investor day presentation fy2017 - the vault fy2017 annual results and investor day presentation...

FY2017 ANNUAL RESULTS AND INVESTOR DAY PRESENTATION13 June 2017

2

FY2017 ANNUAL RESULTS AND INVESTOR DAY PRESENTATION

CAUTIONARY STATEMENT AND DISCLAIMER

The views expressed here may contain information derived from publicly available sources that have not been independently verified.

The results discussed in this presentation are presented in terms of International Financial Reporting Standards (IFRS), with the exception of the normalised income statement.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables,

charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Alexander Forbes

Group Holdings and/or any of its subsidiaries. Past performance of Alexander Forbes Group Holdings and any of its subsidiaries cannot be relied upon as a guide to future performance. We have made certain

assumptions for market growth rates for the each of the respective divisions as follows: (i) Institutional: market growth rate accounts for all business segments and takes into account expected margin compression,

shift towards umbrella funds, scheme pricing trends and historical rates; (ii) Retail: market growth rate accounts for all business segments and takes into account expected retail AuM appreciation and revenue

margin compression; (iii) Emerging Markets: market growth rate is based on weighted expected pension fund growth across Nigeria, Namibia and Botswana; and (iv) investment business: market growth rate based

on appreciation of balanced equity, bond and liquid asset portfolio, accounting for expected net outflows.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial

performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain.

For us, uncertainties arise from the behaviour of financial markets, fluctuations in interest and or exchange rates; from future integration of acquired businesses; and from numerous other matters of national, regional

and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different

that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties,

and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking

statement based on those assumptions could be materially incorrect.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in

Alexander Forbes Group Holdings and any of its subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its

distribution form the basis of, or be relied on in connection with, any contract or investment decision.

NOTE: References to Mercer shall be construed to include Mercer LLC and/or its associated companies.

3


Alexander Forbes

FY2017 Strategy & Progress

Andrew Darfoor

Group Chief Executive

13 June 2017

4


STRATEGY | Building a globally distinctive pan-African financial services leader

• Be a premier provider of financial well-being to our customers throughout their life journey across South

Africa and selected Emerging Markets

• Generate industry-leading cash flow and growth through the cycle

Our

Strategy

Key

Management

Actions

Outcome

• Disciplined capital allocation and improving business profitability

• Reducing our fixed costs

• Improving our operating leverage

• Leveraging our market-leading institutional business to drive retail and emerging market growth

• Putting in place a highly experienced and driven management team to lead this journey, combined with

effective strategic partnerships with Mercer and African Rainbow Capital

• As the strategy is executed, we intend to maintain a diversified and profitable business serving end

customers through institutional relationships and directly

5


FY2017 | Delivery of resilient financial and operating performance

• 3% growth in profit from operations* to R933m

• Strong cash flow generation translating to increase in annual dividend of 8% (37 to 40cps)

• Delivery of margin enhancement at group level (50bps)

• Increase in average AuA and AuM to R345bn for our investment business (2% growth from FY16)

• Realised R140m of cost savings and operational efficiencies (ahead of R130m target)

• Delivery of improved operating leverage (70bps)

• Disposal of Lane Clark & Peacock to create a business fully focused on South Africa and select Emerging

Markets

• Developed key partnerships with Mercer and African Rainbow Capital to accelerate growth

• Announcement of special dividend of 23cps

* Profit from operations before non-trading and capital items

6


FY2017 | Improved margins and positive operating leverage despite economic headwinds

Tough economic environment

resulting in muted revenue growth

Resulting in improved

operating leverage

Improved cost and

operational efficiency

Note: Operating leverage is defined as the difference in growth of operating income against growth of operating expenses

7


FY2017 | Decisive action taken to deliver expense and operational efficiencies

126%

Operating cost saving initiatives

• Reduced consulting related costs

• Improved procurement across organisation

• De-layered organisational structures

Group-Wide Initiatives

Efficiency cost initiatives

• Simplifying products

• Reduced complexity and streamlining processes

• Aligned reporting structure within business units

Structural cost saving initiatives

• Rationalised location strategy

• Continuing to reduce number of legacy systems

• Exploring outsourcing of non-core back-office functions

8% above

target

Note: Expense savings are calculated on cost account lines referenced from the prior year, including CPI and contractual increases

8


Clients ~1.2m SA members ~137k SA clients~109k Institutional members

~5k Retail clients

Operating

income

Operating

profit

FY2017 | Institutional remains a market leader with strong growth from Retail

1% 5% 11%

1% 11%51%

Alexander Forbes Group

Institutional Retail Emerging Markets

R1 920m R1 274m R241m

R465m R466m R32m

9


40

FY2017 | Key efficiency and shareholder metrics

Efficiency & Execution Discipline Cash Flow & Dividend

0.5pp

1.5pp

3.3%

8.1%

10


SUMMARY | Addressing key issues and improving execution capability

• Building an integrated and holistic client-centric model with a clear brand strategy and customer value

proposition

• Strong growth in retail clients, leveraging market-leading institutional platform where focus is on

umbrella fund growth

• Addressed margin compression across Institutional Clients business lines

• Decisive action taken to deliver cost saving and operational efficiencies; efficiency programs ahead of

plan

• Large deal announced with Sapiens to modernise to a common IT platform across the group, with

improved digital capabilities

• Maintained solid capital position and strong cash generation while returning capital to shareholders

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FY2017

Financial Performance

Bruce Bydawell

Acting Group Chief Financial Officer

13 June 2017

12


FY2017 | Business remains resilient and well placed to improve shareholder value

• Operating income grew by 1.2% to R3 435m, showing resilience due to diversified and recurring nature of

business and operating leverage was positive at 0.7%

• Operating profit increased by 3.1% to R933m in FY17

• HEPS dropped from 58.1cps in FY16 to 53.4cps in FY17 with 8/12 months of LCP earnings

• Business remained highly cash generative with cash generated increasing by 3.3% to R1 091m

• Post the LCP and ARC transactions the business has R2.3bn available cash which will be used to improve

shareholder value

• Annual dividend increased to 40cps from 37cps

• Improved dividend yield by 70bps to 6.2%

13


FY2017 | Diversified and highly recurring business

>85% of income is recurring

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FY2017 | Positive operating leverage through tight expense management

