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Momentum Group
Momentum Group (MTM) investor relations material
Momentum Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary19 Nov, 2025
Executive summary
Normalized headline earnings reached ZAR 1.76 billion for Q1 2026, reflecting strong operational performance and disciplined strategy execution, with 8% sales growth to ZAR 22.4 billion.
Positive market variances contributed ZAR 201 million to earnings, down from the prior year, while short-term insurance underwriting experience remained excellent.
Life annuity sales dropped 28% year-on-year, driving a decline in value of new business (VNB) from ZAR 197 million to ZAR 146 million, with new business margin reducing from 2.7% to 0.7%.
Management remains focused on driving sales, managing expenses, and improving VNB margin amid a competitive and subdued economic environment.
Financial highlights
Recurring premiums grew by 8% to ZAR 1,154 million and single premiums by 5% to ZAR 16,490 million year-over-year.
Solvency coverage ratio (SCR) decreased to 1.76, within the 1.6–2.0x target range, mainly due to dividend payouts, buybacks, and lower yield curves.
Direct expenses increased by 5%, mainly due to inflation, regulatory changes, and IT investments.
ZAR 389 million in cost savings realized from performance optimization, with a further ZAR 500 million identified.
Mortality experience was positive across all business areas, with group-wide expense management in line with budget.
Outlook and guidance
F2027 targets remain achievable: normalized headline earnings of ZAR 7 billion, ROE of 20%, and VNB margin between 1%-2%.
Modest economic growth expected in South Africa, supported by improved energy, logistics, and a ratings upgrade, but tempered by lower inflation targets and competitive pressures.
Management expects continued positive CSM growth for the year, but emphasizes the need to double VNB for 8%-10% core life earnings growth.
VNB gap closing strategy
Momentum Insure new business recovery plan
Asset management AUM growth strategy
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Next Momentum Group earnings date
Q2 202619 Mar, 2026
Momentum Group
Next Momentum Group earnings date
Q2 202619 Mar, 2026
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Frequently asked questions
Momentum Metropolitan Holdings Limited is a South African-based financial services group, established through the merger of Metropolitan Holdings and Momentum Group in December 2010. The company offers a comprehensive range of financial solutions including long- and short-term insurance, asset management, savings, investment, and employee benefits. It operates under key brands such as Metropolitan, Momentum, Guardrisk, and Eris Properties, catering to a diverse clientele aiming to achieve their financial goals and life aspirations. The company is also involved in healthcare solutions, providing health administration, managed care, and wellness services. The company is headquartered in Centurion, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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