Insurer MMI reported no growth in earnings for the year to end-June, as underwriting losses and weak investment markets took their toll. But the group maintained its annual dividend. Diluted core headline earnings were flat for the period at R3.2bn, MMI said on Wednesday. Diluted core headline earnings per share (HEPS) were unchanged, but diluted HEPS fell 11%. New business fell 23% to R547m. Embedded value, a measure of the present value of future profit, fell 1% to R42.5bn. This reflected a 4.7% return on embedded value, down from 12.8% in the previous comparable period. Life insurers have battled to sell policies amid high levels of unemployment and low economic growth in SA. Muted returns on the JSE have negatively affected their growth in assets under management and the fees they earn on these. "The year under review was characterised by tough economic conditions, including the credit rating downgrade to sub-investment grade for SA, business confidence reducing to levels last ...

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