PSG Konsult posted an annual profit thanks to strong performances by its wealth and insurance units, which overshadowed a lacklustre asset management division that ultimately paid the price for not holding index heavyweight Naspers in its portfolios.

The listed investment and insurance holding company, in which PSG group has a roughly 60% stake, said attributable earnings rose 8% to R697.69m in the 12 months to end-February 2021, according to a Sens statement on Thursday. That translated into attributable per share earnings of 52.3c, which was 8% higher than the 48.2c reported the previous year. The group’s total core income rose 4% to R5.27bn...

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