MMI new business recurring premiums up 26%

29 Nov 2013

Financial services group MMI Holdings reported a strong September quarter‚ with total new business recurring premiums increasing by 26% compared with last year.

MMI says it is pursuing growth locally and in Africa. Image: Cooldesign Free Digital Photos

The group said in a trading update that strong single-premium inflows continued‚ rising 12% from the year-earlier quarter‚ a period that included exceptional flows in the employee benefits division.

It said the September quarter did not include the benefits of recently undertaken growth initiatives‚ which would bear fruit only in future reporting periods.

Earlier this month Momentum announced the purchase of Guardrisk‚ a cell captive provider of tailored risk solutions‚ for R1.6bn‚ to be funded from existing capital resources. The transaction is subject to regulatory approvals.

MMI said the recently announced acquisition of Providence Healthcare Risk Managers would strengthen Metropolitan Health's position as the country's largest healthcare administrator.

It said it was pursuing growth opportunities across the group‚ including acquisitions in Africa. Investment markets‚ while volatile‚ continued to be strong‚ it said.

Source: I-Net Bridge

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