Share

MMI CEO: Our new venture will grab you

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.

Watch the interview



“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 live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.48
-0.1%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
911.60
+1.6%
Palladium
1,012.97
+1.1%
Gold
2,214.54
+0.9%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders