Newly appointed Alexander Forbes CEO Andrew Darfoor plans to offload certain offshore businesses and partner with majority shareholder Mercer and empowerment partner African Rainbow Capital (ARC) to "start delivering growth". The JSE’s rules barred Darfoor from discussing the group’s cautionary announcement about the disposal in detail, but he did say on Monday that the businesses outside Africa, about which it is in talks to offload, did not consist solely of actuaries Lane Clark & Peacock (LCP). "Outside of LCP, there is a small business in the UK," he said. The group’s normalised earnings rose 11% to R464m in the half year to September, speeding up on the previous comparable period’s 6% growth as retail clients boosted profit. The group’s retail cluster, headed by Sugendhree Reddy, was the best performer during the period, raising profit by 12%. The international segment, which includes LCP, reversed last year’s stellar performance, delivering a 3% growth to R131m in profit. "I t...
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