Summary of financial information and notice of Annual General Meeting
For the year ended 30 June 2023
Contents
3 Who we are
- Creating value by delivering on our purpose
- Message from our Chair
- Group Chief Executive Officer's review
- Group Finance Director's review
- Director's statement
- Summary of Annual Financial Statements
- Report by the Social, Ethics and Transformation Committee
- Notice of Annual General Meeting and proxy form
- Administration
SUMMARY OF FINANCIAL INFORMATION AND NOTICE OF AGM 2023
2
WHOWE ARE
Our purpose
Protection
Life insurance and
life cell captives
Non-life insurance and non-life cell captives
To enable businesses and people from all walks of life to achieve their financial goals and life aspirations.
Building long-term wealth | Healthcare solutions | |
Asset management and | Health | |
property management | ||
administration | ||
Investments | ||
and savings | ||
Managed care and | ||
Employee benefits including | ||
wellness services | ||
administration and consulting | ||
Grow existing | F2024 REINVENT AND GROW STRATEGIC OBJECTIVES | Normalised headline earnings |
channels | ||
(NHE) of R4.6 to R5 billion | ||
SUMMARY OF FINANCIAL
Establish new
channels
Accelerate digital
Product
and service leadership
F2021 | F2022 | F2023 | F2024 |
>R500 million in cost
efficiencies
Non-life insurance contributes
20% of NHE
Market share
+1% to +6%
INFORMATION AND NOTICE OF AGM 2023
Transformation | Return on equity of |
18% to 20% |
Momentum Metropolitan is one of the largest diversified financial services companies in South Africa.
We provide protection (life and non-life), investment and long-term savings solutions, and healthcare administration through a portfolio of specialised and empowered businesses through the Momentum, Metropolitan and Guardrisk brands.
THE VALUES UNDERPINNING OUR PURPOSE
We have an explicit set of values that play a key role in shaping the culture of the Group and the behaviour of our employees.
AccountabilityIntegrityInnovation
Diversity | Excellence | Teamwork |
We operate in
Outside South Africa, we operate in five African countries through Momentum Metropolitan Africa, which includes Botswana, Ghana, Lesotho, Mozambique and Namibia. Momentum Investments has operations in the United Kingdom and Guernsey.
The Group has a health insurance joint venture in India and Guardrisk has businesses in Gibraltar and Mauritius.
3
OUR BUSINESSES AND THEIR SOLUTIONS
We create value through our synergistic portfolio of strategically aligned and sustainably managed businesses.
SUMMARY OF FINANCIAL INFORMATION AND NOTICE OF AGM 2023
life
Solutions
- Protection through Myriad, the life insurance product
- Savings through Investo and traditional product ranges
- Traditional products administration (closed life book)
- Advice through Momentum Financial Planning
- Estate administration and estate liquidity benefits through Momentum Trust
Clients
Lifetime value propositions for clients in the middle, upper and high-net-worth markets.
Distribution
Our distribution capability includes our own agency force, digital platforms and independent financial advisers (IFAs).
Momentum
Metropolitan
health business
Solutions
- Integrated health administration and managed care and wellness services
- Wellness and reward programmes to incentivise healthy behaviour
Clients
The business manages the health of more than 2.5 million South African beneficiaries.
Distribution
Advisers as well as directly. Medical schemes and employer group contracts are secured through tenders.
investments
Solutions
- Retail investments (local and offshore investment platform products, guaranteed investments, annuities, structured products, collective investments, discretionary fund management)
- Institutional investments (multi-asset solutions, single-asset class funds, alternative investments, administrative platform)
- Global investments (multi-asset and single-asset class solutions, and investment consulting for South African, United Kingdom and expat markets)
- Eris, a fully integrated property services company, manages shareholder and policyholder direct property exposures
Clients
Helping individuals, businesses and retirement funds invest with confidence, and stay invested.
Distribution
Distribution capability includes its own agency force and IFAs in the retail segment and a direct distribution team focusing on the institutional market.
Solutions
- Cell captives (life and non-life cell captives), and alternative risk solutions
- General insurance (corporate, specialist and commercial underwriting solutions)
- Life and non-life microinsurance (economic inclusion using our cell captive expertise)
Clients
Corporate and commercial entities.
Distribution
Corporate and commercial insurance brokers and underwriting managers in niche sectors.
4
Solutions
- Funeral solutions
- Life and disability cover
- Retirement savings solutions
- Discretionary saving solutions
- Annuities and capital protection solutions
- Customisable discretionary savings for life goals
- Hospital cashback solutions
Clients
Needs-based solutions for our clients in the emerging and middle-income markets.
Distribution
Metropolitan Life's solutions are distributed through a combination of tied agents, supporting IFAs, an outbound call centre and digital distribution.
Insure
Solutions
- Car, home, contents, and portable possession cover for individuals
- Bespoke cover for high-net-worth individuals
- Tailored cover for individuals older than 55
- Comprehensive business insurance solutions for the small, medium and micro-enterprise (SMME) market
Clients
Momentum Insure provides retail non-life insurance to the middle, upper and
high-net-worth market segments and small to medium businesses.
Distribution
Non-life retail insurance solutions are distributed through tied agents and IFAs and direct-to-consumer marketing campaigns.
corporate
Solutions
- FundsAtWork umbrella fund
- Group insurance
- Structured investments and annuities
- Advice and administration
- Member solutions
Clients
Momentum Corporate provides holistic solutions for the needs of employees and employers across various corporate and public sector entities.
Distribution
Solutions are distributed through large specialist actuarial consultants, employee benefits brokers, smaller intermediaries in the small and medium enterprise (SME) space and an in-house business development team.
Momentum
Metropolitan
Africa
Solutions
- Life insurance
- Non-lifeinsurance
- Healthcare
- Asset management
- Pension administration
Clients
Our insurance solutions are mostly targeted at the retail mass segment, as well as public and private employee groups across our six chosen markets on the continent.
Distribution
The distribution models in each country are tailored to the needs of the local market across tied agents, brokers, IFAs, call centres and bancassurance.
SUMMARY OF FINANCIAL INFORMATION AND NOTICE OF AGM 2023
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Disclaimer
Momentum Metropolitan Holdings Ltd. published this content on 27 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2023 14:37:09 UTC.