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Investment Reviews INVESTMENT REVIEWS THE PURPOSE BEHIND REMGRO’S INVESTMENTS IS TO ENSURE SUPERIOR RETURNS TO SHAREHOLDERS BY WAY OF SUSTAINABLE DIVIDEND AND CAPITAL GROWTH. 38 Remgro Limited REPORTS TO SHAREHOLDERS | INVESTMENT REVIEWS INVESTING IN SECTORS THAT HAVE A SOLID TRACK RECORD FINANCIAL CONSUMER HEALTHCARE SERVICES PRODUCTS MEDIA OTHER INDUSTRIAL INFRASTRUCTURE AND SPORT INVESTMENTS Integrated Annual Report 2020 39 FINANCIAL SERVICES CONTRIBUTION TO 30 June 2020 30 June 2019 HEADLINE EARNINGS R million R million 48% RMI 599 1 161 RMI FirstRand 657 1 093 2020 1 256 2 254 52% FirstRand PROFILE: RMI is an investment holding company with an investment team of experienced, alternative-thinking financial services specialists. RMI actively partners smart and industry-changing management teams by being a shareholder Effective of influence. interest 30.6% CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2020 Year ended RMI is an investment holding R44 729 million 30 June 2020 company. Refer to the websites of R million % major underlying investments. Listed on the JSE Limited www.discovery.co.za Income 16 486 3.8 www.momentummetropolitan.com Chief Executive Officer Headline earnings 1 956 (48.5) www.outsurance.co.za H L Bosman Normalised Remgro nominated directors headline J J Durand, F Knoetze (alternate) earnings 3 086 (24.4) Website www.rmih.co.za RAND MERCHANT INVESTMENT HOLDINGS administration and employee benefits. OUTsurance provides LIMITED (RMI) short- and long-term insurance products in South Africa and short-term insurance products in Australia and Namibia. RMI RMI’s contribution to Remgro’s headline earnings decreased by Investment Managers’ affiliate model enables the company 48.4% to R599 million (2019: R1 161 million). to access a differentiated part of the investment management The underlying investments of RMI (with percentage interest in industry by investing in and partnering with independent brackets) include Discovery (25.0%), Momentum Metropolitan investment managers, as well as specialist investment teams. (27.3%), OUTsurance (89.1%), Hastings (29.7%), RMI Investment RMI believes that normalised earnings more accurately reflect Managers (100%) and AlphaCode (100%). operational performance, and therefore headline earnings Discovery is a pioneering market leader with uniquely positioned are adjusted to take into account non-recurring items and businesses in the healthcare, long- and short-term insurance, accounting anomalies. RMI’s normalised earnings for the year wellness and banking industries in South Africa, the United under review decreased by 24.4% to R3 086 million (2019: Kingdom (UK) and China, amongst others. Hastings is a UK- R4 081 million) mainly due to lower earnings by Discovery (down by 25.6%) and Momentum Metropolitan (down by 50.5%). listed, fast-growing, agile, digitally-focused general short-term insurance provider to the UK car, van, bike and home insurance Discovery’s normalised earnings decreased by 26% for the year market. Momentum Metropolitan is an insurance-based financial ended 30 June 2020. A provision of R3.4 billion (R2.3 billion net services group whose core businesses offer long- and short-term of discretionary margin offset) was made for future claims and insurance, asset management, savings, investment, healthcare lapses as a result of the Covid-19 pandemic. 40 Remgro Limited REPORTS TO SHAREHOLDERS | INVESTMENT REVIEWS RMI included normalised earnings of R486 million from Hastings withdrawals. Furthermore, the partial recovery of investment for the year ended 30 June 2020, representing a decrease of markets during the last quarter of the financial year did not fully 12%. Hastings’ gross written premiums for its six months ended offset the impact of severe market-related losses reported in the 30 June 2020 increased by 3% to £514.9 million (2019: third quarter of the financial year. £499.2 million), while adjusted operating profit after tax increased by 31% to £78.3 million (2019: £59.7 million). This was OUTsurance’s normalised earnings, including its stake in predominantly driven by policy growth and the improvement in Hastings, decreased by 8% to R2.4 billion. Excluding its share the loss ratio, offset to an extent by customer actions in light in Hastings, OUTsurance’s normalised earnings decreased by 7% of Covid-19, including the waiving of fees, reduced policy to R2.2 billion, mainly attributable to the unrealised investment adjustments and increased operating expenditure for IT losses on the group’s equity portfolio, the impact of the bushfires enhancements to support employees working from home. and natural catastrophes in Australia and business interruption Momentum Metropolitan recorded a 51% decrease