African operations continue to weigh on MMI
SA’s third-largest life insurer’s core operations in SA are performing well, but it expects only modest earnings growth in the current year
Insurer MMI, which recently backtracked on its refusal to pay out life insurance for a murdered man, said on Friday it was on track to meet its three year growth targets, despite a tough operating environment. The group said in an operational update for the quarter to end-September on Friday that normalised headline earnings for the period increased marginally, with its results continuing to be weighed down by its African operations.
A strong performance in most of the group’s South African businesses was offset by lower-than-expected investment returns, and a widening loss in some of the African countries earmarked for exit. The group is proceeding plans to focus on its core South African business, after experiencing challenges in its expansion into Sub-Saharan Africa...
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