Alexforbes has launched Alexforbes One, its third umbrella fund and first designed for both internal consultants and IFAs, marking a major step in its strategy to strengthen ties with advisers.
Despite net outflows of £4.9bn, positive market and foreign exchange moves added £9.7bn to assets under management in the year to March 2025.
The medical scheme says it will use its reserves to limit contribution increases, while possibly improving members’ benefits and reducing co-payments.
Alexforbes is focusing on individual consulting as its main growth area, with in-fund asset flows of R3.5 billion for the year.
The allocation to members’ Profit-Share Accounts soars from R620 million to R4.54 billion thanks to strong investment returns.
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
The final dividend was 14% higher than last year, while headline earnings rose by 11% to R1.033bn.
South Africa’s second-largest insurer is set to launch a bank that will focus on capturing the mass market segment.
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