MMI GROUP LIMITED - MMI and Guardrisk - Appointment of New Credit Rating Agency and Notice of Rating

MMI and Guardrisk - Appointment of New Credit Rating Agency and Notice of Rating

MMI Group Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1904/002186/06)
Company code: MMIG
(“MMI”)

SENS RELEASE

MMI and Guardrisk - Appointment of New Credit Rating Agency and Notice of Rating

MMI advised note-holders on 10 March 2016 of the extended validity period to 31 May 2016
relating to the ratings assigned to MMI and Guardrisk by Fitch Ratings. MMI and Guardrisk
would like to advise that they have appointed Moody’s Investors Service (“Moody’s”) as their
new credit rating agency.

On 27 May 2016, Moody’s assigned a national scale insurance financial strength (IFS) rating of
Aaa.za and a long-term issuer rating of Aaa.za to MMI Group Limited (MMIGL). Moody’s also
assigned a rating to MMIGL’s unsecured subordinated notes on the national scale of Aa2.za.
Moody’s commented that MMIGL’s rating reflects its top tier market position in South Africa, its
solid capital position and its flexible product characteristics.

Moody’s further assigned national scale IFS ratings to both Guardrisk Insurance Company
Limited (Guardrisk Insurance) and Guardrisk Life Limited (Guardrisk Life) of Aaa.za, while a Baa2
global scale IFS rating was assigned to Guardrisk International Limited PCC, incorporated in
Mauritius (Guardrisk International). The ratings of Guardrisk reflect its good market position as
the largest cell captive insurer in the South African market, its low underwriting risk due to its
fee based model, its diverse product mix across life insurance and short-tailed non-life insurance
lines, and strong and consistent profitability.



END

Contact: Werner van der Veen
MMI Holdings Limited
Tel: 012 673 7512

27 May 2016
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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