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Annualised Recurring
Headline Value of New
Return on Embedded Value Annualised
earnings Business of
Average Earnings of Recurring Return
per share increased
by 14% to
shareholders
interest of R366.1
on Embedded Value
R195.1
77.18 million 13.5% million
42%
Six months ended Year ended
INTERIM RESULTS
31 December 30 June
%
2022 2021 Change 2022
Risk Discount Rate (%) 13.7 12.4 13.8
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Net profit for the period
(R’000) 254,694 221,015 15 435,469
INTRODUCTION Headline earnings per share
The Clientèle Group (“the Group”), operating in a tough trading environment, for the period (cents) 77.18 67.64 14 131.45
particularly given the context of the difficult economic and operating environment
characterised by a low economic growth rate, load-shedding and challenges in Earnings per share for the
the collections environment, is pleased to report further growth in the business. period (cents) 75.55 65.91 15 129.87
Higher than expected policyholder withdrawals were again experienced. These Embedded Value at the end
are a result of many factors, including: the depressed economy and the of the period (R’000) 5,837,646 5,799,555 5,807,067
consequent affordability effects, coupled with ongoing challenges in the Embedded Value per
collections environment. Withdrawals showed an improvement towards the end share (cents) 1,740.91 1,729.55 1,731.79
of the period, however, should these withdrawal losses continue to year end, a
change in the withdrawal assumptions can be expected. Annualised Recurring return
on Embedded Value (%) 13.5 16.1 13.3
The Group remains in a sound solvency and liquidity position and continues to
generate strong positive cashflows. Value of New Business for
the period (R’000) 195,107 152,302 290,575
Despite the volatile investment markets, the Group achieved an annualised
investment return for the period of 12% (2021: 20%) from its investment portfolios. Recurring Embedded Value
Earnings for the period
Use of the Clientèle Application (“the Clientèle App”) continues to expand
(R’000) 366,131 437,311 724,913
following its adoption by clients and agents alike. The Clientèle App serves as a
platform for sales capture and basic policy administration as well as an access
point for Clientèle Rewards and Clientèle Mobile.
SHORT-FORM ANNOUNCEMENT DATED 27 FEBRUARY 2023
OUTLOOK This short-form announcement is the responsibility of the Directors and is only a
summary of the information in the full announcement and does not contain the
With an ongoing focus on Treating its Clients Well (“TCW”), the Group
full or complete details. The full announcement can be found through this link:
continues to seek ways of enhancing its products, services and the delivery
(https://senspdf.jse.co.za/documents/2023/jse/isse/CLI/CLI2022.pdf). Copies
thereof in order to meet clients’ needs. In our continuing efforts to treat clients
well, we have launched the “December is on us” campaign where most clients of the full announcement are available for inspection at the Company’s
have the opportunity to have their December 2023 premiums paid for them registered office, at no charge, during office hours and may also be requested
by Clientèle. from Eben Smit on 011 320 3015 or esmit@clientele.co.za. Any investment
decisions should be based on consideration of the full announcement
Management continues to successfully navigate the business through the accessible via the JSE link above and published on the Company’s website.
prevailing challenges and take advantage of the opportunities which present Comprehensive commentary including regulatory requirements is
themselves in this environment.
contained in the full announcement.
Clientèle Rewards, the Clientèle App, and Clientèle Mobile continue to add value
to our clients. The Group exercised an option to secure a strategic controlling
stake in Direct Rewards (Pty) Ltd during the period, and believes that this will
Sponsor: PricewaterhouseCoopers Corporate Finance Proprietary Limited
contribute positively to the loyalty offerings provided by Clientèle Rewards.
Registered office: Clientèle Office Park, Cnr Rivonia and Alon Roads, Morningside,
The challenges within the collections environment together with pressure on
Johannesburg 2196, South Africa; PO Box 1316, Rivonia 2128, South Africa
disposable income for our customers continues to negatively impact withdrawals
and remains one of managements key focus areas, together with increasing Transfer secretaries: Computershare Investor Services Proprietary Limited,
production of quality business across all of its distribution channels, including First floor, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2106, South Africa
funeral parlours. PO Box 61051, Marshalltown 2107, South Africa
Despite the depressed economic environment and challenges within the Directors: GQ Routledge BA LLB (Chairman); BW Reekie BSc(Hons), FASSA*
operating environment, the Board remains encouraged by the prospects for (Managing Director); ADT Enthoven BA, PhD (Political Science); GK Chadwick MAgric,
growth and value creation over time. MBA (Alternate); PR Gwangwa BProc LLB, LLM; MG Cownie CA(SA)*;
H Louw BCom(Hons), FASSA*; PG Nkadimeng BSc Statistics and Economics;
By order of the Board
BA Stott CA(SA); RDT Tabane BA, M.Phil, MBA*; RD Williams BBusSci(Hons), FASSA
GQ Routledge BW Reekie (*Executive Director)
Chairman Managing Director
Company secretary: EJ Smit LLB
Johannesburg
27 February 2023 Clientèle Limited is a licensed controlling company.
