Momentum expects profit to fall up to 70%
Life insurer tops up Covid-19 provisions by R1.6bn to cover mortality claims
17 August 2021 - 11:17
UPDATED 17 August 2021 - 19:44
Momentum Metropolitan expects its full-year profit to tumble up to 70% after the life insurer topped up its Covid-19 provisions by R1.6bn to cover mortality claims.
In a trading update on Tuesday, Momentum said its SA life insurance businesses paid out close to R11bn in death claims in the year to end-June, compared with an average of R6bn a year in the three years before the start of the pandemic...
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