PSG Konsult’s wealth and insurance units outshine lacklustre asset management
Units offset decline in profit from asset management, which paid the price for not holding index giant Naspers
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...