Explore how Alexforbes achieved strong, recurring revenue and scalable growth in FY2025. More from EasyAssetManagement's report below.
Strong FY2025 Results: Alexander Forbes reported R5.65bn in revenue, R911m in profit, and R1.23bn in cash from operations, with solid margin expansion.
Segment Strength: Its investments division leads the way, backed by retirement, healthcare, and individual consulting arms.
Retail Growth & Scale: R27.9bn in new retail business and digital adviser tools scaling.
Alexander Forbes may not grab headlines, but in the world of long-term wealth and retirement planning, it plays a central role. The company sits at the heart of South Africa’s savings ecosystem, guiding institutions and individuals through the often-complex terrain of pensions, healthcare, investments, and financial advice.
FY2025 was a year of disciplined execution, where the business leaned into its strengths: fee-based income, scalable platforms, and a trusted name in an increasingly consolidated industry.
Alexander Forbes earns its money by charging for services that sit at the heart of long-term financial wellbeing. These include investment management, retirement fund administration, financial advice, and healthcare consulting. Much of its income comes in the form of recurring fees, tied to the size of assets under management and administration or long-standing contracts with institutions and individuals.
In FY2025, that translated to revenue of R5.65 billion, profit from operations of over R911 million, and cash from continuing operations of over R1.2 billion. A solid year across the board.
This is the group’s profit engine. It runs South Africa’s largest multi-manager platform. Total assets under management and administration closed at R599 billion. The segment benefits from strong operating leverage, more assets generally means more fees, without costs scaling linearly.
Provides administration, actuarial support, and advisory services to corporate retirement funds and umbrella structures.
Supports employers and employees in structuring medical aid and health benefit solutions. A regulated but dependable income stream, with consistent year-on-year delivery.
Helps individuals plan and manage their wealth, advised investments, retirement products, and discretionary investments. This is a growing part of the business, supported by adviser expansion and digital platforms.
Operates in Botswana, Namibia, Nigeria, and the Channel Islands, supporting international clients with benefit and investment strategies. Smaller in scale, but strategically valuable.
Source: AFGH Annual Results Presentation 31 March 2025
In many ways, FY2025 was a year of steady compounding for Alexander Forbes.
Alexander Forbes delivered another strong financial year, marked by solid earnings, resilient margins, and healthy shareholder returns.
Alexander Forbes continues to show how a fee-based, platform-centric model can quietly compound even in a complex environment.
Alexander Forbes is one of the largest providers in the country’s retirement space, administering pensions and investment assets for hundreds of thousands of members. Its umbrella offerings hold over R164 billion in assets and continue to gain traction as employers consolidate benefit structures.
Alexander Forbes is accelerating its push into the retail market, with FY25 marking a clear shift in focus. The business now oversees R112.3 billion in assets under advisement (+12%) and R107 billion AUM (+11%) within Alexforbes retail investments. Total retail new business surged 34% to R27.9 billion, reflecting strong demand for individual services.
These achievements reflect the success of Alexander Forbes’ individualisation strategy, launched two years ago to personalise advice at scale. The approach combines deeper member engagement, digital advice tools, and a growing pool of quality advisers, now 279 strong.
Another enabler has been the integration of Alexforbes Invest (formerly OUTvest), which is now fully embedded into the adviser network and offers a world-class, DIY investment platform. As adoption grows, the group is well-positioned to expand its reach across both advised and direct retail channels.
One of the most encouraging signs in FY25 was margin expansion, lifted by efficiency gains and scale benefits. This is where Alexander Forbes has an edge. It doesn’t need to chase high-risk growth. With scalable platforms, sticky clients, and a recurring fee base, it can grow earnings simply by running a little leaner and a little bigger each year.
Alexander Forbes is staying the course, executing on its strengths, scaling up smartly, and delivering consistent results. FY2025 showed what that discipline looks like in numbers: higher profits, strong cash flow, and a clear strategy for future growth.
The challenges are real. Mature markets, tight competition, and economic headwinds, but this is a business built for the long haul. And right now, it’s growing nicely, just as you’d expect it to.
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