Through expense management we have delivered positive operating leverage

Rm Mar 2017 Variance Mar 2016

Operating income net of direct expenses 3 435 1.2% 3 395

Operating expenses (2 502) 0.5% (2 490)

Operating profit before non-trading and capital items 933 3.1% 905

0.7% operating

leverage

Non-trading and capital items consistently reflecting the amortisation of PPA intangible assets and E&O cell-

captive results as well as includes once off costs


Professional indemnity cell-captive results 30 (9)

Amortisation of intangible assets (117) (124)

Costs relating to strategic consulting engagement (39) -

Other non trading items (11) (7)

Total non-trading and capital items (137) 2.1% (140)

15


FY2017 | Increased normalised profit from continuing operations by 3.5%


Normalised profit from continuing operations 704 3.5% 680

Operating profit from discontinued operations 171 (36.7%) 270

Normalised attributable profit for the period 875 (7.9%) 950

Operating profit from discontinued operations largely comprises LCP results

included for 8 months of the year vs 12 months in the previous year

The base of our

earnings going forward

We provide the analysis on IFRS vs normalised results in our Annexures (II & III)

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FY2017 | HEPS dropped to 53.4cps from 58.1cps with 8/12 months of LCP earnings


Weighted average number of shares in issue (m) 1 280 (0.2%) 1 282

Headline earnings per share (cents) 53.4 (8.1%) 58.1

Basic earnings per share (cents) 114.5 101.2% 56.9

Normalised headline earnings per share (cents)

from continued operations 59.7 (4.0%) 62.2

Rm Mar 2017

Shares in issue (& weighted average shares in issue) (m) 1 341

Treasury shares held for staff schemes (42)

Normalised weighted average shares 1 299

Policyholder treasury shares (19)

Weighted average number of shares in issue (m) 1 280Share ownership %

Note: Share ownership represents ownership for Alexander Forbes Group Holdings Limited; ARC holds a 10% share in Alexander Forbes Limited

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FY2017 | An efficient “capital lite” corporate balance sheet

97% of our assets are policyholder assets linked to policyholder liabilities

Post the recent sale of LCP and the investment from ARC 44% of our corporate assets are held in cash and cash

equivalents

Detailed adjustments for policyholder and insurance-related balances are reflected in Annexure II & III

Rm Mar 2017 Mar 2016

Intangible assets (largely arising from PE transaction) 40% 3 817 4 677

Corporate assets (excluding cash and cash equivalents) 16% 1 491 2 091

Cash and cash equivalents 44% 4 215 2 531

Total assets 9 523 9 299


Policyholder assets (including insurance receivables and policyholder financial assets) 97% 284 912 279 958

Intangible assets (largely arising from PE transaction) >1% 3 817 4 676

Corporate assets (excluding cash and cash equivalents) <1% 1 491 2 092

Cash and cash equivalents >1% 4 215 2 531

Total assets 294 435 289 257

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FY2017 | Disaggregated cash balance


Cash and cash equivalents – per IFRS balance sheet 6 263 4 877

Cash held on behalf of policyholders (2 048) (2 346)

Cash and cash equivalents - per summarised balance sheet excluding policyholders 4 215 2 531

Cash held for regulatory capital, liquidity and solvency requirements (1 109) (809)

Cash held in cell captive insurance facilities (408) (405)

Cash held in restricted entities (183) (409)

Available cash 2 515 908

Net current liabilities (251) (355)

Available cash resources 2 264 553

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FY2017 | Increased dividend to 40cps from 37cps, increasing dividend yield to 6.2%


Equity 7 119 6 156

Intangible assets (3 817) (4 677)

Tangible net asset value 3 302 1 479

Mar 2017 Mar 2016

Annualised Return on average Equity (normalised) 12.1 13.6

Annualised Return on average Capital Employed (normalised) 15.7 17.6

Annualised Normalised Return on Tangible Net Asset Value 35.3 57.9

Dividend yield (2017: 17c interim plus 23c final/6.43 share price): (2016: 15c interim plus 22c final dividend/6.70 share price) 6.2% 5.5%

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FY2017 | Strong regulatory surplus; capital allocation targeted at enhancing value

SAM Standard Formula (Mar-17) SAM Standard Formula (Mar-16)

% Change in

Regulatory

SurplusRm

Own Funds

Solvency

Capital

Requirement

(SCR)

Regulatory

SurplusOwn Funds

Solvency

Capital

Requirement

(SCR)

Regulatory

Surplus

Total Group 3 414 1 061 2 353 1 445 1 029 416 465.6%

Declared dividend (604) (604) (295) (295)

Total Group (net of dividend) 2 810 1 749 1 150 1 029 121

Surplus capital will be allocated to enhance shareholder value and to fuel future growth

Dividends• Maintain progressive dividend policy

• 1.5 times cover at minimumM&A

• Disciplined approach to bolt-on acquisitions

- 17% minimum hurdle rate

Share buy-back• Shareholders approved general

buy-back limited to 5%Investment • Modernisation (Sapiens & Digital)

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Alexander Forbes

Group Strategy

Andrew Darfoor


13 June 2017

22


FACT SHEET

Pan-African Financial Services Leader • Diversified group profit contribution across key

business lines

• High cash generation

• Predictable recurring revenue streams

• Strong dividend yield and “capital light” balance sheet

Institutional Clients• Market leader in retirements, employee benefits and

investments

• 1.3m members in institutional retirement funds (~1.2m in

South Africa and ~109k in Emerging Markets)

Retail Clients • Broadened retail product offering across risk, savings

and retirements to better serve needs of client base

• ~137k retail clients

Emerging Markets• Presence in key emerging markets (5 countries across

Africa)

• Serving ~109k institutional members & ~5k retail clients

GROUP OVERVIEW | Pan-African Financial Services Leader

Retail

(49%)

Emerging

Markets (3%)

Institutional

(48%)

