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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
Achieved normalized headline earnings of ZAR 1.76 billion for Q1 FY2026, reflecting strong operational performance and disciplined strategy execution, with 8% sales growth to ZAR 22.4 billion.
Positive market variances contributed ZAR 201 million, down from the prior year, and short-term insurance underwriting experience remained excellent.
Life annuity sales dropped 28% year-on-year, impacting value of new business (VNB), which fell from ZAR 197 million to ZAR 146 million; new business margin reduced from 2.7% to 1%.
Outlook for South Africa is modestly positive due to improved logistics, easing rates, and a ratings upgrade, but competitive pressures and subdued economic growth persist.
Financial highlights
Normalized headline earnings reached ZAR 1.76 billion, aligning with the quarterly target and supporting the FY2027 goal of ZAR 7 billion.
Sales increased 8% year-on-year to ZAR 22.4 billion, with recurring premiums up 8% and single premiums up 5%.
Direct expenses increased by 5%, mainly due to inflation, regulatory changes, and IT investments.
Solvency coverage ratio (SCR) declined to 1.76, within the 1.6-2.0 target range, due to dividend and buyback outflows and lower yield curves.
Savings of ZAR 389 million from performance optimization realized, with a further ZAR 500 million identified.
Outlook and guidance
FY2027 targets remain normalized headline earnings of ZAR 7 billion, ROE of 20%, and VNB margin of 1%-2%.
CSM (contractual service margin) is expected to grow modestly for the year, but higher VNB is needed for 8%-10% core life earnings growth.
Expense savings are expected to cover about a third of the VNB gap, with further improvement needed from product and distribution initiatives.
Focus remains on driving sales volumes and improving VNB outcomes, with strategic initiatives under the Impact strategy gaining momentum.
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
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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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