MMI reports strong new business growth

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The South African based financial services group recorded an increase of 18 per cent in new business volumes measured on a present value of premiums basis, to 42 billion rand.

(WATCH VIDEO: MMI Holdings – Hot or Not)

It added that the value of new business increased by 14 per cent to 779 million rand, compared to the previous year.

[DATA MMI:MMI], which reported its results for the year ending 30 June 2014 on Wednesday, saw its net income increase to 87.6 billion rand from 73.4 billion rand for the same period in 2013.

“As a financial services group we are concerned about the growing financial pressures faced by our current and prospective clients,” said Nicolaas Kruger, group CEO of MMI.

“We are, however, committed to sailing these difficult waters in partnership with our clients to help them enhance their financial wellness.”

Profit before tax grew to 5.7 billion rand in the 2014 year from 4.4 billion rand in 2013 and the company reported growth in diluted headline earnings of 27 per cent.

(READ MORE: MMI Holdings’ interim core headline earnings up 13%)

“Our purpose is to enhance the lifetime financial wellness of people, communities and businesses. We have reorganised ourselves in a way that will facilitate a more client-centric organisation focused on clearly defined client segments,” said Kruger.

“Overall we are very pleased with the group’s performance for the financial year. We are excited about the client-centric journey we have embarked on. We believe that this will position MMI as a sustainable business into the future and will enable us to better navigate the difficult economic times ahead.”