Insurance and investment group MMI has warned shareholders that its turnaround strategy is yet to translate into an improved financial performance, but analysts are upbeat. Increased investment in client activities, higher technology spending and the persistent weakness of Metropolitan Retail weighed on results in the year to end-June, with the group on track to report its third consecutive year of earnings declines. MMI, however, appeared to be quite far down the track in improving capital discipline and focusing on core operations in SA, and results appeared encouraging even if not yet reflected in the numbers, said Coronation analyst Nic Stein. MMI has delivered disappointing returns to shareholders in recent years, with its largest business units bleeding market share. In January, it announced the return of former CEO Hillie Meyer. The group’s share of losses in new ventures, including in India, also increased. This was, however, in line with its business plans. "We have reset t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.