Alexander Forbes Integrated Annual Report 2016

Our Clusters




Investment Solutions (IS)  |  AF Financial Services (AFFS)  |  AF Insurance (AFI)

Products and

  • Standalone and umbrella retirement fund administration and consulting
  • Retirement fund and health actuarial consulting
  • Asset and investment consulting
  • Insurance consulting
  • Beneficiary fund consulting
  • Investment manager surveys
  • Multi-manager portfolio construction, manager research and advice
  • Health and medical scheme consulting, and absenteeism and disability reporting, management and consulting
  • Group risk insurance
  • Investment management administration services
  • Multi-manager portfolio construction, manager research and advice
  • Individual financial planning, wealth management, savings and investment product administration
  • Bespoke investment portfolios for IFAs
  • Short-term insurance
  • Long-term insurance

Retirement funds


Public sector


Medical schemes

Unions and organised labour


Individuals and dependants


South Africa

  • Member records under administration: 1 029 087, of which 304 211 are in our umbrella funds
  • Assets under management in our umbrella funds: R65.3 billion
  • A total of R419 billion assets under administration and management by AFFS (Institutional)
  • R282.4 billion assets under management by IS
  • 98.5% client retention across AFFS Institutional
  • AF Life gross written premium: R397 million

South Africa

  • R62.2 billion retail assets under advice through financial planning consultants (FPCs)
  • R52.2 billion assets under administration in AFICA
  • R43.4 billion assets under management by IS
  • R1 435 million gross written premium (short-term insurance); R22 million gross written premium (long-term insurance)
  • Number of clients: 130 214
Supporting our ambition

While the institutional and retail clusters serve different types of clients, we believe that they are nevertheless closely linked. Our main strategy is to leverage our longstanding relationship and proven track record within the institutional base to build our retail client base. By providing holistic advice and solutions to individual members in the institutional funds we aim to support their financial well-being. Successfully doing so will also support our ambition of growing our retail business. This is complemented by our growth in the open market.


Alexander Forbes International (AFIL)

Namibia  |  Botswana  |  East Africa (Kenya, Uganda and Zambia)  |  West Africa (Nigeria)

UK  |  Ireland  |  Netherlands  |  Channel Islands


  • Standalone and umbrella retirement fund administration and consulting
  • Public sector consulting
  • Actuarial consulting
  • Asset and investment consulting
  • Retail offering including short-term insurance, financial planning consulting and retail umbrella funds for savings
  • Multi-manager portfolio management, manager monitoring and consulting
  • Pensions actuarial consulting and administration
  • Employee benefits consulting
  • Investment consulting
  • General insurance actuarial consulting
  • Business analytics
  • Individual financial advice (Channel Islands)

Products and services

Retirement funds



Public sector


Small to large corporate clients

Pension fund trustees

Individuals (Channel Islands)


  • 15 602 short-term insurance policies
  • R253 million gross written premium
  • 385 679 members under administration
  • R3.5 billion assets under management in Investment Solutions Namibia
  • Actuarial and consulting income: £89 million
  • 620 employees, of whom 240 are qualified or part-qualified actuaries
  • Market share: 8%


AfriNet represents the group’s geographic expansion into Africa, outside of South Africa. Its strength lies in its products and services that are proven in South Africa and tailored to local markets.

Through AFIL, the group is a 60% partner in Lane Clark & Peacock, the UK-based actuarial consultant, which provides services in the UK and, together with its subsidiaries in Ireland and Netherlands, elsewhere in Europe.

Supporting our ambition

Operations and technology

The operations and technology cluster supports the group’s strategic ambition by driving operational excellence, technology enablement and efficiency through a single point of accountability. Its objectives include:

  • Group-wide scalable online and operational platforms
  • Effective deployment of people, systems, information and technology, driving strategic projects through group enterprise project management office.

Shared services

Shared services enhances the efficiency and effectiveness of key functions within the group, including HR, finance, treasury, risk compliance and governance, technology, procurement, facilities, insurance, payroll and marketing.

Cluster and geographic contribution

Each cluster supports our pursuit of our strategic intent in their own way. Our operating income and profit is derived from the institutional, retail and geo-centric clusters as illustrated below. The proportion of the workforce from each cluster is also shown below.

Alexander Forbes is headquartered in Sandton, South Africa, and derives the majority of its operating income (59%) and operating profit (71%) from the country. It is represented in the rest of Africa and Europe by AfriNet and AFIL, respectively.