Investment case

Our diversified business model and growth strategy enable us to achieve sustainable growth and value creation across the healthcare sector by leveraging our competitive advantages.

Our strong investment case was demonstrated during the year through our agile response and resilience in the face of the coronavirus (COVID-19) pandemic. Despite the challenges faced, we were able to leverage our diversified business units to ensure we met our client service level agreements.

Strong market

  • One of the largest health administration businesses in the South African healthcare sector
  • An established track record as a medical scheme administrator – 3.8 million lives under our care (39.55% of market share)
  • An integrated healthcare business and market leader in managed care
  • The largest distributor of chronic medicine to public hospitals and clinics
  • Approximately 10 million scripts dispensed per annum – public sector makes up 80% of the total prescriptions dispensed

(For more information, please see our business model and the Group CEO's review)

Diversified across
healthcare services

  • A diversified healthcare business with growing exposure across the healthcare value chain in South Africa – pharmaceutical business generates 49% of revenue
  • Increased diversification enables us to optimise our clients' healthcare costs
  • A presence in other Southern Africa countries
  • Diversification makes us more sustainable in a changing healthcare environment

(For more information, please see our business model)

growth drivers

  • Maximising value with our new integrated business model
  • Optimising value chain to enhance efficiencies and reduce healthcare costs
  • Digitising to improve client experience – one million claims processed by robotic process automation (RPA)
  • Leveraging healthcare and financial services opportunities with Sanlam partnership
  • Positioning for success in National Health Insurance (NHI) environment

(For more information, please see our business model and the Group CEO's review)


A track record of growth


Consistent financial

  • Compound annual revenue growth of 25.4% since 2016
  • Normalised headline earnings grew by 13.8%
  • Acquisitions are delivering expected value – enhancing the Group's growth in the pharmaceutical and retail clusters

(For more information, please see the Group CFO's review)

Competent and

  • Experienced and empowered leadership team with healthcare expertise
  • Market-leading intellectual capital with clinical, actuarial, data analytics and health intelligence competence and capabilities
  • Data capabilities support our strategy to eliminate inefficiencies within the healthcare industry and optimise the value chain
  • Long-term incentives are in place for strategic employees

(For more information, please see the Group CEO's review and our strategy discussion)

Efficient capital

  • Acquisitions and organic growth mainly funded from internally generated cash
  • Debt-to-equity ratio of 12.4% remains well within our acceptable risk tolerance

(For more information, please see CFO's review)