Insurance and investment group MMI has warned shareholders that its turnaround strategy is yet to translate into an improved financial performance.Headline earnings per share for the year to end-June are expected to drop by between 15% and 25%, the group said on Friday.Increased investment in client activities, higher technology spending and the persistent weakness of Metropolitan Retail weighed on results, the company said in a statement. The group’s share of losses in new ventures, including in India, also increased. This was, however, in line with its business plans.The group has delivered disappointing returns to shareholders in recent years, with its largest business units bleeding market share. In its interim results in March, the group announced a R2bn share buyback in lieu of a dividend, a move analysts said at the time reflected the discount between its share price and its embedded value per share of about R27."We have reset the business to provide a strong foundation for i...

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