|Producs||Employee benefits, group life insurance, individual life insurance, health insurance and credit life products|
|Address||268 West Avenue
|Total Assets||R502 Billion|
|Number of employees||15 800|
Momentum Metropolitan Holdings Limited is a financial services conglomerate based in Centurion, South Africa. Employee benefits, group and individual insurance, credit life products, and health insurance are among the financial services provided by the company. Momentum Metropolitan Holdings operates through subsidiaries in Botswana, Ghana, Gibraltar, Guernsey, Zambia, Lesotho, the United Kingdom, Kenya, Namibia, South Africa, Mauritius, and Nigeria.
The group was formed as a result of a merger that occurred in 2010. Metropolitan Holdings and Momentum Group, both insurance and financial services firms based in South Africa, merged to establish Momentum Metropolitan Holdings. From 2014 to 2019, the company’s total assets and sales increased significantly. Revenue has increased from R28 billion in 2014 to R60 billion in 2019, while assets have increased from R414 billion in 2014 to R502 billion in 2019.
A brief history of Momentum Metropolitan Holdings limited
Momentum Metropolitan Holdings Limited was formed from a merger between Metropolitan Holdings and Momentum Group in 2010. The merger established the third-largest life insurer in South Africa.
Both Momentum and Metropolitan had humble beginnings prior to the merger. Metropolitan was, by far, the older of the two corporations at the time of the merger. Metropolitan was founded in Western Cape in 1897, and the company was registered as the African Homes Trust in 1898. The company’s goal was to provide financing for the impoverished so that they could afford to own their own homes.
In the early 1900s, Metropolitan aggressively forged mergers and acquisitions, including a takeover of Prudential Insurance Company and later the acquisition of Dove Insurance Corporation. Momentum was founded in 1966, and the company grew organically as well as via acquisitions and mergers. When the company purchased Momentum Assurance Corporation in 1973, it changed its name to Momentum.
Metropolitan merged with a Sanlam-owned company, African Home Trust, in 1979, and the company was renamed Metropolitan Homes Trust Life. Metropolitan’s business now includes funeral services as a result of the transaction. In 1991, Sanlam sold its stake in Metropolitan Homes Trust to New Africa Investment Limited (NAIL). In 2001, Metropolitan formed New Africa Capital Limited (NAC) in collaboration with NAIL to replace Metlife as a listed holding company for Metropolitan operations.
NAIL held a 49 percent ownership in NAC at the time of the distribution, with NAIL keeping only a 5 percent holding in NAC. In 2003, NAC was rebranded Metropolitan Holdings. Metropolitan Holdings and Momentum Group merged in 2010 to establish Momentum Metropolitan Holdings Limited.
The companies are now part of Momentum Metropolitan Holdings Limited and provide financial services. Momentum is currently present in South Africa, the United Kingdom, Namibia, and Mozambique. Metropolitan is a South African company that has operations in Zambia, Lesotho, Tanzania, Botswana, Kenya, and Ghana. The group’s assets exceed R502 billion, and its net income is R2.2 billion.
Services offered by Momentum Metropolitan Holdings limited
Services offered through Metropolitan
Funeral Cover: Metropolitan offers family funeral cover to different types of families.
The cover is flexible due to the fact that family sizes differ, therefore, every family gets a Customised cover. You can cover up to 20 people with no medical checks.
Basic life cover: this cover gives your family financial security upon death. The plan covers for accidental or natural death.
If you get terminally ill you can get 50% of your cover and should you pay your premiums when due, you can get 10% cashback every 5 years.
Comprehensive life cover: this allows you to choose what to leave your family when you die. The cover is up to R5million and you can get 100% if you get terminally ill.
MyWill: Metropolitan offers a will app to create a will online. The will takes only seven steps to complete.
Hospital Plan: this plan gives you some financial relief when you get an injury or stay in hospital. The daily benefit amount is between R75 – R3000 when in hospital.
Retirement savings: Metropolitan allows you to save for your retirement with different annuity plans.
Annuity plans include future builder pension plan, dream builder pension plan and future choice retirement annuity.
Savings investment: you can invest your savings with Metropolitan with flexible interest rates on offer.
Investment is from R20,000 and there is an investment bonus for those investing more than R1 million.
Services offered through Momentum
Healthcare: Momentum offers medical aid options for individuals and companies. Employees can get medical insurance that allows them low payments.
Car and home insurance: This insurance is for buildings, home contents and car insurance for individuals. You can also cover your personal belongings and watercraft.
Business insurance: Momentum offers different business types of insurance with fix premiums for the first 12 months. The insurance cover is for loss, unforeseen and damage that can occur within your business.
Life Insurance: businesses can take life insurance for the founders and directors of the company to ensure that the business continues should a keyman die.
Employees can also have life insurance so that their families can be secure should anything happen to them.
Also, individuals can take life insurance that covers against serious illness, disability or death.
Investments and savings: with Momentum businesses can help employees invest in retirement annuities and save for their future.
While individuals can invest and save offshore and inshore with great deals for investors including those for high net clients.
Momentum Metropolitan Holdings Limited Executives
|Jeanette Marais||Deputy CEO|
|Zureida Ebrahim||CEO: Client Management Solutions|
|Dumo Mbethe||CEO: Momentum Corporate|
|Johann Le Roux||CEO: Life Insurance|
|Herman Schoeman||CEO: Guardrisk & Short term insurance|
|Peter Tshiguvho||CEO: Metropolitan Retail|
|Hannes Viljoen||CEO: Momentum Metropolitan Health|
|Risto Ketola||Financial Director|
Momentum Metropolitan Holdings Limited has established itself as a financial powerhouse in South Africa and other regions of Africa, with a strong presence in life and short-term insurance. The 2010 merger has done so well for the company that it has proceeded to grow its assets and is now able to manage even more assets.