Momentum Metropolitan Boss Jeanette Marais taking the group from strength to strength

Momentum Metropolitan Holdings reported robust earnings and solid financial results for the six months ended 31 December 2023. The Group’s CEO, Jeanette Marais, attributed the success to the business model of empowered, accountable businesses that demonstrated resilience and agility. Despite sustained pressure on the value of new business, the Group’s normalised headline earnings per share increased by 48%, and it declared an interim dividend of 60 cents per ordinary share, representing a 20% increase from the prior period. The Group’s businesses also contributed to the good results, with Momentum Retail, Momentum Investments, Momentum Corporate, Momentum Insure, and Metropolitan Life all showing improved normalised headline earnings.

In line with the Group’s capital management framework and in consideration of its strong capital and liquidity position, the Board has approved a further R500 million for future share repurchases.

Marais acknowledged the challenges facing South Africa’s economy but expressed confidence in the Group’s ability to adapt to the evolving needs of its clients. Momentum Metropolitan is well-positioned to achieve the objectives of its three-year Reinvent and Grow strategy by the end of this financial year. The Group is in the process of finalising its strategy for the period beyond F2024, which it will share with investors early in the new financial year.