Its diluted core headline earnings increased from 2.9 billion rand in 2012 to 3.2 billion rand in 2013 and headline earnings per share increased from 145 cents to 162 cents.

“Diluted core headline earnings increased by 10 per cent – the contribution from operating divisions increased 19 per cent to 2.5 billion rand. The full results of Momentum Namibia, Momentum Short-term Insurance and the Eris Property Group were included for the first time,” MMI Holdings said in a statement.

“Local operating conditions remained challenging and highly competitive. GDP growth in the rest of Africa, however, is proving to be resilient. Overall, the need for and provision of investment and protection products within MMIs client base remains an important part of financial wellness and planning.”

The financial services group, which focuses on long and short-term insurance, asset management, savings, investment, healthcare administration and employee benefits, reported that the value of new business increased strongly by 17 per cent to 203 million rand.

Operating profit for the year increased by 16 per cent to 509 million rand, net income increased from 51 billion rand in 2012 to 72.2 billion rand in 2013 and profit before tax increased from 3.6 billion rand to 4.1 billion rand.

[DATA MMI:MMI Holdings] also reported that profits of operating divisions were up 19 per cent and total dividend was up 12 per cent to 127 cents per share.

“The strategic focus of the MMI group has shifted from integration to growth initiatives. Each division has implemented plans and processes to identify and optimise structures, operations, target markets, distribution channels and product offerings through innovation and collaboration,” the group had said.

“Growth in new business volumes will, however, remain dependent on the economic environment, including a recovery in employment and stronger disposable income levels. The board of MMI Holdings believes that the group has identified and is busy implementing innovative strategies to unlock value and generate the required return on capital for shareholders over time.”