Michele Jennings, Chief Executive of glu
At glu, we believe in being ‘us-made’ instead of ‘self-made’, our philosophy is rooted in the concept of Mutuality; the belief that financial progress should be a shared journey, not a solo pursuit. That’s why we’re committed to extending the benefits of Mutuality and collective growth to more people. This is a new kind of financial relationship, one where doing the right thing today helps secure a stronger future tomorrow. At glu we aim to deliver member financial well-being through our effective value proposition and the power of Profit-Share. We believe that financial services should be fair, inclusive, and built around people and our Profit-Share model enables members to build lasting value, create wealth, and secure financial freedom for themselves and their loved ones. It’s a simple yet powerful and rewarding model where participation is made possible when a member holds any Life Insurance product from glu.
When a member joins glu and takes out a Life Insurance policy i.e Life Cover, Disability Cover, Income Protection or Critical Illness Cover they automatically qualify for Profit-Share. They start building long-term value for their financial future. This value is real and meaningful. It grows every year. And it’s fully theirs.
As a Mutual, member centricity and sharing our success is our thing, we call this Financial Togetherness™. This is our essence, where making the circle bigger makes it better and provides the opportunity for more people to enjoy Mutuality-driven benefits such as Profit-Share and being part of a community that believes that ‘better is together’. Traditional insurers answer to shareholders, as a Mutual we answer to you; member well-being and financial prosperity is what we aim to deliver for all our members. This is a shift from conventional financial services models, and for glu it means; when we do well, so do you.
Here is how Profit-Share works:
- When a member takes out a glu life insurance policy a Profit-Share policy will be issued in time for the first Profit-Share.
- Around April each year, a notional Profit-Share bonus is declared into the member’s glu Profit-Share policy. This bonus is based on the members insurance premiums paid, and their accumulated Profit-Share balance.
- After 10 years of membership with glu, members can access 20% of their Profit-Share balance, and an additional 20% every 5 years thereafter. This is until a member reaches age 65, or has been with glu for 25 years (whichever happens first), at which point 100% of their remaining Profit-Share balance is available
As a subsidiary of PPS, glu offers access to a model that’s already delivered tangible and life-changing results. Within the PPS Group, there are now more than 12,000 members with Profit-Share Account balances over R1 million. Some have balances exceeding R2 million by their mid-to-late-50s. These members didn’t do anything extraordinary they simply held on to their cover and let the value build.
At glu, we’re opening up access to this meaningful value so we can impact the lives of more South Africans. We’re using technology to make it simpler, faster, and easier for members to join our community and experience Mutuality in action. We’ve built a digital-first platform that removes friction and helps members to be onboarded more seamlessly and efficiently. This allows the adviser the ability to manage the member onboarding experience whilst benefiting from overall platform efficiencies.
Profit-Share is not about choosing between protection now or benefits later. Members can claim when they need to. They can get support through life’s uncertainties, whether that’s illness, injury, or death – and still benefit from the growth of their Profit-Share Policy. This is not a bonus or once-off reward it’s a structural value-added feature of how we operate. It’s built into our DNA.
For advisers, the glu story is just as powerful. In a world where members are overwhelmed with options and complexity, simplicity stands out. The ability to offer something more meaningful than just a product, a structure that builds long-term value, is a game-changer. It turns the conversation from “what’s the cheapest premium?” to “what’s the smartest and impactful long-term financial decision?”
Profit-Sharing also becomes a key lever when times get tough. Life happens. Budgets get stretched. And often, the first thing people want to cut is their insurance. But when members know they’re building something valuable in the background, they think twice. They weigh the short-term saving against the long-term loss. And more often than not, they choose to stay. That helps create a more resilient financial journey, for all.
glu exists to reward the trust that our members have put in us. To make financial services human again and help people see beyond what they’re paying and shift their focus towards what they’re building.
And the best part? We’re just getting started. The future of finance isn’t just about products. It’s about partnerships. It’s about platforms that work for people. It’s about value that’s shared.