Investec revenue tops £2bn
Life insurance products planned for the local market
Investec plc’s share price climbed 1.7% on Thursday to R104.79, its highest in 2017, as the group reported full-year revenue above £2bn for the first time. It also announced plans to offer life insurance products to South Africans later in 2017. Investec Life would offer life insurance only to Investec customers, with the possibility of adding products such as critical illness and disability cover in future, group CEO Stephen Koseff said on Wednesday. These products, which would be accessible online or through an adviser, would be adaptable to individual needs, said Investec Bank SA CEO Richard Wainwright. The bank had hired Michael Goemans, the previous finance chief of Old Mutual SA, to head the business, he said. For the year to March 2017, Investec grew operating income 17.7% to £2.2bn, helped by an 11% appreciation of the average rand-sterling exchange rate. Operating profit increased 8% on a currency-neutral basis to £599.1m, supported by strong profit growth in its specialist...
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