It used to be best known for its long infomercials, which fill dead time on TV networks, and for the gloomy names of its policies, such as the Lasting Dignity Plan. Clientèle is the "other", often neglected, company on the life insurance board, and has a market capitalisation of just R5bn. But it presents a rare opportunity to invest in a firm in the Yellowwoods stable, which is controlled by the Enthoven family, alongside Hollard, Telesure and Nando’s.

Still, its year to June was a tough one, and Clientèle appears to be the hardest hit in the insurance sector as far as policy lapses go...

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