Operating Profit

Note: % on graphic represents operating profit for related segment

23


Institutional Retail Institutional Retail

GROUP OVERVIEW | Historical market context and execution performance

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Slow to react to key market opportunities… …resulting in significant latent potential

in business

Slow to

retailisation

Slow to new

platform

Shift to

umbrella

Greater focus on SMEs

and Public Sector

Strengthen market-leading

position in institutional

Increase cross-sell to

retirement base

Stronger revenue contribution

from growing market segment

Higher asset retention

through preservation

Greater income from

higher AuM

Shift to greater portion

of umbrella funds

Increase in profitability from

higher margin funds

GROUP OVERVIEW | Historical underperformance presents latent upside potential

25


GROUP OVERVIEW | Thoughts after first nine months on the job

Strengths

• Very diverse and balanced portfolio of

businesses, including market leaders

• Very diverse and balanced portfolio of products

and services

• Powerful, recognised and trusted brand

• Strong capital base

• Highly cash generative

• Capital light business model

Opportunities

• Reduce group expense base

• Simplify group structure

• Improve accountability throughout organisation

• Reinvigorate technical excellence and delivery

of client solutions

• Bring greater focus and accountability to

business

• Better position umbrella proposition and

increase retail presence

26


GROW

INSTITUTIONAL

& ASSET

MANAGEMENT

CAPABILITY

GROW RETAIL

CAPABILITY,

INCLUDING

OFFSHORE

EXPAND ACROSS

SELECT SUB-

SAHARAN AFRICA &

EMERGING MARKET

GEOGRAPHIES

STRIVE FOR

EXCELLENCE, ACROSS

SERVICE, OPERATIONAL

& TECHNOLOGY

ENABLEMENT

INNOVATE AND CREATE

INTERNAL CAPACITY TO

DISRUPT OURSELVES

THROUGH INNOVATION

AMBITION 2022 | Our strategic vision

SECURING OUR CLIENTS’ FINANCIAL WELL-BEING BY PROVIDING PEACE OF MINDOur Value

Proposition

BUILD a GLOBALLY DISTINCTIVE

PAN-AFRICAN financial services LEADER across five pillarsOur Vision

5 Pillar

Strategy

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AMBITION 2022 | Helping customers achieve a lifetime of financial well-being and security

From working life …through guidance

and advice…

…into retirement

Protection

We protect what’s important to our

customers, their families, their

health and their homes

Accumulation

We help our customers save and

invest for the future

At & after retirement

We provide our customers with a stable income in

retirement, helping to meet costs of care and

securing their families’ future

28


Corporate & SME Services,

Employee Benefits and Outcome-

based Investing

Individual

financial

well-being

Alexander

Forbes

Value Wheel

Continued focus on our

market-leading businesses

Institutional pension fund admin,

advice and multi-manager

investing will remain at the

centre of our business model:

• Profitable stand-alone solutions

• Simplified umbrella offering

Move “Back to the Boardroom”

Strengthen relationships with Corporate/SME

executives to provide broader employee benefits

solutions i.e. employee focused solutions, and

outcome-based investing

Expand in retail

Serve end employees of institutional clients

and select open market individuals through

intermediated distributionInvestments

Pension

Admin, Advice

AMBITION 2022 | Top line growth through utilising leadership position in pensions to retailise

29


AMBITION 2022 | Five key focus areas to drive growth (1/2)

Get “back in the

boardroom” and

improve cross-sell

• Historically built trustee relationships at expense of corporate relationships

• Corporate relationship is critical to “earn the right” to access end-consumers

• Getting ‘Back in the Boardroom’ with the right capabilities to drive cross-sell of institutional and retail

Access consumers

through umbrella

offering

• Stand-alone and consulting under pressure with expected margin compression

• Considerable upside from umbrella and consulting asset flows expected with appropriate execution

• Well positioned to capture umbrella market share while optimising stand-alone

Drive SME penetration

• SMEs employ only ~5% of end consumers, while representing ~70% of the workforce

• SME focus through tied workforce and IFAs to capture volume and full margins

• SME strategy across Emerging Markets to deliver higher levels of retailisation

30


AMBITION 2022 | Five key focus areas to drive growth (2/2)

Target consumer

offering

• Provision of financial well-being to employees through corporate relationships

• Tailored employee solutions supported by data analytics and cross-product client coverage model

Drive asset

accumulation strategy

across the group

• Low current institutional penetration (0.7%) of institutional end-employee base

• Low cross-sell ratio in retail (3%) for >R500k segment in South Africa, with improved rates across

Emerging Markets

• Improve “mining” of end members and non-members with extended product offering to broadly meet

employee needs

31


Maintain dividend cover at 1.5xIncrease ROE from 12% to >14%

Market

~8%

Market

~11%

AMBITION 2022 | Resilient model through the cycle with clear financial targets

32


Drive top line growthImprove operating

leverage

and efficiency

Engaged and

empowered

colleagues

AMBITION 2022 | Execution Focus

Optimise portfolio

33


“AF built trust through the

Health relationship so we

were happy to explore other

options with AF”

“Yes, we want to improve the

bottom line but indirectly….

through employee retention.”

“We want to team with AF

to provide for the

employee”

“We left another provider after 9 years…

We listened to employees, there were

a lot of problems and corporate

relationship was not working”

“We have employees across the

income spectrum and we need to

serve them all”

“Employee benefits must go

beyond the employee, they all

have families”

“I would be very keen to see a

dashboard where employees

can engage with AF”

“The best way to serve us as a Corporate is

to serve our employees… better pricing for

more products, better products for the

lower income.”

End

Consumer

Financial

Well-

being

AMBITION 2022 | Client value proposition case study


Employee Benefits and

Outcome-based Investing

Investments

Pension

Admin, Advice



based Investing

Individual

financial

well-being

Alexander

Forbes

Value Wheel

Investments

Pension

Admin, Advice

34


“It has been difficult to get our individual business off

the ground; we don’t have enough people”

“My team is trying to juggle cross-selling retail on

top of their actual EB sales job”

Pension

Admin

Corporate

Services & EB

End

Consumer

Limited number of consultants frequently conduct retail cross-sell above existing EB sales

Consultants (#)

Members /

Consultant (#)

