{"id":68589,"date":"2023-11-13T12:20:00","date_gmt":"2023-11-13T02:20:00","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=68589"},"modified":"2024-10-29T15:32:40","modified_gmt":"2024-10-29T05:32:40","slug":"pps-mutual-profit-share-pool-triples","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/11\/13\/pps-mutual-profit-share-pool-triples\/","title":{"rendered":"PPS Mutual Profit-Share Pool Triples"},"content":{"rendered":"

PPS Mutual has shared pre-tax profits of 5% of premiums with its members for the 2022-23 financial year, under its profit-share arrangement.<\/p>\n

The insurer says this equates to a post-tax 3.5% profit-share rate and notes that on top of this, it has assigned a further 3.9% of opening profit-share balances (net of tax) leading to a total post-tax profit-share assignment of $2.2 million.<\/p>\n

\"\"<\/a>
Michael Pillemer …the profit-share pool has more than tripled in three years \u2013 from A$2.4 million in 2019-20 to A$7.9 million in 2022-23<\/figcaption><\/figure>\n

The company says that since its inception seven years ago, it has consistently shared profits with its members every year.<\/p>\n

“The profit-share pool has more than tripled in three years \u2013 from A$2.4 million in 2019-20 to A$7.9 million in 2022-23 which reflects the robust performance of PPS Mutual\u2019s life insurance business in Australia.”<\/p>\n

PPS Mutual notes it’s the only retail life insurance company in Australia to share profits with its members.<\/p>\n

Insurance premiums are pooled to cover claims, operational costs, and future capital reserves and \u201c\u2026any surplus money is deemed profit, and all PPS Mutual members are entitled to a share. Assignment rates vary each year and members enjoy profit sharing privileges even in the event of a claim.\u201d<\/p>\n

PPS Mutual Chief Executive Michael Pillemer<\/strong> says that for seven years \u201c\u2026we’ve proudly shared profits with the …professionals we serve in Australia, a feature that sets us apart in the evolving risk insurance industry.\u201d<\/p>\n

He says that over the years \u201c\u2026we’ve not only maintained a market leading retention rate but have also received resounding support from our valued advisers, affirming the tangible benefits of our approach.\u201d<\/p>\n

Pillemer cites profit sharing and the mutual model as key drivers of the company\u2019s strong client retention and satisfaction.<\/p>\n

…the insurer has the lowest lapse rate in the industry…<\/p><\/blockquote>\n

The insurer says it has the lowest lapse rate in the industry at just 4.3% compared to an average of 15%.<\/p>\n

\u201cPPS Mutual\u2019s core philosophy revolves around aligning our business interests with the well-being of our valued members. We take pride in being recognised as the [Adviser Ratings] retail insurer of the year …\u201d<\/p>\n

PPS Mutual continues to strengthen its commitment to creating more sustainable opportunities for its accredited advisers, exemplified by its low lapse rate.<\/p>\n

The insurer says that additionally this year, it \u201c\u2026demonstrates its dedication to delivering higher value to its advisers and clients, with one advisory firm’s PPS Mutual clients receiving a … profit-share assignment exceeding $272,000, and another advisory firm seeing their PPS Mutual clients’ profit-share account balances reach a cumulative total of over $1 million.\u201d<\/p>\n

…life insurance policies are available only through independent financial advisers…<\/p><\/blockquote>\n

The company\u2019s life insurance policies are available only through independent financial advisers.<\/p>\n

It notes that members must retain their policies for 10 years to gain partial access to their profit-share funds. \u201cMembers can withdraw up to 5% of the balance of their profit-share account balance annually. Full access is granted after 20 years or when members reach age 65, and on death, terminal illness, and certain other events.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

PPS Mutual has shared pre-tax profits of 5% of premiums with its members for the 2022-23 financial year, under its profit-share arrangement. The insurer says this equates to a post-tax 3.5% profit-share rate and notes that on top of this, it has assigned a further 3.9% of opening profit-share balances (net of tax) leading to […]<\/p>\n","protected":false},"author":24,"featured_media":68599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-68589","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=68589"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/68599"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=68589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=68589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=68589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}