South Africa · Delayed Price · Currency is ZAR · Price in ZAc Momentum Group Earnings Call Transcripts
Fiscal Year 2026
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Normalized headline earnings rose 8% to ZAR 3.7 billion, with strong operational profit growth and sales up 11%. ROE remains high at 24%, while VNB declined 15% year-on-year. The Bonitas contract will significantly expand health administration, and capital is being retained to strengthen solvency.
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Normalized headline earnings reached ZAR 1.76 billion, with 8% sales growth and strong operational performance, though VNB margin declined due to lower annuity sales. SCR remains within target, cost savings are on track, and management maintains confidence in meeting F2027 targets.
Fiscal Year 2025
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Record normalized headline earnings rose 41% to ZAR 6.26 billion, with ROE at 21.2% and a 40% dividend increase. Group VNB declined 20%, but strong cash generation and strategic execution support future growth ambitions.
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The group has delivered strong operational and financial progress, achieving break-even in India, digital transformation, and a completed insurance turnaround. Strategic focus remains on growth, cost optimization, and digital innovation, with capital now allocated for expansion rather than loss funding.
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Normalized headline earnings reached ZAR 4.8 billion for the nine months, with strong performance across business units and successful turnarounds in key segments. Recurring premiums rose 5%, while single premiums and new business premiums declined. Strategic targets for 2027 remain on track.
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Normalized headline earnings surged 44% to ZAR 3.4 billion, with all business units contributing and strong capital returns to shareholders. Segment highlights include record results in Insure, robust corporate earnings, and significant digital-driven gains in Myriad.
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Earnings rose to ZAR 1.3–1.4 billion, driven by strong investment and risk results, with new business premiums up 5% year-over-year. VNB and margins improved, capital ratios strengthened, and cost savings are expected to materialize later in the year.
Fiscal Year 2024
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Normalized headline earnings rose 27% to ZAR 4.4 billion, with record sales volumes and strong segment performance despite economic headwinds. The group completed its Reinvent and Grow strategy, launched an ambitious Impact strategy, and announced a ZAR 1 billion share buyback.
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The group unveiled its Impact Strategy, targeting ZAR 7 billion earnings, 20% ROE, and ZAR 1.2 billion VNB by 2027, with a focus on cost optimization, advice-led growth, and disciplined capital allocation. Business units are executing tailored strategies to drive efficiency, digitalization, and selective expansion, supported by a federated model and purpose-driven culture.
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New business premiums grew 20% year-over-year, with strong annuity sales and improved claims ratios. Earnings were solid but slightly below the first half, and solvency remains robust. Management is focused on cost control and will launch a new strategy in July.