They are also demanding help to serve

these customers

Institutional brokers have many retail

customers they struggle to serve

AMBITION 2022 | Supporting intermediary brokers around the value wheel

Can only

effectively

serve a

fraction of

current end

members

35


Legal

Improved operational efficiency

Marketing HR Operations

Governance,

Risk and

Compliance

Enterprise modernisation programFull Shared Services Model

~30 services have been moved from the businesses to shared

services as part of the optimisation process

AMBITION 2022 | Delivering operating leverage and efficiency

Modernise to enterprise wide technology

platform and transform to a digitally enabled

business

Explore strategic

partnerships

to leverage

capabilities

Improve the AF operational efficiency index

Profitably grow the

member base across

all product sets

through lower back-

office costs

36


New appointmentNew appointment New appointment

Group Chief

Executive

Andrew Darfoor

Over 22 years of

experience

Acting Group

Chief Financial

Officer

Bruce Bydawell

Over 27 years of

experience

Group Chief

Operating

Officer

Stephen Price

Over 22 years of

experience

Chief Executive

Officer: Retail

Clients

Sugendhree

Reddy

Over 25 years of

experience

Managing

Director:

Investments

Leon Greyling

Over 22 years of

experience

Chief Executive

Officer:

Emerging

Markets

Bernhard

Schluep

Over 25 years of

experience

Group Chief

Risk Officer

Vishnu Naicker

Over 27 years of

experience

Group Chief

Marketing

Officer

Lynn Stevens

Over 25 years of

experience

Group Chief

Human

Resource Officer

Thabo Mashaba

Over 22 years of

experience

AMBITION 2022 | Highly experienced and driven leadership to execute the strategy

Key additional appointments and positions created across management to drive execution Chief Digital Officer

Chief Data Architect

Chief Innovation Officer

Head of Retail Life

Group Head of Client Solutions

37


• Strong strategic relationship to support growth

in South Africa and rest of Africa

• Partnership to enable group to re-focus in local

market and gain traction in key market segments

(public sector)

• Mutually beneficial strategic partnership with a

global leader

• Focus on investments and financial well-being

• Creating new market opportunities

• Will also focus business on rest of Africa

AMBITION 2022 | Strategic partnerships developed to support growth

38


AMBITION 2022 | Continued focus on rewarding shareholders

Dividend Policy Cumulative Dividends Paid

• Operating cash flow pay out ratio of

approximately 67%

• Dividend increases based on sustainable

earnings growth

• Maintaining dividend cover of 1.5x

~15% of market capitalisation

paid out in ordinary dividend

since IPO in July 2014

Special dividend ~3% of

market capitalisation

R

39


Divisional Update

Institutional Clients

Andrew Darfoor


13 June 2017

40


FACT SHEET

Institutional Investments account for ~60% of

Institutional operating profit• Contribution from Institutional Investments remains

strong and is complemented by solid asset base of

R285bn combined AuA and AuM

Consulting and Retirement account for ~35% of

Institutional operating profit• Significant contribution from Consulting and Retirement

within consulting, advice and admin services

Strong client and asset base • Portfolio has ~1.2m active members in South Africa

(~109k in Emerging Markets) and umbrella fund AuM has

grown by ~5% to ~R68bn

Growing corporate client membership• Corporate client base has grown by 5% from FY16 with

over 1 300 corporate umbrella clients

INSTITUTIONAL | Divisional Overview

Emerging

Markets (3%)

Retail

(49%)

Emerging

Markets (3%)

Institutional

(48%)

Operating Profit


41















Expand in retail



intermediated distribution

INSTITUTIONAL | Strategy focused on umbrella and broadening corporate EB* solutions

End

Consumer

Financial

Well-

being




Investments

Pension

Admin, Advice



based Investing

Individual

financial

well-being

Alexander

Forbes

Value Wheel

Investments

Pension

Admin, Advice

* Employee Benefit

42


• Umbrella: aggressively grow umbrella funds through internal and

external channels as anchor for growth

• Stand-alone: improve operational efficiency through implementation

of consistent pricing

• Ancillary areas: grow investment advisory & health brokerage;

reprice group life to drive cross-sell; maintain health actuarial & HMS

• Retail support: facilitate the provision of employee benefits to end

consumers across the institutional base

• New segments: expand SME and public sector penetration

• Cross-sell: increase cross-sell with single view of the customer

• External distribution: improve external intermediary distribution

through affiliate networks and transparent and tailored pricing

• Technology: operational efficiency through modernisation initiative

• Partnership: leverage strategic partnership with Mercer and ARC

1

2

4

5

3

6

7

8

9

What we will do

How we will deliver

INSTITUTIONAL | Ambition to match or exceed market growth over the cycle

43


We will simplify our umbrella offering

through key initiatives

We will target internal stand-alone clients and shift to

umbrella fund where best for the client

INSTITUTIONAL | Expansion of umbrella proposition and delivery

• Consolidate our three umbrella platforms to one

• Create a simple two tier umbrella offering which

is consistent between distribution channels

• Simplify pricing for all end consumers with clear

rules for pricing levels and exceptions

• Build trust with intermediary brokers that we will

treat internal and external sales channels equally

44


We will do three things to consolidate

our position

We will consolidate our position in stand-alone

administration and advice

INSTITUTIONAL | Consolidate leadership position in stand-alone and improve efficiency

Improve operational efficiency through

optimising stand-alone vs umbrella mix

Continue looking to win large clients by

leveraging strong brand

Ensure consistent pricing to improve

profitability of current stand-alone business

45


Continued public sector drive

Health actuarial & HMS

Health brokerage acquisition

Main

tain

Gro

w

Group Risk cross-sell

n/a

1

n/a

n/a

Market

Position (#)

1

Top 10

We will drive growth in attractive segments while

maintaining position in Health Actuarial & HMS

Attractive margins in Group Life, Health Brokerage

and Consulting segments

INSTITUTIONAL | Grow ancillary areas aggressively through improved collaboration

46


We will expand on historically low SME penetration

INSTITUTIONAL | Expand new segments including SME through intermediary strategy

Expansion drive focused on 4 key initiatives

• Focus on intermediary channel targeting EB brokers to

expand end customer exposure

• Improve direct sales through process redesign and

improved KPIs & incentives for internal consultants

• Targeted marketing for SME segment (vs. none today)

• Streamline & develop new products to provide high

demand products and institutional “Benefits in a box”, e.g.

