|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 group headquartered in South Africa, Centurion.
The group offers financial services that include employees benefits, group and individual insurance, credit life products and health insurance.
Momentum Metropolitan Holdings has subsidiaries in Botswana, Ghana, Gibraltar, Guernsey, Zambia, Lesotho, United Kingdom, Kenya, Namibia, South Africa, Mauritius and Nigeria.
The group was made possible through a merger that happened in 2010.
Momentum Metropolitan Holdings merger was between Metropolitan Holdings and Momentum Group which were two insurance and financial services companies both formed in South Africa.
From 2014 to 2019 the company saw a significant increase in total assets and revenue.
Revenue jumped from R28 billion in 2014 to R60 billion in 2019, with assets increasing from R414 billion in 2014 to R502 billion in 2019.
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.
Before the merger, both Momentum and Metropolitan had their own humble beginnings.
Metropolitan was the oldest of the two companies at the time of the merger by far.
Metropolitan was established in 1897 in Western Cape and in 1898 the company was registered as the African Homes Trust.
The company aimed at providing finance for the poor to enable them to afford to buy their own homes.
Metropolitan would quickly forge mergers and acquisitions in the early 1900s that includes a takeover of Prudential Insurance Company and later the acquisition of Dove insurance corporation.
Momentum would be established in 1966 and the company grew organically and through acquisitions and mergers.
The company adopted Momentum as its business name when it acquired Momentum Assurance Corporation in 1973.
In 1979 Metropolitan got into a merger with a Sanlam owned company African Home Trust and the company adopted the name Metropolitan Homes Trust Life.
The merger added funeral services into Metropolitan portfolio. Sanlam would sell its shares in Metropolitan Homes Trust to New Africa Investment Limited (NAIL) in 1991.
In partnership with NAIL, Metropolitan created New Africa Capital Limited (NAC) to replace Metlife as a listed holding company for Metropolitan business in 2001.
NAIL had 49% stake in NAC at the time of which NAIL distributed its stake to its shareholders with NAIL retaining only 5% of its stake in NAC. NAC was renamed Metropolitan Holdings in 2003.
In 2010 Metropolitan Holdings and Momentum Group entered into a merger agreement to form Momentum Metropolitan Holdings limited.
The companies are now part of the Momentum Metropolitan Holdings Limited and provide services in the financial sector.
Momentum currently operates in South Africa, UK, Namibia and Mozambique. Metropolitan operates in South Africa, Zambia, Lesotho, Tanzania, Botswana, Kenya and Ghana.
The group has assets of over R502 billion and net income R2.2 billion.
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.
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.
|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 become a financial powerhouse in South Africa and some parts of Africa showing dominance in life and short term insurance.
The 2010 merger has done the company so well that has continued to increase its assets, it is now able to manage even more assets.