Alexforbes has reported that its total profit increased by 8% for the six months ended September 2024, with assets under administration and management increasing by 25% year-on-year to R568 billion. Operating income grew by 12% to R2.1 billion, driven by acquisitions and positive market performance. Operating expenses rose by 11% to R1.7 billion, with technology costs up by 13% due to the two-pot system implementation, software, licensing and outsourced services. The company also revealed that 350 000 claims worth R6.5 billion pre-tax were submitted under the new two-pot regime, with R4.6 billion paid post-tax, reflecting claim volumes exceeding two years’ normal levels in just two months.
