Insurance company Momentum Metropolitan, which reported a double-digit drop in new business volumes, expects sales to take more strain as South Africa continues to suffer more economic pain, according to CEO Hillie Meyer. Meyer was speaking to Moneyweb following the release of Momentum’s half-year results to the end of December 2022, which despite lower business volumes, saw earnings jump 46%.
Read: SA economy contracts on intensifying power outages Treasury missed its own GDP growth forecasts in nine of the last 12 years More clients have become financially distressed, Nedbank says Exacerbating South Africa’s economic troubles are flat wages already under pressure due to rising interest rates that are helping to erode consumers’ ability to spend on insurance products.
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