Capitec Bank announced yesterday that funeral plan income soared by 72% to R629 million in the six months ended 31 August 2022 compared to R366 million in the same period last year.
The banking group said the increase was driven by growth in the active book, increased average premiums per policy and improved claims experience.
Capitec informed investors that active policies increased to 2 million versus 1.5 million in the same period in 2021.
At the end of August 2022, 8.9 million South Africans were covered by a Capitec funeral plan.
“Persistency in the 12 months after a policy is issued is a key indicator of the quality of funeral plan policies issued over time.,” said Capitec.
“Persistency as at the end of August 2022 was 61% (August 2021: 57%).”
The Capitec funeral plan, underwritten by Centriq Life Insurance Company Limited, is a policy that provides cover for funeral costs.
Also read: Capitec Rewards Shareholders As It Signs Up 165 000 New Customers A Month
Capitec Bank rewards shareholders with an interim dividend of 1,400 cents a share for the six months to end-August 2022, as the bank signs up 165 000 new customers a month for the past year.
The bank informed investors today that directors resolved that a gross interim dividend of 1,400 cents per ordinary share be declared for the 6 months ended 31 August 2022 versus 1,200 cents a share on 31 August 2021. There are 116 099 843 ordinary shares in issue.
The banking group added that on average, over 165 000 new clients have joined the bank every month in the past year.
Its active client base increased by 13% to 19 million and digital banking clients that bank on the app, internet banking and USSD increased by 21% to 10.8 million – now representing 57% of its total active clients.
Also read: Capitec’s Live Better Rewards Programme Now Reaches 8.5 Million Clients
SA’s digital banking group Capitec informed investors today that its rewards programme, Live Better, now reaches 8.5 million customers.
“Now fully-fledged, Live Better is already the fastest growing rewards programme in South Africa with 8.5 million clients that are registered,” Capitec said on Thursday.
“Clients benefit from Bank Better rewards, automated savings tools, and Spend Better partner discounts as we aim to help clients save R1 billion by the end of February 2023.”
The Live Better rewards programme encourages clients to Bank Better, Save Better and Spend Better.