- Key man insurance

- Group retirement annuity

- Business continuity cover

Note: SME pension fund market represents only those SME’s with current access to pension funds

47


Existing Cross-sell BaseTop 4 Insurer Non Top 4 Insurer

Expected cross-sell (30%)

Expected cross-sell (15%)

Current cross-sell rates significantly below potential

INSTITUTIONAL | Improve cross-sell with single view of customer

We will improve cross-sell with a single view of the

customer and appropriate incentives

• New coverage team in place to ensure single view

of customer and improved client collaboration and

identification opportunity

• Competitive pricing in line with market

• Single view of customer through Sapiens initiative to

improve ability to cross-sell

• New incentive structure in place to drive and

improve collaboration

Note: chart on the left is the Group Risk example

48


INSTITUTIONAL | Key Messages

Strategic

Focus

• Strategy focused on umbrella, investment outcomes orientation and broadening

corporate EB solutions

• Significant upside potential to unlock value across the group with pension and

ancillary services which drive significant flows to our investment business

Growth

Trajectory

• Ambition to grow at or above market through to 2022, which Retail Clients will

leverage to serve institutional employees

Execution

• Focus on delivery and execution, including continuing to invest for the future in

growing key ancillary areas as well as new segments

• Enhance partnerships with Marsh & McLennan Companies (Mercer and Guy

Carpenter) and African Rainbow Capital to unlock value

Financial

Discipline• Deliver margin enhancement, positive leverage while maintaining strong cash

generation and remittance to group

49


Divisional Update

Retail Clients

Sugendhree Reddy

CEO, Retail Clients

13 June 2017

50


FACT SHEET

Retail client baseReached ~137k retail clients in FY17 providing products

across risk, retirement and savings

Retail base penetration into Institutional clients~6k retail clients are existing Institutional members with

3% penetration in the >R500k segment and ~43k are

preservation clients from Retirement business

Wealth and Investments accounts for ~80% of

Retail operating profitR53bn AuM

Insurance (short term and life) accounts for ~20%

of Retail operating profitInsurance business has shown strong growth in clients

with 79k short term insurance policyholders (9% growth vs

7% market growth) and 4k life insurance policyholders

RETAIL | Divisional Overview

Retail

(49%)

Institutional

(48%)

Operating Profit

Emerging

Markets (3%)


51















Expand in retail




RETAIL | Strategy focused on creating financial well-being for end consumers

End

Consumer

Financial

Well-

being




Investments

Pension

Admin, Advice



based Investing

Individual

financial

well-being

Alexander

Forbes

Value Wheel

Investments

Pension

Admin, Advice

52


Ability to Win

High

Low High

Market

Attractiveness

(Factors include product offering, distribution channel, pricing, competitive landscape, regulation, etc.)

>R500k open

market>R500k member base

Alexander Forbes FY17

Relative market size

Legend

Current presence in retail market is low due to narrow focus on preservation capture

(Factors include # of

retail consumers,

average retail consumer

spend, growth rate and

profitability)

PRIORITY 1PRIORITY 3

<R500k member base

PRIORITY 2

ILLUSTRATIVE

RETAIL | Total market potential

Note: Relative size based on number of individuals

53


RETAIL | We aim to deliver financial well-being to our end consumers

“We know what really matters to you”. (Our

insights).

“We will help you identify your needs”. (Our

advice).

“We shall provide a solution”.

(Our products).

Our Member Access Strategy has an omni-channel

engagement approach which is premised off

demonstrating to our customers through a customer

experience model that:

54


Strategy premised on financial well-being as a differentiator, being deployed

through the Member Access Strategy

• >R500k Member Base: Increase penetration through advice-led, tailored

solutions, competitive pricing through the lens of a single view of customer

and improved distribution channels

• <R500k Member Base: Increase penetration by introducing direct channel

and lower cost product offering

• >R500k Open Market: Selectively target open market by building affiliate

intermediary network and expanding proposition to serve

• Distribution Channel: Expand the tied agency, digitisation, introduce

direct offering and build intermediated distribution to complement our

internal sales force

• Brand: Increase marketing to build brand awareness with end consumer

• Technology: Investment in core platforms and digital interfaces enable

single view of customer which supports data driven cross sell and bundling

4

1

2

5

6

What we will do

How we will deliver

3

RETAIL | Ambition to match or exceed market growth over the cycle

55


RETAIL | Significant opportunity to improve preservation and drive cross-sell

However, not yet succeeded in

cross selling within member base

Historically focused on preserving

the >R500k captive base

Alexander Forbes has

1.3m institutional members

Improvement from

FY16 33% to 35%

Institutional Members (#)

3.2%

Retail Penetration of Institutional Members

Primary Market (%)

Note: Retail penetration rate is calculated as number of institutional members with a retail products (e.g. STI, LTI, W&I); Preservation capture rate is the

assets under advice from the pool of preserved institutional exits

56


We aim to improve preservation capture rate

from 35% to 50% by 2022What we will do differently

• In-fund preservation offering will drive volumes

• Improved early engagement with member base

(financial well-being deployed through Member Access –

joiner to leaver and beyond)

• Build single view of customer to allow to:

- Build a lifetime relationship with the member

- Provide holistic and integrated solutions for our customers

- Insight-driven approach to individual customer needs

- Competitive offering through product bundling

RETAIL | We aim to increase preservation capture rate to 50%

57


RETAIL | Key Messages

Strategic

Focus

• Strategy focused on creating financial well-being for end consumers

• Significant upside potential to unlock value through building a differentiated retail

value proposition to aggressively activate our institutional member base

• We will transform our distribution, including new/expanded channels such as digital

and external intermediaries, to provide holistic advice, sales and servicing to clients and

to selectively target the open market

Growth

Trajectory• Our ambition is to grow top line revenue at or above market rate through to 2022

Execution• Focus on delivery and execution of our strategy, including continuing to invest for the

future

Financial

Discipline

• Deliver improved contribution to group revenue, margin enhancement, positive

leverage while maintaining strong cash generation and remittance to group

58


Divisional Update

Emerging Markets

Bernhard Schluep

CEO, Emerging Markets

13 June 2017

59


Operating profit driven by Namibia and Botswana• Largest umbrella fund by assets in Namibia and

Botswana

Growing institutional retirement member base of

~109k• Namibia currently has highest member base with ~45%

of members, Botswana with ~40%, Uganda with ~10%

and Zambia with remaining share

~5k retail clients across Emerging Markets• Namibia represent highest portion of member base

followed by Botswana

FACT SHEET

EMERGING MARKETS | Divisional Overview

Retail

(49%)

