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Hollard-Integrated-Annual-Report why we do what we do integrated annual report For the year ended 30 June 2012 Hollard integrated report page integrated report A We started by believing there was a better way We got ahead by doing things differently To the reader We are delighted to bring you our very first Hollard Integrated Report detailing our activities for the financial year 1 July 2011 to 30 June 2012. We have included integrated report page integrated report commentary on our financial results, along with detailed information regarding our non-financial dividends – our contribution to customer value, human capital value, social capital and natural capital. The report also outlines our ethos of governance and our approach to risk management. The report also describes Hollard’s broader context – why we exist, what we do and where and how we do it. More than anything else, we hope to give you an informed sense of why we are passionate about our business. We are conscious of the fact that truly integrated reporting is a journey, rather than a destination and we hope to ensure that our journey is an insightful one. In order to provide a complete picture of our activities, we have included details of our own and related international operations, where there is strategic alignment with our core business. The commentary is unaudited, but all references to financial value are in respect of our audited 2012 Annual Financial Statements. contents a word from our CEO 2 where we do what we do 30 why we do what we do 4 the people who make it possible for us to do what we do 34 how we do what we do 6 the people who lead us 36 how well we do what we do – building financial value 14 the people who guide us 38 Hollard how well we do what we do – the vision that guides us 40 page integrated report building customer value 22 our business aims 42 how well we do what we do – building human capital value 25 our approach to managing risk 44 how well we do what we do – a note from our chairman 46 building social capital 26 ADDENDUM 1 how well we do what we do – Corporate governance building natural capital 28 a word from our CEO I become more convinced every day that the form of impact on inequality in our communities by ensuring that capitalism we have known for decades must change. our core business serves society better. To achieve this, it is I don’t believe the business world can continue to be essential that we examine everything we do and question driven purely by quarterly results and certainly not by the what impact we are having on social, human and natural sort of greed that underpinned the global financial crisis. capital. We aim to make a positive difference through the Internationally, new legislation will no doubt bring about business we do AND the way we do business. significant change, but the greatest change is likely to be driven by an increasingly knowledgeable, connected and As is evident from our growth and profitability levels over Hollard vigilant general public and the societal pressures arising the past thirty-two years, our commitment to doing well from massive economic differences in our society. by doing good has generated attractive financial dividends. This year has been no exception and this approach to doing integrated report page integrated report Shareholders, governments, customers and members business has enabled us to produce another impressive set of the public are now using all available means to let of results – revenue up 17% on last year, overall profits after businesses, and financial institutions in particular, know tax up 64% – despite the adverse economic environment. what they expect and to demand accountability from business leaders. The current economic climate has In terms of doing good, the success we have achieved in exacerbated the already alarming economic differences contributing to financial inclusion through our innovative between the rich and the poor. The poor have also had products and unique distribution initiatives has undoubtedly enough. They are no longer prepared to live in poverty, impacted positively on the lives of our almost 6 million 2 without jobs and services, and have begun mobilising to South African policyholders, many of whom have never change things for themselves. previously bought an insurance policy. Our involvement in the Harambee initiative for unemployed youth, covered in There is no doubt in my mind that business needs to think more detail in this report, and the substantial contribution far more deliberately about its impact on all stakeholders we have made towards social upliftment through our CSI beyond the financial dividend. As business owners and programmes, have also made a worthy contribution to managers, we have a responsibility to society and our generating a substantial social dividend. shareholders to build social, human and natural capital, to operate in an exemplary manner in terms of governance The challenges of the current local and compliance, to work with government to defuse the and international operating economic disparity time bomb in South Africa and to ensure the sustainability of our industry by measuring and environment transparently reporting on our social dividends alongside The new regulatory environment requires us to make our financial dividends. some changes to the way we do things, often at an increased cost and with some loss of speed and agility Even though Hollard focuses a considerable amount of in decision-making and implementation. However, if time and money on corporate social investment, I believe these changes result in better protected consumers that we will have a far more profound and sustainable and a more sustainable industry, then they will be All of this means that to remain effective and relevant, and begin to contribute to Hollard’s overall growth and worth the effort. Our response as Hollardites is to we must become more efficient, improve productivity and geographic diversification objectives. actively and constructively contribute to the process maintain the competitive advantage we enjoy through our of developing new legislation, and to continuously unique culture, which combines continuous innovation South Africa’s participation in BRICS has provided Hollard adapt and improve on our business model in line with and operational excellence. Our industry, and we are no with an exciting opportunity to reshape the world resulting requirements. Embedded in these changes is exception, must focus more on underwriting profits rather insurance landscape by driving greater collaboration the opportunity and indeed responsibility to develop and than relying so heavily on investment income. This is especially within and between the insurance sectors of South Africa market more appropriate and more transparent products, true within the context of the new regulatory environment and its BRICS partners. If our industry, and indeed the and to extend our reach to those previously denied and current economic uncertainty which necessitates a more African insurance industry as a whole, are to benefit from Hollard access to the benefits of formal insurance. conservative approach to balance sheet management. the unprecedented African growth story, we must create the capacity to retain more risk, and hence more of the On the economic front, I expect that we are going to be While the global financial crisis has temporarily relieved economics, in our own countries and to develop the page integrated report facing a tough environment for some time to come. With the skills crisis, the scarcity of appropriate skills remains requisite skills within our own companies. Europe again facing recession, China slowing down and an issue in South Africa. I believe it is up to business to the US struggling with its own debt and unemployment overcome this problem by creating the right environment The financial inclusion megatrend provides us with issues, it is unlikely that the global environment will be to develop new skills, rather than contributing to the another exciting opportunity to challenge the status of any help to us in South Africa. Rather, it will weigh current people merry-go-round. We at Hollard are building quo and to do well by doing good – through addressing down our economy as exports continue to slow and capacity by investing heavily in developing our people. the real needs of low income consumers with carefully unemployment is likely to remain unacceptably high as thought out and well designed products that provide a result. The future real value for money, we will build a sustainable business 3 while making a positive and enduring difference in poor With consumers under pressure, the sluggish economy Despite the many challenges faced by our industry, I am people’s lives. is having a negative impact on all aspects of business. In confident that Hollard’s systemically developed strategy, our own industry, there is pressure on brokers to reduce our diversified and partner-driven business model, our 2013 promises to be a year filled with challenges and rates – insured values and therefore premiums are lower, strong culture and our determination to view everything opportunities – and there is no doubt in my mind that there is less demand for certain classes of insurance such that we do through a social dividend lens will allow us to Hollard is up to the challenge of making the most of as marine and construction, persistency is negatively attain our growth target of 15% in the 2013 financial year them. I invite you to read on to learn more about our affected and in some instances businesses are eliminating and beyond. business and our approach in these exciting times. cover altogether. A meaningful portion of this growth will come from The investment markets remain unpredictable, resulting our international business.
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