The group recorded an excellent performance for the year, managing to significantly increase earnings and net asset value, while delivering above average return on equity. Net profit increased by 38% from the previous year, up to N$420 million. The most impressive gain was seen in the Insurance segment, which grew net profit by 400% to N$45 million, due to substantial reduction in operating costs in South Africa and a 7% growth in premium revenue. The company continues to buy into its important Investments segments, with the larger property sales portfolio, increased educational revenue and a small increase in advertising income in the media divisions resulting in a 19% increase in profit to N$317 million. The Banking & Finance division recorded the first full year of operations for Trustco Bank. Net profit grew 8% to N$57 million. Overall, shareholders enjoyed good increases in dividends and headline earnings per share.