Momentum Metropolitan on Wednesday reported a 34% drop in normalised annual earnings as SA’s fourth-largest insurer topped up Covid-19 provisions to cover potential death and other related claims.
Last week, mortality claims statistics from the insurance industry showed that more than a million policyholders died between April 2020 and March 2021, an increase of 43% year on year. “The financial year ... was a year of extremes. Given Momentum Metropolitan’s strong presence in life insurance, the abnormally high number of deaths experienced during this year, and the need for additional provisions against adverse mortality experience for an extended period had a significant negative impact on our results,” CEO Hillie Meyer said in a statement
Normalised headline earnings declined to R1bn, consisting of a 93% decline in operating profit, which was partly offset by an 80% increase in investment returns.
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