KEY PERFORMANCE INDICATORS Unit of measure 2023 Performance 2023 Goal Commentary Financial stability Gross premium income Rand billions 6.2 6.2 Group gross premium income is in line with expectations. Investment return % 10.9 10.7 Investment return measured over a five-year rolling period performed above the benchmark. Efficiency ratio % 18.90 18.40 Cost control remains an imperative of the Group. Efficiency ratio in 2023 is slightly above expectations mainly due to currency volatility. New annual risk premiums (long-term insurance) Rand millions 254.4 300.0 New life business in South Africa was 12% down on prior year but performed below the goal set. The South African economic environment in 2023 was challenging for consumers. Assets under administration (PPS Investments) Rand billions 84.0 77.5 Assets under administration were above the goal set, and up 26% on prior year. Membership Number of new members recruited during the year Individuals 7 611 9 325 New member recruitment performed below target in 2023. Long-term insurance policies lapse rate % 4.70 4.1 Policy lapse rates fell short of target due to a challenging economic environment, despite enhanced member retention efforts. Health claims Rand billions 2.5 2.3 Health claims are above budget mainly due to an increase in sickness claims. Death claims Rand billions 1.4 1.2 Death claims are slightly above expectation due to higher sums assured. Staff Employee satisfaction survey results % 73 72 Employee satisfaction scores remain in excess of target. Training spend as a percentage of payroll % 5.8 > 4.0 Training spend is ahead of target. Investment in human capital continues to be an important strategic objective of the Group. * Assets in unit trusts for third parties Achieved Partly achieved Not achieved Target metric not achieved but members benefitted from the value returned through the payment of additional claims. 51 Key performance indicators
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