Alexander Forbes | Stranded in a sea of costs
Alexander Forbes (AFH) reported 1% revenue growth as operating income increased by 3%. Ongoing stranded costs of c.R100m that used to be allocated to the insurance division hinders the investment case. The business relies on macro conditions and employment growth. In the current environment, we do not expect much revenue growth. AFH appears to have reduced the loss of clients and key personal. The new management team is focusing on improving client outcomes. Therefore, we expect stable client numbers to produce annuity income with limited opportunity to gain market share.Alexander Forbes Group Holdings Limited is a financial services company. The Company is in the business of creating, growing and protecting clients' wealth and managing their financial risk, assisting its individual clients in securing their financial well-being. It offers integrated retirement, and investment solutions as well as wealth and asset management. Its services include Consulting and Actuarial Services, Retirement Fund Services, Healthcare Services, and Trust and Beneficiary Services. The Company provides valuations and varied employee-benefit consulting and actuarial services. It offers healthcare consulting, health management solutions and technical advisory services. The Company offers solutions for individuals, including money management, budgeting and savings.
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