent aspect of Assupol’s approach in cost effectively and efficiently providing clients with access to relevant solutions. “We have concluded a partnership agreement with Ackermans, a large national retailer that will allow Assupol to grow its presence over time into as many stores as may prove viable–expanding the Group’s accessibility within existing and new prospective markets,” stated van Dyk.
In 2020, Assupol concluded a partnership with Citadel (one of the leading independent wealth management businesses in South Africa) where Assupol Investment Holdings (Pty) Ltd owns a 51% share in Assupol Wealth (Pty) Ltd, a registered financial services provider co-owned with Citadel. “Assupol Wealth will be able to provide access to comprehensive, world-class advisory solutions, flexible investment products as well as fiduciary services for our clients. We look forward to the successes that this partnership will yield,” van Dyk added.
With Assupol’s great appreciation of quality service and client satisfaction, the organisation will continue to remain true to its promise of paying valid funeral claims within 24 hours, in fact, continuing to pay 76% of valid funeral claims within just 4 hours.
Furthermore, all efforts channelled by the business have been cognisant of the importance of considering the bigger picture. This is why Assupol continues to invest in social cohesion and upliftment of local communities. In a time where other businesses may be inclined to cut back on their citizenship initiatives,
Assupol remains unwavering in its efforts to invest in South Africa’s future.
“Our support for early childhood development (ECD) through the Assupol Community Trust is a source of immense pride for us. And our CSI partnership with the Department of Basic Education is another way we serve the youth; building 100 proper sanitation facilities at primary schools, under President Cyril Ramaphosa’s Sanitation Appropriate for Education school initiative. To date, construction has been completed at 30 schools in some of the most rural parts of Limpopo, KwaZulu-Natal and the Eastern Cape. We are also active participants in the President’s Yes4Youth initiative that aims to put 1 million youth into formal employment by giving them 12-month paid internships, all these attempts are driven by our great appreciation of the potential which this country bares,” concluded van Dyk.
