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MMI could exit certain African markets

Mar 04 2016 11:30

Johannesburg – South Africa’s third insurer MMI Holdings [JSE:MMI] could exit some markets elsewhere in Africa, its spokesperson said on Friday, the latest company to scale back on the continent once at the heart of executives' expansion plans.

"Given the current economic environment, we are reviewing our presence in certain smaller African markets and, depending on the outcome of the review we might exit them," said MMI Holdings' spokesperson Lerato Mametse.

Mametse declined to name the countries in which MMI has launched a review.

MMI, which sells funeral, health and retirement insurance in several African countries that include Namibia, Botswana and Swaziland, reported a 9% drop in half-year earnings on Thursday.

Africa's growth prospects were dealt a blow in mid-2014 when its export mainstays oil and other commodities fell, partly due to a slowdown in leading consumer China.

Earlier this week, Barclays announced plans to partially sell down its 62.3% stake in its Johannesburg-based subsidiary, which has operations in 13 other countries on the continent.

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