MMI chief says it is business as usual at joint venture with Aditya Birla
MMI Holdings CEO Nicolaas Kruger says cash flows to a health insurance joint venture with Indian financial services group Aditya Birla will continue uninterrupted, despite a crisis caused by the recall of rupee notes. "We’re not concerned at all about the short-term pressure … our cash flow support for the business only happens gradually over many years so we are not concerned at all from a cash flow point of view," Kruger said late last week. Indian Prime Minister Narendra Modi’s de-monetisation programme to root out illegal money had affected diamond producer De Beers, which has seen a slowdown of trade in lower-value rough diamonds since more than 80% of bank notes were declared invalid late in 2016. The recall of 500 rupee and 1,000 rupee notes to replace them with new 500 rupee and 2,000 rupee notes was announced in November 2016. Aditya Birla Health Insurance Company launched as a joint venture between MMI Holdings — SA’s third-largest life insurer — and Indian financial servi...
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