PSG earnings up a third, dividend jumps 25%

PSG Financial Services reported a 33.5% increase in recurring headline earnings per share (Heps) for the year ended 28 February 2026, supported by higher assets under management and stronger investment income.

A final dividend of 45.0 cents per share was declared, bringing the total dividend for the year to 65.0 cents per share, up 25% from the previous period.

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PSG notes the dividend payout is reflective of its “sound financial position and confidence in its prospects”.

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In the period under review, the group delivered a return on equity of 31.7%, while total assets under management rose 19.9% to R564.6 billion. This included R480.9 billion in PSG Wealth, up 17.3%, and R83.7 billion in PSG Asset Management, up 37.7%.

Gross written premiums at PSG Insure increased 5.% to R8 billion.

The group maintained a capital cover ratio of 260%, above the regulatory minimum of 100%, and continued to generate strong cash flows.

During the year, PSG repurchased and cancelled 12.3 million shares at a cost of R296.9 million.

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Chief executive Francois Gouws says favourable markets supported earnings growth despite challenging operating conditions.

He adds that both global and domestic markets may be “running ahead of underlying economic fundamentals”.

“Developed markets remain heavily indebted [and] political populism continues to complicate policymaking … Military tension in the Gulf has been a further source of concern.”

Turning to South Africa, Gouws says the country needs a “more coherent and forward-looking” economic strategy – an integrated plan that moves “beyond crisis management”.

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