Momentum Metropolitan Holdings, the insurance and financial services group, has almost doubled its Covid-19 provision, saying the effects of the pandemic were more severe than initially expected in the fiscal period covering the six months to end-December 2020.

The group said that after updating its modelling to take into account its most-recent internal claims data, reports on weekly deaths by the SA Medical Research Council and the possible future trajectory of the pandemic, it had increased its Covid-19 reserves by about R850m before tax for its 2021 interim results...

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, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now