Insurance companies are supposed to make somewhat boring but happily predictable investments. But in MMI’s case, it’s been anything but a slow and steady climb with regular dividends. On the contrary, the product of 2010’s merger between Metropolitan and Momentum has been going backwards, culminating in the appointment of Hillie Meyer, a former Momentum CEO, in 2018 to resuscitate MMI’s fortunes. Business Day asked him, does MMI actually know what it wants to be? We’ve got a very clear idea of what we want to become. We’re going to reposition ourselves as an SA financial services group. There might then be one or two anomalies — for example, what does India do [a health insurance joint venture] — and I think that would be fair. Strictly speaking, the India JV wouldn’t fit but it’s going very well there and I think if we’re successful in that it might actually be the model for things we might want to do in other emerging countries. We’ve got to contrast it with what MMI wanted to be ...

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