Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - South African insurer Mutual & Federal (M&F) [JSE:MAF] expects to report a 620%-640% increase in full-year headline earnings, boosted by a recovery in financial markets.
The company, which would be delisted on the JSE next month following an Old Mutual takeover offer in October , said it expected to report 540%-560% rise in basic earnings per share.
M&F, majority owned by South Africa's biggest insurer Old Mutual, said on Tuesday realised and unrealised investment surpluses for the year to end-December was more than R200m compared with a deficit of over R600m in 2008.
"Although there was a decline in the underwriting surplus in 2009 the company benefitted from a substantial improvement in the value of listed equities following highly negative conditions in 2008," M&F said.
Shares in M&F fell 0.74% to R22.73, in line with the slightly softer JSE Mid cap index.
- Reuters