South African executive Jan Hofmeyr pockets $1 million from OUTsurance in 2023

OUTsurance Group CFO Jan Hofmeyr, a leading South African executive and a top figure in the African insurance and financial services sector, was awarded a compensation package totaling R17.99 million ($1.0 million) at the close of the 2023 fiscal year.

Serving as the group’s CFO since 2008, Hofmeyr experienced a notable 62.19-percent increase in remuneration compared to the previous year’s R11.09 million ($0.59 million), underscoring his established position and expertise in the industry.

The compensation comprises a base salary of R5.68 million ($0.30 million), along with a performance-based short-term incentive of R5.69 million ($0.301 million). Additionally, Hofmeyr received a long-term incentive of R6.62 million ($0.35 million), reflecting his substantial contributions to OUTsurance’s commendable financial performance.

Hofmeyr’s decade-long journey: From executive assistant to CFO at OUTsurance

OUTsurance Group, established in 1998 as a subsidiary of RMB Holdings, offers short-term insurance services. Operating in South Africa, Australia, and Ireland, it serves individuals and small to medium-sized businesses, providing coverage for vehicles, homes, life, funerals, and business needs.

Hofmeyr, who joined OUTsurance in 2007, has held various roles within the company, starting as an executive assistant to the CEO and eventually becoming the CFO in 2008.

Currently, he oversees finance operations in South Africa and Australasia, playing a pivotal role in investment and capital management for OUTsurance Group, driving its non-organic growth and investment strategies.

Hofmeyr’s dual role: Executive and minority investor in OUTsurance, holding 0.041-percent stake worth $0.13 million

Under Hofmeyr’s leadership, 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 strong earnings growth.

The company’s revenue grew by 21.1 percent, increasing 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, Hofmeyr owns a 0.041-percent stake in OUTsurance Group. This minority stake comprises 6,273 shares valued at R0.261 million ($0.13 million), demonstrating his vested interest in the company’s ongoing success.

Hofmeyr’s steadfast dedication and strategic financial expertise have undeniably played a crucial role in driving OUTsurance’s financial achievements, solidifying his position as a key pillar in the company’s growth trajectory.