Alexander Forbes shares profit from sale of UK unit with shareholders
Alexander Forbes is distributing the profit from the £75.4m sale of its UK subsidiary Lane Clark & Peacock to shareholders as a special dividend of 23c in addition to a final dividend of 23c. Along with a 17c interim dividend, this takes the insurance group’s total dividend for the year to end-March to 63c, a 70% jump from the previous year’s 37c. Excluding the profit from the sale of its 60% of Lane Clark & Peacock, headline earnings were down 8% to R683m, Alexander Forbes said in its results statement on Monday morning. The financial services group segments itself into seven divisions. Consulting to institutions and advising individuals on wealth and investments each contributed about 23% of the group’s operating income, followed by its pension fund investments unit, which contributed 19%, followed by retail insurance, which contributed 14%. Its retirement division contributed 7% and emerging markets 2% of operating income.
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