Profmed is a restricted medical scheme catering exclusively to principal members that have a tertiary degree and relevant professional experience. The scheme was established in 1959 to service the members of the Professional Provident Society (“PPS”), a mutual society. The scheme is administered by PPS Healthcare Administration, a wholly owned subsidiary of PPS Insurance Company Limited.
Profmed’s focus has been on growing membership, especially through attracting new younger members to stabilise the age profile. At the same time, the scheme is trying to retain existing members by offering attractive benefits tailored to the needs of professionals as they progress through their careers. The scheme has been strategically utilising its high reserves to contain pricing increases, which has been complemented by some changes to the product offering and the introduction of a flexible savings account option (administered by PPS), supporting comparatively healthy membership growth. Solvency levels have been managed down in recent years, and the trend is expected to continue over the next 18 months before stabilising within the target band of 35% to 40%. The scheme nevertheless has a strong financial profile that is supported by well managed earnings, high accumulated funds and a large investment portfolio.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCRâ€™S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCRâ€™S OPINIONS INCLUDED IN GCRâ€™S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCRâ€™S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCRâ€™S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCRâ€™S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCRâ€™S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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