It’s two years since Rand Merchant Investment Holdings (RMI) unbundled its shares in Discovery and Momentum Metropolitan Holdings (MMH), which were both originally part of FirstRand when it was formed in 1998. 

The winner from this unbundling exercise in April 2022 wasn’t either of the life insurers but RMI itself, now renamed Outsurance, which is trading on a demanding p:e of 21. With a market cap of R62bn it is substantially larger than MMH (R29bn) and not that far behind Discovery at R80bn...

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