Momentum reports strong profit rise

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Listed financial services group Momentum Metropolitan on Monday (30 May), reported a 26% rise in operating profit for the nine months ended March 2022, to R1.74 billion, supported by good earnings growth in Momentum Life, Momentum Corporate, Momentum Metropolitan Health and Guardrisk.

The group saw normalised headline earnings at 46% higher than the comparative period. This growth in earnings was supported by less severe Covid-19 impact on earnings, particularly for Momentum Corporate which experienced a significant turnaround, it said.

Net mortality profits for the quarter of R100 million resulted in nine-month losses of R278 million – an improvement from the net mortality losses of R378 million reported for the first six months of the financial year.= Headline earnings per share increased by 59% from 99.7 cents to 158.3 cents and earnings per share improved by 6% from 108.0 cents to 114.9 cents.

 

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