Institutional

(48%)

Operating Profit

Emerging

Markets (3%)


60















Expand in retail




EMERGING MARKETS | Strategy focused on SME, umbrella and developing consumer

End

Consumer

Financial

Well-

being




Investments

Pension

Admin, Advice



based Investing

Individual

financial

well-being

Alexander

Forbes

Value Wheel

Investments

Pension

Admin, Advice

61


Revenue Institutional Retail

Annual

GDP

growth

% of FY17

EM revenuePension Ancillary # Members Insurance

Wealth and

Investments# Clients 2016 - 2021

Namibia 62% 51 526 2 931 4%

Botswana 33% 39 296 1 832 4%

Uganda 2% 12 981 - 5%

Zambia 0% 5 772 - 5%

Nigeria 3% n/a - 1%

EMERGING MARKETS | Diversified across key markets with strong growth potential

4% Sub-

Saharan

average

62


• Umbrella fund anchor: umbrella funds to serve as simple

unifying product on which to anchor proposition

• Reinforce market positions: reinforce positions in Namibia

and Botswana through organic growth

• Accelerate growth: accelerate growth in Nigeria, Ghana,

Mauritius & Morocco, aligned to regional hub model

• Market entry approach: management control is key priority

even without majority stake

• Strong local leadership: we will drive localisation through

strong local leadership teams

• Leverage SA capabilities: leverage scale, technology and

industry knowledge from established SA business

What we will do

How we will deliver

1

2

4

5

3

6

EMERGING MARKETS | Ambition of double-digit revenue contribution to group by 2022

63


Retail productsLimited stand-alone growth potential

• Few large corporates limits growth potential

• High actuarial cost with bespoke offering

• Growth driven primarily from switching

• Trustee relationship, limited retail conversion

Umbrella as new intermediary

• Scale economies align to SME market

• Scale facilitates lower cost offering

• Ability to serve intermediary segment

• Direct relationship with employee

Stand-alone funds Umbrella fund

EMERGING MARKETS | Umbrella to serve as unifying proposition

64


• To expand into other emerging markets,

AF will need to adapt model to ensure

flexibility across full spectrum

Gro

wth

ma

rke

tsE

xis

tin

g p

res

en

ce

Uganda Namibia Botswana

Nigeria

Zambia

• AF EM operates across

wide spectrum

• Requires simple anchor

product to serve

SOCIAL

SECURITY

OCCUPATIONAL

SCHEME

MEMBER

CHOICE

MoroccoGhana Mauritius

EMERGING MARKETS | Drive simplicity across markets with varying degrees of evolution

4% 4%

1%7% 6% 8%

5% 5%

*Forecast GDP growth ’16-’21

65


EMERGING MARKETS | Key Messages

Strategic

Focus

• Strategy focused on SME, umbrella and developing consumer (an individual

proposition serving employees)

• Umbrella funds to serve as simple unifying product on which to anchor proposition

with ancillary solutions

Growth

Trajectory

• Ambition is to grow to double-digit contribution of group revenue by 2022 by

selectively targeting growth opportunities to build four regional hubs

Execution• Focus on delivery and execution, including continuing to invest for the future with

selective expansion in target markets to complement existing markets

Financial

Discipline

• Deliver margin enhancement, positive leverage while maintaining strong cash


66


Investments

Leon Greyling

MD, Investments

13 June 2017

67


Significant outflows (benefit payments) from

core retirement fund asset gathering engine

Margin compression has impacted multi

managers more than underlying managers

Latent potential across various targeted

segments

INVESTMENTS | Recent slow growth trajectory

68


FACT SHEET

Investments accounts for ~60% of group

operating profit• AF Investments profit embedded across Retail,

Institutional and Emerging Markets divisions

R700bn total Assets Under Advice,

Administration and Management• R345bn in total AuA and AuM

• R289bn in total AuM

• R236bn Institutional AuM and R53bn Retail AuM

A leading investment manager (previously a

multi-manager)• Strong investment performance with 89% of

portfolios outperforming industry benchmarks

INVESTMENTS | Divisional Overview

Retail

(49%)

Operating Profit

Emerging

Markets (3%)

Institutional

(48%)


69


INVESTMENTS | A new dawn

Asset Consultants

70


INVESTMENTS | In pursuit of certainty

South Africans have a poor savings culture resulting in

few people retiring comfortably

Poor investment behavior (psychology) results in

underperformance

Only 6% of South Africans are financially

independent at retirement

Source: http://www.fin24.com/Savings/News/South-Africans-among-the-worlds-worst-savers-20150707 Source: https://www.thebalance.com/why-average-investors-earn-below-average-market-returns-2388519

http://www.fin24.com/Savings/News/South-Africans-among-the-worlds-worst-savers-20150707

https://www.thebalance.com/why-average-investors-earn-below-average-market-returns-2388519

71


IN PURSUIT OF CERTAINTY

72


Understanding customer

requirementsRisk-based investing Client experience

2. Strategy

Selection

3. Provider

Execution

1. Asset

Allocation

Internal

Financial Planning

and Employee

Benefit Consultants

External

External

intermediaries

• Outcome-based advice from both internal

and external advisory channels

• Tailored risk / reward balance to minimize

downside risk while achieving outcome,

thereby managing for standard investor

behavior – keeping the client invested

• Asset Allocation: Select & model optimal asset

allocation for model portfolios / individual clients

• Strategy Selection: Select optimal blend of

strategies / risks for each portfolio / client based

on desired outcome

• Provider execution: The best opportunities /

managers to oversee each asset class

• Digital client experience that is easy to

use and ensures high level of accessibility

• Tailored targets that allow members to

easily adjust targets to their own needs

• Manage clients’ experience / journey to

understand their ‘path’

INVESTMENTS | Outcome-based approach better links customer needs to risk

1 2 3

73


What we will do

How we will deliver

What we will do

How we will deliver

INVESTMENTS | Ambition to grow AuM at or above market with outcome-based approach

