SIMON BROWN: I’m chatting now with Victor Mupunga. You’ll find him at Old Mutual Wealth Private Client Securities – he is a senior analyst there. Victor, I appreciate the early morning time. RMI results out recently. A mixed bag in a sense, although we see a lot of it because of course Momentum and Discovery are listed. We get some sight into that.
VICTOR MUPUNGA: Yes. I think we see OUTsurance as a great business. If you look at it from a consumer perspective, most of us will know that they have a significant market share in the short-term space, particularly in the vehicle-insurance market. But if you think of other lines of insurance – take life insurance, even here in the local market take business insurance – they remain quite underrepresented in that market.
I think this is one of those companies that has actually managed to do well…… already in Australia. Let’s see what they have in store in terms of new geographies. We’re excited about this one. Keep in mind this is a business that, apart from all the investing that they are doing in South Africa and in other geographies, is still able to sustain an 80% dividend payout ratio, with occasional special dividends as well.