In a dramatic shift in strategy that further distances SA’s largest pension fund administrator from the CEO it sacked six months ago, Alexander Forbes said it planned to offload its insurance business, which generates about 40% of the group’s revenue.

The proposed sale signals that the group is scaling back on retail operations that serve individual customers to focus predominantly on institutions such as pension funds.

This is in stark contrast to a strategy the board approved three years ago during former CEO Andrew Darfoor’s tenure which sought to grow the retail business serving individuals. 

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