• Understanding customer requirements: link investment management to

advice to develop a sound understanding of customer outcomes and goals

• Risk-based investing: risk-based investment philosophy and beliefs to

drive asset allocation and style selection

• Consumer experience: strong focus on customer experience and

understanding through reporting and tools

1

2

3

• Enhance skill base: ensuring the appropriate skills and capabilities are

available to drive portfolio construction

• Diversify portfolio choices: building portfolio choices such as

alternatives and smart beta to deliver consumer outcomes

• Asset accumulation focus: defined asset accumulation plans across

institutional and retail

• Mercer partnership: bold partnership with Mercer to improve consumer

value proposition and enhance skill base

4

5

6

7

74


AF Investments : Outcome Based Investing

Large

Corporates

With a “forward looking” approach to investing

customers’ savings

INVESTMENTS | Renewed focus through evolved investment philosophy

Expanded opportunities across internal and

external channels

Medium

CorporatesSME

Internal

Retail

Retail

IFA

Historical focus Enhanced focus

Public

Sector

Belief driven

Forward looking

Reduce downside

Upside correlation

Know your “bets” Risk premia

Protection

Defined skill set

75


INVESTMENTS | Enhanced data analysis capability

AF Investments have access to wide

breadth of data• ~3 000 clients with ~10 000 portfolios

• ~6 000 asset manager portfolios

• +/- 75 000 securities

Increase in the speed of reporting to

improve decision making• Increased number of fund fact sheets from 400

to 1 200 per month

• Increased speed of portfolio data processing

from 5 days historically to 2 hrs currently

Market leading reporting and data access to improve the speed and quality of decision making

76


AF Investments : Outcome Based Investing

Large

Corporates

With a “forward looking” approach to investing

customers’ savings

INVESTMENTS | A strategic alliance setting us apart

Expanded opportunities across internal and

external channels

Medium

CorporatesSME

Internal

Retail

Retail

IFA

Historical focus Enhanced focus

Public

Sector

Belief driven

Forward looking

Reduce downside

Upside correlation

Know your “bets” Risk premia

Protection

Defined skill set

77


Joint development of Alternatives capability (product and research) with global distribution

footprint

Global asset management and research including Mercer Insight™ along with development

of value proposition for long-term insurers

Joint development of staff through Tomorrow’s Leaders program

INVESTMENTS | Global leadership with a Pan-African presence

78


INVESTMENTS | Tomorrow’s Leaders Program

Augustine Mnukwa

Advisory

Melbourne

Inge West

ESG

Sydney

Zeenat Patel

Alternatives

London

79


INVESTMENTS | Key Messages

Strategic

Focus

• Strategy focused on serving multiple markets in close partnership with Mercer

• Progression of our market offering towards an ingrained and differentiated

investment philosophy and belief system

Growth

Trajectory• Ambition to grow Assets Under Management at or above market through to 2022 by

offering a clearly articulated value proposition (outcome-based investing)

Execution and

skills

• Focus on delivery and execution, including continuing to invest for the future with

strategic partnership with Mercer to enhance offering through sales, research and

capabilities

• Market leading skills and technology to enhance investment capability

Financial

Discipline

• Deliver margin enhancement, positive leverage while maintaining strong cash


80


Mercer

Rich Nuzum, CFA

Wealth Leader, Growth Markets Region

13 June 2017

81


MERCER | Who we are

“I can do it myself” “Help me” “Do it for me”

Hands-off provision of research and

analytical tools

Proactive consulting with client in the

driving seat

‘Desired outcomes’ agreed with client

and Mercer implements

Better decision making that drives better long-term returns

82


MERCER | Enhanced partnership will bring additional core capabilities to clients

2 100+

Investments

Staff

800+Discretionary

Clients

2 600+

Advisory

Clients

40+

Years

Experience

RESEARCH

ADVICE

INVESTMENT SOLUTIONS

• Global manager

research

• Operational due

diligence

$6.3tnSubscriber

Assets

$10.2tnUnder

Advisement

$179bnGlobal

Delegated

Assets

• Outcome-oriented

investment strategy

• Manager selection

• Responsible

investment

• Transitions, custody,

execution quality

• Multi-client and custom

fund implementations

• Alternative investments

• Liability-driven

investment

Note: All figures are as of 30 June 2016 except for Delegated Assets figure which is as of 30 April 2017.

83


MERCER | Partnership approach with investment managers

84


MERCER | Who is likely to get the “first call” on innovation?

The information above includes worldwide assets under management and assets under advisement across Mercer’s Investment

Consulting and Fiduciary Management businesses.

Rank Provider

Full Discretion

Assets Under

Management ($Bn)

1 Mercer 151

2 Russell Investments 105

3 SEI Investments 81

4 Blackrock 80

5Aon Hewitt Investment

Consulting61

6 Goldman Sachs 60

7Northern Trust Asset

Management59

8J.P. Morgan Asset

Management45

9 Willis Towers Watson 45

10 Wells Fargo 31

Outsourced Chief Investment Officers (OCIOs)

Source: Asset International - Chief Investment Officer (“ai-CIO”) Magazine

Survey - Outsourced-Chief Investment Officer (“OCIO”) Providers, 15

February 2017

Rank ProviderGlobal Assets Under

Advice ($Bn)

1 Mercer 10 174

2Aon Hewitt Investment

Consulting4 202

3 Russell Investments 2 400

4 Cambridge Associates 2 400

5 Callan Associates Inc. 2 210

6 Willis Towers Watson 2 200

7 Nomura Securities Co. Ltd. 1 819

8 RVK Inc. 1 323

9Pension Consulting Alliance

Inc.1 149

10 Wilshire Associates Inc. 971

Source: Pensions & Investments survey as of June 30, 2016

Investment Consultants

85


M A N A G E R S

C O V E R E D

S T R A T E G I E S

C O V E R E D

S T R A T E G I E S

R A T E D

S T R A T E G I E S

R A T E D A

6 085 30 755 10 460 2 714

N O R T H

A M E R I C A E U R O P E

G R O W T H

M A R K E T S(Asia, Middle East,

Latin America & Africa)P A C I F I C

60+Investment

Professionals

FTE

10Research

Specialists

300+Investment

Professionals

FTE

56Research

Specialists

450+Investment

Professionals

FTE

54Research

Specialists

70+Investment

Professionals

FTE

10Research

Specialists

MERCER | Global research network

Note: Data as of 30 September 2016; Investment Professionals exclude Financial Services and are FTE (not count of employees); Research Specialists exclude 10 central support /admin staff

