Who we are
Independent Insurance Company is one of the leading general insurer in with a market share of more than 22%. We provide a diverse range of general insurance products and services in Europe and internationally through a network of 2 700 intermediaries and direct channels. We serve more than 1 million policyholders who range from individuals to commercial and specialist business owners and institutions.
Independent Insurance Company’s commitment to its policyholders and clients is captured in the brand promise, Insurance good and proper, which emphasizes responsible and ethical insurance.
We bring more than 24 years’ senior experience forging of
collaborations across government.
The four business units are:
24 Years of Experience
We’re ready to share our advice and experience.
Personal
Commercial
Specialist
Agriculture
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Investment case
Our success has been, and will continue to be, determined by our ability to adapt to a dynamic systemic risk landscape. Over the years, We have been able to continually reposition and improve itself in the changing business environment, to employ the best people, to provide a relevant offering to clients, and to optimise systems to drive efficiency. This is and will remain at the core of our value proposition.
As an investment, the group offers the following:
Competitiveness
Our geographical footprint, scale, brand strength, business diversity and distribution networks put the group in a strong competitive position in, where we have a market share of more than 22%. The group further benefits from the diversity of our product offering and multiple channel capabilities (including a growing direct channel market share), which have contributed to sustained underwriting surpluses despite highly adverse operating conditions.
Through our partnership with SEM we offer intermediaries access to 13 insurance licences across the Asia and African continent.
Consistency
We have been able to consistently achieve underwriting profits, while adapting our business model to the prevailing market conditions and risks. Since our establishment in 1918, we have diversified our portfolio, focusing on profitability rather than only on increasing market share. The group has enjoyed the benefit of a strong, stable and strategically aligned core shareholder.
We continue to be recognised in the market: we were voted the leading general insurer in Africa by the intermediary community in the Personal Insurance category.
Competence
We have a world-class scientific underwriting capability supported by a strong and experienced management team. Our pool of specialist insurance skills and knowledge is evident in the success of the specialist business, which offers a complex range of insurance cover. Due to our integrated systems and processes, we are able to proactively deal with and benefit from regulatory changes, which can constitute high barriers to entry into the industry for new players.
We have a stringent capital management framework underpinned by an internally developed, risk-based model and embedded enterprise risk management framework, which is integrated into strategic decision-making and capital allocation.
Growth through diversification
We have a strong international diversification capability through our partnership with SEM, and through our Specialist package. This will rapidly gain further traction and attract new and previously uninsured policyholders through its new online life and business insurance offerings. Acquisitive growth opportunities in the local market are limited due to our dominant position, but organic growth remains a focus area, driven by our well-established intermediary network, integration opportunities with Sanlam’s distribution network and development of our direct distribution channel.
Returns
Efficient capital management and a stable dividend policy have enabled us to deliver consistent returns. An average return on capital of 25.3% was achieved over the last 10 years and 24.3% over the last five years. Ordinary dividend per share compound growth of 8.9% was achieved over the last 10 years and we paid three special dividends. The unwinding of the BBBEE scheme created a combined value of R1.1 billion to participants. A share buy-back facilitated the unwinding and reduced capital in 2015.
The business is highly cash generative and investment performance has a solid track record.
Sustainable and responsible
Our integrated approach to managing long-term sustainability through improved management of systemic risk ensures alignment with the strategic drivers of the business. Our sustainability journey focuses on:
- reaching the uninsured market;
- treating clients fairly;
- responsible investment and solvency;
- disaster risk management through private public partnerships; and
- ensuring a diverse, productive employee base.
This is premised on a shared value approach through partnerships and includes initiatives such as the Business-Adopt-a-Municipality (BAAM) programme – now expanded under the banner of partnerships for risk and resilience.
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Anti-bribery and anti-corruption policy reiterates our commitment to effective governance, integrity and ethics
Independent Insurance Company recognises that corruption is both a public and private sector problemand in order to ensure we are anti-bribery and anti-corruption compliant, the Independent Insurance Company board mandated, in addition to our Business Integrity policy, the introduction of anti-bribery and anti-corruption policy and procedures in August 2016.
These policies cover the following business principles that the Independent Insurance Company has adopted to counter bribery and corruption:
- Governance
- Prevention
– Proportionate procedures
– Risk assessment
– Top level commitment
– Commitment to zero tolerance
– Policies
– Conflict of interest
– Political contributions
– Charitable contributions and sponsorships
– Facilitation payments
– Gift, entertainment and hospitality
– Due diligence
– Communication and training
– Record keeping - Detection
- Response
- Auditing and monitoring
- Consequences of failure to comply to these policies
The policies (which included a specific policy on facilitation payments) were launched at two events in November 2016, and were communicated to all staff and subsidiaries through our internal communication channels.
We remain committed to the highest level of effective corporate governance, integrity and ethics, and our Conflict of Interest and Gifts policies support the anti-bribery and anti-corruption policy. Adherence to the anti-bribery and anti-corruption policy is compulsory for all Independent Insurance Company staff members and all parties who conduct business on behalf of the Group. Entities not under the Groups’ control are encouraged to adopt these policies. All our employees throughout the group that attend the various anti-bribery and anti-corruption awareness and training sessions are requested to sign an individual declaration as proof that they understand the content of the related policies.
We have a proud tradition of conducting business in a fair and ethical manner, and this way of doing business over the years has resulted in enhancing our credibility and reputation thereby making us both profitable and sustainable.
Our robust Ethics Management Programme is critical in ensuring we continually proactively identify potential risks and opportunities. We’ve established our Ethics Management Committee to assist with reaching the objectives set out in the programme. The Committee has an independent role with accountability to Exco and the Social, Ethics and Sustainability (SES) Committee, and does not assume the functions of management.
In honouring one of its duties and obligations to monitor the ethical climate in the Independent Insurance Company, The results of the survey will provide us with an indication of the perceptions staff members hold about the specific ethics threats in the Group, and in our external environment.
In addition, we are developing online training for staff and will roll this out soonest. We will also review all our business partner contracts across the Independent Insurance Company to ensure they are compliant with anti-bribery and anti-corruption clauses and provisions.
