It's been a tough year for struggling insurer MMI Holdings as it grapples to make a success of the merger it embarked on eight years ago, exits its operations outside SA and fights a major public relations nightmare on its home base. The latest in the list of woes MMI has faced is the public outrage this week after its subsidiary Momentum refused to pay Denise Ganas's R2.4m death benefit claim following her husband's death last year. MMI's issues began in 2010 when Momentum and Metropolitan merged, becoming MMI Holdings. The merger made MMI the third-largest insurer in SA, with an embedded value of about R30bn at the time. However, the merger has failed to deliver on its promise and the company's performance since has been dismal, dragging its share price down and making it the worst performer among SA's big four insurance groups. Over the past five years MMI Holdings's share price has dropped 25.32%, followed by Liberty's 16.20% decline, while Sanlam is up 43.67% and Discovery gain...

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