Insurance and financial services group Momentum Metropolitan Holdings warned on Monday that profits could fall almost two-thirds in the year to end-June as it battles with the fallout from Covid-19.

Momentum is the latest insurer to warn of a hit to earnings and profits, saying in a trading update the estimated after-tax effect of Covid-19 on, among other things, economic activity, claims and policyholder behaviour is R1bn, with the group also writing down its properties due to pressure on valuations...

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