Momentum reports strong earnings, hikes dividend

The group reported normalised headline earnings of R4.38 billion during the financial year, with operating profit up to R3.36 billion from R73 million in the prior year as the company had to contend with far fewer Covid related payouts.

“These strong results in year one of the three-year Reinvent and Grow strategy are encouraging and confirm our solid competitive position. It was a real team effort, with almost all our businesses performing at, or close to potential,” said group CEO, Hillie Meyer. New business volumes increased by 10% to R72.7 billion, driven by strong growth in Momentum Corporate’s recurring premiums on group risk products and single premium investments from large corporate clients.

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