In 2023, PPS Health Professions Indemnity recorded an operational profit of R14.2 million up 236% from the R4.2 million recorded in 2022. Looking ahead Although the economy is expected to remain constrained and we continue to operate in a highly competitive segment, our prospects for 2024 are sound. We will continue to ensure that members have access to best-ofbreed short-term insurance solutions, which offer added value that is important to them. Furthermore, there continues to be scope for crosssolutioning members who hold other PPS solutions, especially retired members who are now able to use their Vested PPS Profit-Share Account™ to directly pay for short-term insurance solutions. There is also scope for growth among newly qualified health professionals who have completed their training and require indemnity insurance. Our association with ProAssurance, a US indemnity assurance provider, ensures that we can offer our members local knowledge and expertise while also providing them with the support of a global partner. Further opportunities exist for developing innovations that will reach younger graduates as a whole and make them more aware of the long-term benefits of PPS’s mutual model. Enhancements to our technology platforms during 2023 have made it possible for both existing and potential members to calculate the illustrative value of the PPS Profit-Share Account™ and the potential effect of the PPS Profit-Share CrossHoldings Booster on their allocations. Finally, we will continue to focus strongly on providing competitive pricing and superior levels of member service, as well as timeous settlement of all valid claims. Profit before interest and tax (PBIT) R14.2 million UP 236% Gross written premiums of R112.7 million 12 609 Insured professionals including PSSA members in 2023 41 Group performance
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