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Trading statement for the six months ended 31 December 2019
MOMENTUM METROPOLITAN HOLDINGS LIMITED
(Previously MMI Holdings Limited)
Incorporated in the Republic of South Africa
Registration number: 2000/031756/06
ISIN code: ZAE000269890
JSE Share Code: MTM
NSX Share Code: MMT
“Momentum Metropolitan”
MOMENTUM METROPOLITAN LIFE LIMITED
(Previously MMI Group Limited)
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
Company code: MMIG
Trading statement for the six months ended 31 December 2019
Momentum Metropolitan is currently in the process of finalising its results
for the half year ended 31 December 2019, which will be released on 5 March
2020. Pursuant to paragraph 3.4(b) of the JSE Limited Listings Requirements,
shareholders are advised that the Group's basic earnings per share, basic
headline earnings per share and diluted normalised headline earnings per
share are expected to be within the ranges set out below:
1H2020 1H2019
% change
(cents) (cents)
Basic earnings per share 100 to 108 83 20% to 30%
Basic headline earnings per share 96 to 105 91 5% to 15%
Diluted normalised headline 110 to 121 105 5% to 15%
earnings per share
The basic earnings per share are expected to grow by between 20% and 30% on
the prior period, while the basic headline earnings per share and diluted
normalised headline earnings per share are expected to increase by between
5% and 15%. The pleasing growth in 1H2020 was underpinned by solid operational
results across the business units, supported by disciplined expense
management, good retail underwriting experience, solid revenue growth in
Guardrisk and a strong contribution from the Africa business unit. This was
partly offset by muted group life mortality experience in Momentum Corporate.
In addition to these factors, the basic earnings per share benefited from
gains on the disposal of certain subsidiaries in Africa.
Diluted normalised headline earnings adjust the standard JSE definition of
headline earnings for the impact of treasury shares, the amortisation of
intangible assets arising from business combinations and BEE costs. The first
adjustment removes mismatches that might arise from elimination of treasury
shares (potential mismatches that are peculiar to financial institutions that
invest in their own securities on behalf of clients). The definition of
diluted normalised headline earnings remains unchanged.
The information in this trading statement has not been reviewed and
reported on by Momentum Metropolitan’s external auditors.
Centurion
27 February 2020
Sponsor in South Africa
Merrill Lynch South Africa (Pty) Limited
Sponsor in Namibia
Simonis Storm Securities (Pty) Limited
Date: 27-02-2020 05:15:00
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