Momentum group’s annual earnings take a 34% hit from Covid-19

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Nigeria News News

Operating profit to end-June plunged 93% but was partly offset by an 80% jump in investment returns, as mortality claims on insurers almost doubled from a year ago

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I did my research properly Dennismayson7 I must confess nobody handles Bitcoin mining better than you. I'm privilege to have invested my BITCOIN with you sir Dennismayson7 I'M GREATFUL. You are indeed one of the best. Thanks a million🤗🤦‍♂️🙏

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines