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Johannesburg - Financial services group MMI Holdings said on Wednesday it has set aside R1bn for African acquisitions and to strengthen its short-term insurance business in its home market.
South Africa's third-largest life insurer by market value also posted a 10% rise in diluted core headline earnings per share to 202 cents in the year to end-June.
MMI said it had purchased 70% of insurer Mauritian Eagle as part of a plan to spend a total of R500m on acquisitions in 12 countries outside South Africa where MMI operates.
Talks for another purchase were ongoing, chief executive Nicolaas Kruger told Reuters.
"I'm pretty sure in the next year we will be able to acquire something but at this stage nothing is at a point where we are in a position to make an announcement," he said.
The company, which sells insurance, savings and investment products, said it had another R500m to expand its short-term insurance business organically.
MMI, created in 2010 through the merger of Momentum and Metropolitan Holdings, said it wrote new business valued at R711m, 19% higher than the previous year.
It also increased its dividend by 12%.
MMI shares were up 2.4% at 08:45GMT and have gained more than 4% this year, underperforming a 10% rise by Johannesburg's All-share index.
South Africa's third-largest life insurer by market value also posted a 10% rise in diluted core headline earnings per share to 202 cents in the year to end-June.
MMI said it had purchased 70% of insurer Mauritian Eagle as part of a plan to spend a total of R500m on acquisitions in 12 countries outside South Africa where MMI operates.
Talks for another purchase were ongoing, chief executive Nicolaas Kruger told Reuters.
"I'm pretty sure in the next year we will be able to acquire something but at this stage nothing is at a point where we are in a position to make an announcement," he said.
The company, which sells insurance, savings and investment products, said it had another R500m to expand its short-term insurance business organically.
MMI, created in 2010 through the merger of Momentum and Metropolitan Holdings, said it wrote new business valued at R711m, 19% higher than the previous year.
It also increased its dividend by 12%.
MMI shares were up 2.4% at 08:45GMT and have gained more than 4% this year, underperforming a 10% rise by Johannesburg's All-share index.
