MMI shareholders will be asked to vote on name change
Financial services group plans to change its name to Momentum Metropolitan Holdings in July
Financial services group MMI Holdings wants to change its name to Momentum Metropolitan Holdings.
“The Momentum and Metropolitan brands, and their related brands, are well recognised and entrenched in their chosen target markets,” the company said on Friday.
“The group’s operations under the Momentum and Metropolitan brands represent the vast majority of the group’s revenue and operating profit, and are therefore representative of the group.”
The company would change its name in July, if shareholders agreed to the proposal.
On Tuesday, MMI said earnings rose by almost a fifth in the nine months to end-March thanks in part to a “solid” performance from its life insurance operations.
Earnings were lifted by the Momentum Life business, the contribution from large corporate deals, improved group risk underwriting in Momentum Corporate, and “strong underwriting profits” in the non-life insurance unit.
MMI said diluted normalised headline earnings, its main earnings measure, rose 19% to R 2.4bn in the nine months to end-March.