Metropolitan: Operational performance for the three months ended 31 March 2008
Message from Wilhelm van Zyl, new group chief executive
Although I only officially succeeded Peter Doyle on 1 April (ie at the conclusion of the first quarter of 2008), I have been assuming more of the group responsibilities since the beginning of the year to facilitate a smooth transition and disruption-free change-over.
As a group, we are committed to strengthening and extending our brand to embrace a broader range of financial products and services, to expanding our reach further into Africa and to earning and retaining the trust and loyalty of our customers and clients through quality service delivery and the provision of an enhanced value proposition. There is no doubt in my mind that we at Metropolitan can continue to build on an already sustainable business and I am greatly looking forward to pitting our combined expertise and experience, energy and enthusiasm against the challenges that lie ahead.
Certain key leadership positions are still being filled, especially in view of the wealth of opportunities confronting the group at present.
Group overview
• Retail new business on a present value of premiums basis (PVP) grew by 27%, boosted mainly by successes in the single premium markets.
• This growth is proof of the increased reach of the Metropolitan brand in line with group strategy.
• The increased awareness in our target markets of the importance of savings and insurance is pleasing.
• Measured over a longer term, the all-round successes in the corporate business continued.
• The international business officially launched its Nigerian operation and continued to make progress with their other new ventures, increasing their annual premium equivalent (APE) by 68%.
• Metropolitan Health further increased the number of members under administration while maintaining exceptional levels of service, highlighting the sound underlying business model.
• The new management team within asset management settled in and started to secure new inflows.
• Overall the net cashflow remained positive at R2.8 billion.
• Capital management activities received ongoing focus.
• The global investment, financial and economic markets remain challenging.
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