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Trading Statement and Voluntary Announcement
MOMENTUM METROPOLITAN HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2000/031756/06
ISIN code: ZAE000269890
JSE Share Code: MTM
A2X Share Code: MTM
NSX Share Code: MMT
(“Momentum Metropolitan” or “the Group” or “Momentum Metropolitan Holdings”)
MOMENTUM METROPOLITAN LIFE LIMITED
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
Company code: MMIG
(“Momentum Metropolitan Life”)
Trading statement for the 12 months ended 30 June 2022 and
voluntary announcement of a non-categorised proposed transaction to
introduce a third shareholder into Aditya Birla Health Insurance
Trading statement for the 12 months ended 30 June 2022
Momentum Metropolitan is currently in the process of finalising its financial results for the 12 months ended
30 June 2022 (“F2022” or “the current year”), which is expected to be released on 14 September 2022.
Pursuant to paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements, shareholders are advised that
the Group's earnings per share, headline earnings per share and normalised headline earnings per share
compared to the year ended 30 June 2021 ("the prior year”) are expected to be within the range set out below:
F2022 F2021 % change
(cents) (cents)
Earnings per share 257 to 263 31.3 720% to 740%
Headline earnings per share 295 to 301 30.9 855% to 875%
Normalised headline earnings per share 282 to 295 67.1 320% to 340%
Earnings per share, headline earnings per share and normalised headline earnings per share are expected to
grow strongly on the prior year. The Group highlights that the current year’s results are not directly comparable
to the prior year’s results, given that the latter was severely impacted by the Covid-19 pandemic and included
net negative mortality and longevity experience variance of R1.7 billion as well as a net increase in additional
Covid-19 provisions of R1.1 billion.
The Group delivered a solid performance during F2022, and strong growth followed the less severe impact of
Covid-19 on earnings. In the current year, mortality experience variance improved significantly and started to
normalise over the third and fourth quarters of F2022. Together with the positive earnings impact from the
partial release of opening Covid-19 provisions, the Group recorded a small full-year net mortality profit for the
first time since the start of the pandemic. All South African life insurance operations experienced a significant
turnaround in mortality experience from the prior period.
Earnings were further supported by a strong improvement in investment variances due to favourable yield
curve movements in the last three months of the financial year, reversing the yield curve related losses reported
in Momentum Life and Metropolitan Life during the first nine months of F2022.
Investment return also showed strong growth, supported by the general recovery of investment markets, fair
value gains from the revaluation of the Group’s investment in venture capital funds and foreign exchange gains
on foreign currency-based assets.
Normalised headline earnings adjust the standard JSE definition of headline earnings for the dilutive impact of
finance costs related to preference shares that can be converted into ordinary shares of the Group, the impact
of treasury shares (including those related to the iSabelo employee share scheme), the amortisation of
intangible assets arising from business combinations and B-BBEE costs. The adjustment for the impact of
treasury shares removes mismatches that are unique to financial institutions that invest in their own securities
on behalf of clients. The definition of normalised headline earnings remains unchanged.
The full financial and operating results for the period are expected to be released on Wednesday,
14 September 2022 at approximately 7:30 via SENS, followed by a live webcast at 11:00. Pre-registration is
required for the webcast, which can be accessed at https://www.corpcam.com/MM14092022. In addition, the
announcement will be broadcast live on Business Day TV, DSTV Channel 412.
Voluntary announcement on the introduction of the Abu Dhabi Investment Authority as a
shareholder in Aditya Birla Health Insurance (“ABHI”)
Shareholders are advised that the boards of Aditya Birla Capital Limited (“ABCL”) and Momentum Metropolitan
approved a proposed transaction that will introduce an affiliate of the Abu Dhabi Investment Authority (“ADIA”),
the sovereign wealth fund of the Emirate of Abu Dhabi, as a third shareholder in ABHI. Upon completion of the
proposed transaction the shareholding of ABHI will consist of 45.91% held by ABCL, 44.10% held by
Momentum Metropolitan and 9.99% held by ADIA. The capital infusion of R1.3 billion (Rs. 665 crore) will be
used to drive ABHI’s growth in the health insurance market in India. The proposed transaction is subject to
regulatory and statutory approvals. It is not a categorised transaction as defined in the JSE Listings
Requirements.
The information in this trading statement has not been reviewed and reported on by Momentum Metropolitan’s external auditors.
Centurion
23 August 2022
Equity sponsor Debt sponsor
Merrill Lynch South Africa (Pty) Limited Rand Merchant Bank
t/a BofA Securities (A division of FirstRand Bank Limited)
Date: 23-08-2022 02:30:00
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