Momentum tops R7bn target as new-business value lags sales growth
Metropolitan improved adviser productivity and returned to positive new-business value, while Momentum Investments’ shift towards living annuities weighed on its margin.
#valueofnewbusiness
Old Mutual’s new-business growth masks mixed trends
Large corporate risk sales boosted the headline figures, while Wealth Management recorded higher living annuity and endowment sales and guaranteed annuity sales declined.
Momentum lifts earnings as new business volumes rise across key divisions
Broad-based earnings growth was accompanied by tighter new business margins as the group contended with product-mix pressure across parts of the business.
Old Mutual earnings rise as insurance, investments and Africa drive results
Results from operations rose 13% to R9.8bn as insurance profitability improved and investments crossed R1 trillion in assets under management.
Momentum doubles down on IFAs – advice at the heart of its impact strategy
CEO Jeanette Marais says Momentum will ‘invest aggressively in advice’ in its effort to strengthen VNB and long-term competitiveness.
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%.
Momentum’s new business sales down 4% compared to the third quarter of 2024
Lump-sum product sales in Momentum Corporate and Metropolitan Life weakened, while life annuity volumes continued to grow in Momentum Investments.
Old Mutual’s operating profit up 4%, led by Insure and Investments
Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.
Old Mutual prepares to shake up banking sector with new bank
South Africa’s second-largest insurer is set to launch a bank that will focus on capturing the mass market segment.
