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The Professional Provident Society (PPS) has provided insurance and investment products exclusively to postgraduate professionals in SA since 1941, but is now eyeing new markets such as New Zealand, Canada and Ireland.
The mutual financial services company, which also operates in Namibia, began operations in Australia as PPS Mutual in 2016 and has already attracted more than 11,000 members and annual premiums of A$70 million (approx. 850 million rand). PPS Mutual Australia is an associated company within the group's New Markets and Regions division and plans to open a New Zealand office later this year.
CEO Izak Smit says these new markets offer excellent income diversification and pension income in hard currency. Although currently focused on New Zealand, PPS is also considering other English-speaking markets with friendly regulatory regimes, such as Ireland and Canada, he said. He emphasizes that this will be done carefully, but he is also looking at the United States in the future.
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