Momentum Metropolitan Namibia’s contribution helps lift Group semester earnings to ZAR2.4 bn

The Momentum Metropolitan group’s earning for the semester ended 31 December 2023 was in no small measure boosted by the contribution from the local subsidiary, Momentum Metropolitan Namibia, helping the operational parent, Momentum Metropolitan Africa to post normalised headline earnings of ZAR284 million.

This growth was particularly bolstered by enhanced investment income from Namibia, indicating the significant contribution of the Namibian market to the Group’s overall success.

Momentum Metropolitan Namibia Chief Executive, Mr Sakaria Nghikembua commented “Our commitment to empowering local businesses and individuals has contributed to our resilience in the face of challenges. We are proud of the solid financial performance, which underscores our dedication to serving our clients in Namibia.”

Momentum Metropolitan Namibia was also recently recognised at the 2023 Namibia Premier Business Awards. The company received the awards for ‘Long Term Insurer of the Year’ and ‘Short Term Insurer of the Year.’ Additionally, Nghikembua, was a nominee for the ‘Corporate Turnaround Champion.’

Group Chief Executive, Jeanette Marais, expressed her satisfaction with their financial performance, emphasising the resilience and agility of their empowered and accountable business model, saying “This approach has consistently delivered robust earnings and solid financial results, even amidst a challenging operating environment.

She acknowledged the persistent pressure on the value of new business, despite the overall improvement in earnings, highlighting the importance of addressing factors such as new business pricing, cost of acquisition, and sales mix to alleviate the strain on new business margins.

“Our three-year Reinvent and Grow strategy remains on track, and we are preparing to share our vision for the future with investors in the upcoming financial year,” Marais concluded.

The group as a whole posted normalised headline earnings of ZAR2.4 billion, an increase of 42% over the previous period. Operating profit exploded by 69% reaching ZAR2 billion.