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Trading Statement
MMI Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MMI
NSX share code: MIM
ISIN: ZAE000149902
("MMI" or the “company" or “group”)
Trading statement
MMI will be releasing final results for the year ended 30 June
2016 on 7 September 2016.
Shareholders are advised that the group`s diluted core headline
earnings is expected to be between 195 and 205 cents per share, a
reduction of between 14 and 18 percent. Diluted earnings per share
and diluted headline earnings per share are expected to be between
130 and 140 cents per share, a decrease of between 23 and 28
percent on the corresponding financial period to 30 June 2015.
The decrease in core headline earnings in the current year is
mainly the result of lower underwriting profits in certain of the
businesses, lower overall investment market levels over an
extended time period and a slow-down in health administration
profits.
In addition, the decrease in earnings and headline earnings is
also impacted by net negative actuarial basis changes, mainly as a
result of expense reallocations between the holding company and
the operating life company as disclosed in the interim results.
The overall annualised return on embedded value is expected to be
between 11 and 14 percent – this is an improvement on the prior
year return and is in line with the group’s minimum target of
exceeding the risk-free rate plus three percent. The current
return was assisted by good growth in new business volumes and the
resulting value of new business.
The capital buffer, calculated taking into account economic
capital, strategic growth initiatives and dividends, remains
strong.
The financial information on which this trading statement is based
has not been reviewed and reported on by MMI`s external auditors.
Centurion
31 August 2016
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Sponsor in Namibia
Simonis Storm Securities (Pty) Limited
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