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Momentum Metropolitan books record earnings amid interest rate boost

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Insurer Momentum Metropolitan Holdings (MMH) has delivered double-digit profit growth thanks to a continued drop in Covid-19 mortality claims and the positive effect of higher interest rates on the cash reserves.

The Centurion-headquartered insurance and investment group reported a more than 16% rise in attributable profit to R4.4 billion in the year to end-June on Wednesday, with the group upping its total dividend a fifth to 120c per share.

"Our business model of empowered, accountable business units has demonstrated its resilience and agility, assisting the group in coping with the multiple headwinds South Africa faced in the last year." Rowan Burger, head of strategic finance at MMH, told News24 the positive investment variance was due to the favourable returns on its invested cash reserves, which are typically held in government bonds. Higher expected long term interest rates, which drove up yields on fixed income securities, helped reduce the present value of the group’s long-term insurance liabilities.

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日本 最新ニュース, 日本 見出し

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