Insurer MMI to focus on India and SA
Group hoping to sell some of its African businesses to new shareholders
Insurer MMI will consider selling some of its Africa businesses to local rivals as it downsizes to focus on its home market — and a joint venture in India — amid lacklustre financial results. MMI would exit Swaziland, Zambia, Tanzania, Mozambique and Mauritius, CEO Nicolaas Kruger said on Wednesday after delivering the group’s financial results for the year to June. The prospects for these businesses, with combined earnings of about R200m, were not worth the effort and complexity, he said. The group would stay on in Ghana, Nigeria, Botswana, Namibia, Kenya and Lesotho.MMI hoped to sell the businesses to new shareholders, including local minority partners or other South African insurers in these markets. "In some of the markets the number of buyers will be very limited, so if you exclude South African companies you might not find the best solution," said Kruger. MMI would re-enter these markets if opportunities arose, said deputy CEO Mary Vilakazi. The group had quietly exited Malawi...
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