CHAMWE KAIRA
PSG Financial Services Limited has highlighted the completed exit of its Namibian short-term insurance footprint in its latest unaudited financial results for the six months ended 31 August 2026.
The South African-based financial services group, which remains listed on both the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange (NSX), confirmed that its previous period’s income statement was substantially bolstered by the sale of its Western National Insurance Namibia business to Santam Namibia.
The corporate transaction was finalized on 3 March 2025 following the fulfillment of suspensive conditions. The total consideration for the sale stood at R56.5 million, with R51.0 million received in cash during the 2026 financial year.
The transaction resulted in a R51 million profit on sale, which was recorded under the PSG Insure division’s operating income for the previous equivalent period.
While the group continues to utilize PSG Wealth Management (Namibia) Proprietary Limited as its NSX sponsor, its current core operational income is heavily concentrated within South Africa, where it holds 18 of its 22 regulatory licenses.
Beyond its Namibian corporate updates, PSG Financial Services delivered a resilient financial performance against a backdrop of volatile securities markets and catastrophic weather events.
Recurring headline earnings per share rose by 5% to 60.9 cents, up from 58.1 cents in the prior comparable period, while total assets under management surged by 15% to R594.1 billion, driven by strong adviser network inflows.
Reflecting a robust cash position, the board approved a 10% increase in the interim dividend to 22.0 cents while the group achieved a commendable return on equity (ROE) of 26.5%, though slightly lower than the 28.6% achieved in the prior period.
PSG Wealth anchored group growth with a 14% increase in recurring headline earnings to R464.1 million.
The division expanded its financial adviser network to 663 wealth specialists and recorded R12.8 billion in positive net inflows, benefiting from higher recurring management fees.
PSG Asset Management saw a 5% decline in recurring headline earnings to R188.1 million, suppressed by lower performance fees despite a 20% growth in basic management fees.
PSG Insure faced the toughest trading environment, experiencing a 16% drop in recurring headline earnings to R102.3 million.
The division’s profitability was hit by low investment returns from a weak securities market and severe claims stemming from the Western Cape catastrophe storm events in May 2026.
However, a comprehensive reinsurance programme protected the firm, securing a stable net underwriting margin of 14.5%.
