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Trading statement for the six months ended 31 December 2024
MOMENTUM GROUP LIMITED
(previously MOMENTUM METROPOLITAN HOLDINGS LIMITED)
Incorporated in the Republic of South Africa
Registration number: 2000/031756/06
JSE share code: MTM
A2X share code: MTM
NSX share code: MMT
ISIN code: ZAE000269890
("Momentum Group" "the Group")
MOMENTUM METROPOLITAN LIFE LIMITED
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
Company code: MMIG
LEI: 378900E0A78B7549C212
("Momentum Metropolitan Life")
Trading statement for the six months ended 31 December 2024
Momentum Group is currently in the process of finalising its results for the six months ended
31 December 2024 ("1HF2025" or "the period"). Pursuant to paragraph 3.4(b) of the JSE Limited ("JSE")
Listings Requirements, this trading statement provides an indication of the expected ranges of the Group's
earnings per share, headline earnings per share and diluted normalised headline earnings per share compared
to the reported six months ended 31 December 2023 ("1HF2024" or "the prior period").
1HF2025 1HF2024 change change
(cents) (cents) (cents) (%)
Earnings per share 240 to 248 159.9 80.1 to 88.1 50% to 55%
Headline earnings per share 240 to 248 159.9 80.1 to 88.1 50% to 55%
Normalised headline earnings (diluted)
241 to 249 168.0 72.5 to 80.6 43% to 48%
per share (1)
Momentum Group's strong operational performance delivered robust earnings across all business units.
Earnings benefited from good performance on the existing book of business, bolstered by improved
persistency experience variance in most of our South African life insurance businesses. Mortality and morbidity
claims variance remains positive, although less positive than recent periods. Strong underwriting discipline
and favourable weather conditions resulted in a solid recovery in Momentum Insure's earnings. Guardrisk saw
notable growth in underwriting profits and management fee income. The Group's results were further aided by
higher market returns and favourable yield curve shifts over the period. Strong cash generation supported the
Group's capital and liquidity position.
(1) Normalised headline earnings ("NHE") adjusts the JSE definition of headline earnings for the impact of finance costs
related to preference shares that can be converted into ordinary shares of the Group when it is anti-dilutive, the impact of
treasury shares held by the iSabelo Trust, the amortisation of intangible assets arising from business combinations and
broad-based black economic empowerment costs. Additionally, the iSabelo special purpose vehicle, which houses
preference shares issued as part of the employee share ownership scheme's funding arrangement, is deemed to be
external from the Group, and the discount at which the iSabelo Trust acquired the Momentum Group's treasury shares is
amortised over a period of 10 years and recognised as a reduction to NHE. NHE is the responsibility of the directors and
is presented for additional information purposes only.
We look forward to releasing the full financial and operating results for the six-month period ending
31 December 2024 before the market opens on Thursday, 20 March 2025 via the Stock Exchange News
Services, followed by a live webcast at 11:00. Pre-registration is required for the webcast, which can be
accessed at https://www.corpcam.com/MM20032025. In addition, the announcement will be broadcast live on
Business Day TV, DSTV Channel 412.
The financial information on which this trading statement is based, has not been reviewed or reported on by
Momentum Group's external auditors.
Centurion
26 February 2025
Equity sponsor
Tamela Holdings (Pty) Limited
Sponsor in Namibia
Simonis Storm Securities (Pty) Limited
Debt sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 26-02-2025 11:06:00
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