Momentum posts record earnings, but VNB under pressure from annuity mix
Despite a 20% drop in the value of new business, Momentum’s annuity earnings remain strong and underlying profitability resilient, lifting normalised headline earnings 41%.
Industry News
FAIS Ombud proposes no levy increase in 2026/27
Advocate John Simpson publishes his Office’s draft budget for public comment.
Road risks climb: Why clients can’t afford to skimp on car insurance
South Africa ranks 4th worst in the world for road safety, with rising accident claims underscoring the need for appropriate protection.
Premium growth fuels 33.7% jump in OUTsurance’s profits
Youi delivered strong performance in Australia, but the rand’s appreciation trimmed rand-translated premiums.
PA publishes its proposed levy and fee increases for 2026/27
The Authority expects to reduce its budget deficit by 28%, driven by a 3.3% revenue uplift and planned cost-cutting measures to streamline operations.
R9.2m RAF claim crashes over tailgating and lack of proof
A High Court ruling shows that failing to keep a safe following distance – and failing to back up your story with solid evidence – can cost you your case as well as your claim.
Discovery Group lifts annual profit by 29% to R15.2bn
Discovery Bank reported its first profitable half, while Discovery Insure’s operating profit jumped by 229%, helped by lower claims and favourable weather.
High Court rules no automatic liability for Eskom in rural house fire
Eastern Cape court rules section 25 claims need credible proof of electricity causing damage.
Treasury favours conditional access to retirement pot for retrenched workers
It is also open to discussions on letting members transfer all their vested savings into their retirement and savings components.
ASISA report: ownership gains, management equity lags, new targets raise pressure
The misalignment between the FSC benchmarks and stricter government employment equity targets is set to increase the transformation pressure on life offices and asset managers.
Luvuyo Burial hit with three more Ombud rulings over unpaid funeral claims
The funeral provider has faced repeated determinations this year after failing to settle valid claims.
FSCA urges whole-of-market push to combat soaring digital fraud
The Authority signs an agreement with SABRIC and the Southern African Fraud Prevention Service to enable a faster system-wide response to scams.
Old Mutual lifts earnings by 29% on strong markets and underwriting gains
Results from operations rose 16% to R4.94bn in the six months to June, boosted by a 71% surge in Old Mutual Insure’s contribution.
Impersonation scammers target TCEPMA and iFX Brokers
The FSCA also cautions against dealing with Hlalani Rocken Nkuna, who markets trading signals but is not authorised.
Tax amendments under fire for squeezing out revenue at the expense of growth
Industry stakeholders say poorly consulted proposals risk undermining investment, savings, and innovation.
Provisional curator to advise on future of medical scheme
The curator will assess Sizwe Hosmed’s finances and recommend whether it should merge, be liquidated, or continue.
Influencers in the tax net: SARS clarifies approach to digital income
Remuneration extends beyond cash payments – products, services, and travel perks must also be declared as taxable income.
