South African executive Marthinus Visser, the CEO of OUTsurance Group Ltd— a leading South Africa-based insurance and financial services group — received a compensation package amounting to R20.15 million ($1.07 million) at the end of the group’s 2023 fiscal year.
Visser, who has been at the helm of OUTsurance since December 2022, saw a notable 43.68-percent increase in his 2023 compensation package compared to the R14.03 million ($0.74 million) he received in the previous fiscal year.
His compensation comprises a base salary of R6.78 million ($0.36 million), augmented by a short-term incentive of R7.49 million ($0.39 million). He also received a long-term incentive of R5.87 million ($0.31 million). The notable increase in his compensation coincides with the company’s financial performance in the 2023 fiscal year.
Executive reshuffle: Visser’s dual role at OUTsurance Group
OUTsurance Group Limited, formerly Rand Merchant Investment Holdings, rebranded in December 2022. Established in 1998, the company operates in South Africa, Australia, and Ireland, providing a variety of insurance and financial services for vehicles, homes, life, funerals, business, and more, catering to individuals and small to medium-sized businesses.
Visser has been the group CEO of OUTsurance Holdings since Jan. 1, 2018. He also serves as a non-executive director at Youi Holdings since the same date. Visser took on the role of CEO of OUTsurance Group on Dec. 1, 2022, and has been its executive director since Nov. 8, 2022.Â
Personal investment, professional leadership: Visser’s OUTsurance commitment
Under Visser’s guidance, OUTsurance experienced significant financial growth in 2023. Total assets rose from R30.38 billion ($1.61 billion) to R36.45 billion ($1.93 billion), driven by robust earnings growth.
The company’s revenue increased by 21.1 percent, climbing from R23.53 billion ($1.25 billion) in 2022 to R28.49 billion ($1.51 billion). Profits also saw a substantial 41.5 percent rise, reaching R4.07 billion ($215.41 million) compared to R2.87 billion ($152.19 million) in 2022.
In addition to his executive role, Visser maintains a vested interest in OUTsurance, holding a 0.00007-percent stake equivalent to 1,071 shares valued at R0.43 million ($0.02 million). This aligns his personal interests with the ongoing success of the company.
