Speaking at AVBOB’s 72nd AGM, which took place on November 22, CEO Carl van der Riet outlined the Group’s future-focused initiatives.
AVBOB’s results for the reporting year reflect a strong performance in a fast-changing operating environment and difficult economic conditions. The business remains responsive to evolving trends and committed to delivering value to its members and stakeholders.
The 2023 financial year was characterised by severe economic challenges in an increasingly complex business landscape with increased pressure on growth prospects.
The need to create value and sustainable economic growth in South Africa is imperative and necessitates purpose-driven innovation to address high-levels of unemployment and a widening inequality gap in the country.
Speaking at AVBOB’s 72nd Annual General Meeting (AGM), Board Chairperson Jannie Venter underscored the importance of value creation for society during the group’s financial results presentation. The AGM took place on November 22, 2023 at the Protea Hotel Fire & Ice in Pretoria.
“A commitment to the common good forms the foundation of our mutual society. As a business, we have always served the needs of South Africans beyond our core purpose as a provider of funerals and funeral insurance. Our mutual status drives our ethos, our purpose, and our competitive differentiation,” said Venter.
The group fulfilled its commitment to policyholders by disbursing R2.7 billion in policy benefits. Furthermore, AVBOB Funeral Service extended support to members by providing free funeral services and products to the value of R453.3 million.
Making a difference is a key focus at AVBOB. As a mutual society, the group recognizes and accepts the responsibility to ensure its activities and operations remain beneficial to its members and the communities in which it operates.
Quality service and expansion
AVBOB CEO, Carl van der Riet outlined the core aspects of the group’s business strategy to enhance growth and value creation for members. “Attracting customers with innovative market-appropriate products and quality service is key. The group continues to invest in expanding our national footprint to grow our market share and focus on value-generating business areas.”
Van der Riet further highlighted that to accelerate growth, AVBOB will build on the gains already achieved to strengthen its capacity to pursue new opportunities through product, service and channel diversification.
As part of AVBOB’s future-focused initiatives, an innovative member rewards programme will be launched in 2024. Diversification into the financial services sector and the evolution of the iconic AVBOB logo are also part of the significant endeavours the Group will be embarking on.
A new head office in 2024
The past year marked the final chapter of the AVBOB head office being located in the Pretoria central business district. In 2024, the Group head office will be relocating to new, state-of-the-art premises at the Irene Link Precinct in Centurion. The building is sustainable, fit-for-purpose and Green Star-rated to meet its business requirements and house a hybrid workforce.
Highlights of the 2023 financial year
Awards and achievements