86


• Mercer is committed to live our purpose of making a difference in people’s lives by Making Tomorrow, Today

– To help deliver against our purpose for African retirement plan participants and retail investors, in mid-2014 we took a

~33% ownership stake in Alexander Forbes group

• Mercer helps asset owners and fiduciaries make and implement investment decisions that leverage our breadth

of research, insights and experience

• A deeper strategic alliance brings:

– The opportunity to deliver enhanced services and greater added value for Alexander Forbes’ clients

– Career development opportunities for both Mercer and Alexander Forbes colleagues, and improved collaboration to

support growth in our businesses

MERCER | Benefits of enhanced strategic partnership

87


Operations & Technology

(“Optec”)

Stephen Price

Group Chief Operating Officer

13 June 2017

88


Inability for customers to

transact directly & poor

customer experience

Reduced operational

efficiency

Costly to maintain. Not agile

or flexible

Inconsistent and fragmented

view of customer

Immature

digital capabilitiesInefficient processes

Poorly integrated &

customised IT platforms

OPTEC | Historically underinvested which has resulted in a fragmented operating model

Operating platform not suitable to implement Alexander Forbes’ holistic value proposition

89


Customer Experience Efficiency

• Easy to use self-service functionality

• Improved efficiency to cope with

additional volumes

• Agility to come to market more quickly

and cost efficiently

• Improved support to Emerging Markets

• Integrated view of customer needs

through life cycle

• Consistent omni-channel experience

• Single point of digital interaction

• Delivery of tools and data analytics to

support the CVP

OPTEC | Operating platforms must be upgraded to support Ambition 2022

“Operational Excellence”

90


Enterprise modernisation programme

Modernise to enterprise wide technology platform

and transform to a digitally enabled business

Explore strategic

partnerships

to leverage capabilities

OPTEC | Delivering operational excellence through comprehensive modernisation program

Improve the AF operational efficiency indexBlended average cost of administering a single client account across all

products and services

Profitably grow the member

base across all product

sets through lower back-

office costs

91


Digital InterfaceCore Administration

Platforms

Business Intelligence and

Analytics

Client

Benefits

AF Benefits

Single, Omni channel portal

Online user experience

Access to information

Instant fulfilment

Cradle to grave integration

Single view of client

Single quoting tool and

digital onboarding

Bundled products and

services

Holistic financial well-being

tools

Composite statements and

reporting

Enterprise public-domain

digital gateway

Digital marketing & product

offerings

Direct to Consumer capability

Social media profile

Composite administration

platform

Integrated regulatory

compliance

Training and support

efficiencies

Full STP

Configure vs Custom dev.

Master data management

Consolidated financial

reporting

Big data toolkits

Enterprise reporting

capability

OPTEC | Enterprise modernisation programme fully supports ambition 2022 intent

92


Core admin platform transformation will deliver significant cost efficiency by 2022

Core Administration Platforms

Life and Pensions

BI, Reporting and Financial Management

Short Term

Digital Engage

and Transact

OPTEC | Key technology partners

About Sapiens

Founded 1982

$179m in 2015 revenues (Nasdaq

Listed)

2 000+ Employees

200+ Flagship global customers

93


2018Today

Core admin

platforms

Enterprise wide

technology platform Diagnostic

complete

2020

System

production

and Retail

launch

24 month full

Retail migration

Digital

Digital architecture design and enablement

Integrated Services implementationDigitally led business

Mobile and web product roll-out

Digital Factory implementation

Group Life and Pensions data

migrations to new platform

OPTEC | Clear roadmap in place for the next three years to support Ambition 2022

PartnershipsSimplified operating

model

Explore and

negotiate

partnerships

Operationalise non-core

functions through

partnerships

Rationalise IT Vendors

94


Risk Mitigants Strong GovernanceStrong Leadership &

Operating Structure

• Currency hedged over 3 year contract

term in a fixed price contract

• Sapiens to mitigate risk through risk-

sharing agreement

• Sapiens office on Alexander Forbes

premises for close collaboration

• SAP and out-systems licenses

implementation embedded in Sapiens

suite (“single handshake”)

• EY appointed as independent

assurance provider to the CRO and

CEO

• Established program governance

board

• Milestone based payment agreements

• Dedicated delivery team of Sapiens

and Alexander Forbes employees

• Key delivery roles identified and

resources assigned

• Supported by Board and Exco

• South Africa is a key strategic growth

Area for Sapiens

OPTEC | Approach to de-risking implementation

95


OPTEC & SHARED SERVICES | Summary

Path to operational excellence focuses on establishing an enterprise wide technology platform

underpinned by three core pillars which will improve our operational efficiency

Sapiens (a core pillar) transitions the business to a composite technology platform which will

deliver significant cost efficiency by 2022, and enable the new AF CVP

Investment in digital to transform the company into a digitally enabled business

Migrate to a Shared Services model to support execution

96


Closing remarks and Q&A

Group Chief Executive and Executive Team

13 June 2017

97


AMBITION 2022 | We are highly cash generative and will drive top line growth

Continued growth in operating income and profit – strong retail growth in FY17 with

commitment to continue to grow at or above market across all business lines

Predictable and recurring revenue stream – >85% of income from recurring business

across a diversified portfolio

Trusted brand – market leader in institutional and winner of the Africa Best Employer

Award

Strong strategic partners – Mercer and ARC will help accelerate growth

Cash generative with high dividend yield – proven track record of cash generation which

will maintain dividend cover at 1.5x

Capital “lite” balance sheet – group solvency capital requirement of just over R1bn and

strong normalised return on average capital employed of 15.7%

R

R

98


AMBITION 2022 | Key Messages … cash flow plus growth

Group• Building a globally distinctive pan-African financial services leader focused on

delivering strong cash flow plus growth

Opportunity

• Strengthen institutional leadership position and develop a more focused retail

proposition, with selective growth in Emerging Markets

• Aim to grow at or above market in all business lines

Shareholder

Focus

• Deliver sustainable earnings growth which will support a progressive dividend policy

(maintain cover of 1.5x)

Execution • Focus the organisation on delivery and execution and continue to invest for the future

Capital • Maintain strong capital position and high cash generation

investor day presentation fy2017 - the vault fy2017 annual results and investor day presentation...

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