in diluted claims of R198 million paid and provided for in OUTsurance normalised earnings to R1.5 billion for the year under review. Business. OUTsurance’s operating profit increased by 2% for the This was largely attributable to additional provisions raised, year under review, driven by improved operational profitability in with a net negative impact of R983 million for potential adverse the South African short-term insurance operation on account of Covid-19 related claims experience and policyholder lapses and premium growth over the last year. Integrated Annual Report 2020 41 FINANCIAL SERVICES (continued) PROFILE: FirstRand’s portfolio of integrated financial services businesses comprises FNB, RMB, WesBank, Aldermore and Ashburton Investments. The group operates Effective in South Africa, certain markets in sub-Saharan Africa and the United Kingdom, and interest offers a universal set of transactional, lending, investment and insurance products 4.0% and services. FirstRand can provide its customers with differentiated and competitive value propositions due to its unique and highly flexible model of leveraging the most appropriate brand, distribution channel, licence and operating platform available within the portfolio. This approach, which is underpinned by the disciplined allocation of financial resources and enabled by disruptive digital and data platforms, allows the group to fully optimise the franchise value of its portfolio. CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2020 Year ended Refer to www.firstrand.co.za R213 497 million 30 June 2020 for details. R million % Listed on the JSE Limited Operating income 105 305 0.9 Chief Executive Officer Operating profit 25 266 (36.8) A P Pullinger Headline earnings 17 326 (37.9) Normalised Remgro nominated directors earnings 17 265 (38.1) F Knoetze, J P Burger Website www.firstrand.co.za FIRSTRAND LIMITED (FIRSTRAND) FirstRand believes that normalised earnings more accurately FirstRand’s contribution to Remgro’s headline earnings reflect operational performance and therefore headline earnings represents Remgro’s 3.9% direct interest (as at the beginning are adjusted to take into account non-operational items and of the financial year) in FirstRand and excludes the indirect accounting anomalies. FirstRand’s results for the year to contribution from FirstRand through the investment Remgro 30 June 2020 reflect the extremely difficult operating previously held in RMH. The contribution of FirstRand to environment, with normalised earnings decreasing 38% to Remgro’s headline earnings for the year under review decreased R17.3 billion compared to 30 June 2019. Return on equity (ROE) to R657 million (2019: R1 093 million). declined to 12.9%. (June 2019: 22.8%). Most of these declines FirstRand’s headline earnings for its year ended 30 June 2020 were due to the much higher than expected credit impairment decreased by 37.9% to R17 326 million (2019: R27 887 million). charge, driven by forward-looking economic assumptions 42 Remgro Limited REPORTS TO SHAREHOLDERS | INVESTMENT REVIEWS required under IFRS 9. FirstRand reported a significant increase revenue growth due to lower absolute volumes during the in credit provisioning levels of R15 billion for the year ended lockdown period and depressed new business origination. 30 June 2020 (2019: R5 billion increase). Whilst the credit impairment charge of R24 billion (2019: R11 billion) represents In addition, FirstRand has conservatively provided for a sharp the most significant driver of the decline in earnings, further increase in retrenchment claims, as well as elevated death pressures include the negative endowment impact as a result claims in its insurance business, taking account of the latest of interest rate cuts and margin pressure, subdued non-interest epidemiological and economic outlooks. Integrated Annual Report 2020 43 HEALTHCARE CONTRIBUTION TO 30 June 2020 30 June 2019 HEADLINE EARNINGS R million R million Mediclinic 1 655 1 693 PROFILE: Mediclinic’s business consists of the provision of comprehensive, high- quality hospital services on a cost effective basis in Southern Africa, the United Arab Effective Emirates, Switzerland and the United Kingdom. interest 44.6% CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2020 Year ended CSI/Training spend £1 951 million 31 March 2020 R115 million Primary listing: £ million % Number of employees London Stock Exchange 33 140 Secondary listing: Revenue 3 083 5.2 BBBEE status JSE Limited Operating loss (184) (327.2) Level 4 Adjusted earnings 177 (10.6) Environmental aspect Chief Executive Officer Scope 1 and 2 emissions of R van der Merwe 240 405 tonnes CO2e Remgro nominated directors J J Durand, P J Uys (alternate)
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