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Momentum’s earnings jump as investment returns outperform

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SA’s fourth-largest life insurer is cautious, however, due to the uncertainty around how the crisis in Ukraine will affect the global economic recovery

Momentum Metropolitan reported a 51% jump in first-half normalised headline earnings, as investment returns more than compensated for Covid-19 mortality losses.

Just when Momentum and other insurance companies were emerging from the damaging effect of the Covid-19 pandemic, which resulted in them paying billions of rand worth of death claims, the Russia-Ukraine conflict and its wider effect could pose other risks. Its value of new business grew 20% R400m, driven by new business volumes and expense management. But the value-of-new-business margin held steady at 1.1%. The value of new business premiums rose 23% to R37bn.

 

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