Nostalgia for the good times
Will MMI get its groove back?
New CEO’s assertive and creative approach is expected to help the group regain some of the ground it has lost
Last year’s MMI results certainly indicated that change was urgently required at the group. Headline earnings were unchanged and remain below 2013 levels, in contrast to the early 2000s, when 20% growth was considered quite ordinary. And the value of new business, a key indicator in life insurance, was down by almost a quarter. Outgoing CEO Nicolaas Kruger explained his vision with all the charisma you would expect from an actuary. He did himself no favours with his complex presentations about centres of excellence rather than straightforward presentations about profit centres. Herman Bosman, CEO of Rand Merchant Investment Holdings (RMIH), which is MMI’s largest shareholder, says it has been clear from its market performance that MMI has lagged its competitors over the past number of years. After nine years at the top it was time for Kruger to move on. Whether he was pushed or not is still the subject of speculation. He is maintaining ties with the group, staying on the actuarial c...
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