Johannesburg - MMI Holdings Limited [JSE:MMI] will launch a new initiative dealing with personal financial wellness, said CEO Nicolaas Kruger on Wednesday while releasing results for the year end June 2013.
“We’ve got a very exciting new initiative that we will be launching next quarter, dealing with financial wellness,” he said.
"We've developed tools where they can measure their personal financial wellness."
Kruger said the pilot project indicated that participants have enough short term insurance cover but they lack retirement provisions.
Headline earnings from operations grew by 19% to R2.5bn. Total embedded value rose by 17% to R35bn. Value of new business increased by 19% to R711m. Total dividend for the year is up 12% to 127c per share.
“MMI has now been in existence for two and a half years and we’re shifting our focus from an integration focus to a growth focus,” said Kruger.
“We have set aside R1bn, R500m of that to be used to grow into Africa.”
It will be used either by investing further in the twelve countries where the group already have a business, or to acquire new businesses.
“As far as other growth initiatives are concerned, we are looking at product focused diversification.
“We are also looking at segment diversification, where we believe we are under-represented in the middle market - consisting of about five million consumers,” said Kruger.
MMI, which was created in 2010 through the merger of Momentum and Metropolitan Holdings, is South Africa's third-largest life insurer by market value.
- Fin24
“We’ve got a very exciting new initiative that we will be launching next quarter, dealing with financial wellness,” he said.
"We've developed tools where they can measure their personal financial wellness."
Kruger said the pilot project indicated that participants have enough short term insurance cover but they lack retirement provisions.
Headline earnings from operations grew by 19% to R2.5bn. Total embedded value rose by 17% to R35bn. Value of new business increased by 19% to R711m. Total dividend for the year is up 12% to 127c per share.
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“MMI has now been in existence for two and a half years and we’re shifting our focus from an integration focus to a growth focus,” said Kruger.
“We have set aside R1bn, R500m of that to be used to grow into Africa.”
It will be used either by investing further in the twelve countries where the group already have a business, or to acquire new businesses.
“As far as other growth initiatives are concerned, we are looking at product focused diversification.
“We are also looking at segment diversification, where we believe we are under-represented in the middle market - consisting of about five million consumers,” said Kruger.
MMI, which was created in 2010 through the merger of Momentum and Metropolitan Holdings, is South Africa's third-largest life insurer by market value.
- Fin24