Momentum Metropolitan Holdings limited review 2024

Momentum Metropolitan Holdings Limited, headquartered in Centurion, South Africa, is a prominent financial services conglomerate. Its offerings span employee benefits, […]

Momentum Metropolitan Holdings Limited
Momentum Metropolitan  
Type Public
Traded As MTM
Sector Financials
Industry Insurance
Producs Employee benefits, group life insurance, individual life insurance, health insurance and credit life products
Address 268 West Avenue
Centurion
0157
South Africa
Phone 0126718911
Revenue R60 Billion
Total Assets R502 Billion
Number of employees 15 800
Website Mmiholdings.co.za

Momentum Metropolitan Holdings Limited, headquartered in Centurion, South Africa, is a prominent financial services conglomerate. Its offerings span employee benefits, group and individual insurance, credit life products, and health insurance. The company operates through a network of subsidiaries across several countries including Botswana, Ghana, Gibraltar, Guernsey, Zambia, Lesotho, the United Kingdom, Kenya, Namibia, South Africa, Mauritius, and Nigeria.

The group was established in 2010 through a merger between Metropolitan Holdings and Momentum Group, both renowned insurance and financial services firms in South Africa. Notably, from 2014 to 2019, Momentum Metropolitan Holdings witnessed substantial growth in its total assets and sales. Revenue surged from R28 billion in 2014 to R60 billion in 2019, alongside a rise in assets 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.

Pre merger


Both Momentum and Metropolitan had modest beginnings before their merger, with Metropolitan being notably older. Founded in Western Cape in 1897 and officially registered as the African Homes Trust in 1898, Metropolitan initially aimed to provide financing to the underprivileged to help them become homeowners.

During the early 1900s, Metropolitan aggressively pursued mergers and acquisitions, including taking over Prudential Insurance Company and later acquiring Dove Insurance Corporation. On the other hand, Momentum, established in 1966, experienced organic growth alongside strategic acquisitions and mergers. Its acquisition of Momentum Assurance Corporation in 1973 led to a name change to Momentum.

Metropolitan’s trajectory included a merger with a Sanlam-owned entity, African Home Trust, in 1979, resulting in the renaming of the company to Metropolitan Homes Trust Life and the addition of funeral services to its portfolio. In 1991, Sanlam sold its stake in Metropolitan Homes Trust to New Africa Investment Limited (NAIL). This partnership led to the formation of New Africa Capital Limited (NAC) in 2001, replacing Metlife as the listed holding company for Metropolitan’s operations.

At the time of distribution, NAIL owned 49 percent of NAC but retained only a 5 percent stake after the restructuring. In 2003, NAC was rebranded as Metropolitan Holdings. Finally, in 2010, Metropolitan Holdings and Momentum Group merged to establish Momentum Metropolitan Holdings Limited.

Post Merger

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

NameTitleCompanyTenure
Jeanette Cilliers “Marais”Chief Executive OfficerMomentum Investments Inc3/2018-PRESENT
Lulama BooiCEO: International DivisionMomentum Metropolitan Holdings8/2023-PRESENT
Risto S KetolaFinance Director/IRMomentum Metropolitan Holdings1/2018-PRESENT
Ravikumaran Govender “Ravi”Chief Digital & Technology OfficerMomentum Metropolitan Holdings1/2024-PRESENT
Jan LubbeChief Risk OfficerMomentum Metropolitan Holdings11/2013-PRESENT
Nontokozo MadonselaChief Marketing OfficerMomentum Metropolitan Holdings10/2017-PRESENT
Dhesen RamsamyChief Digital & Information OfficerMomentum Metropolitan Holdings4/2022-PRESENT
Lourens BothaCEO: GuardriskMomentum Metropolitan Holdings9/2023-PRESENT
Dumo MbetheCEO: Momentum Corporate/Exec DirMomentum Metropolitan Holdings9/2019-PRESENT
Johann Le RouxCEO: Life InsuranceMomentum Metropolitan Holdings4/2018-PRESENT
Peter TshiguvhoCEO: Metropolitan LifeMomentum Metropolitan Holdings2/2018-PRESENT
Hannes ViljoenCEO: Metropolitan HealthMomentum Metropolitan Holdings9/2019-PRESENT
Gcobisa TyushaSecretaryMomentum Metropolitan Holdings6/2019-PRESENT
Paul Cambo BaloyiBoard MemberMomentum Metropolitan Holdings
Hilgard Pieter Meyer “Hillie”Board MemberMomentum Metropolitan Holdings
Peter CooperBoard MemberRMB Holdings Ltd
Dr Frannie LeautierBoard MemberSouthbridge Group Inc
Risto S KetolaBoard MemberMomentum Metropolitan Holdings
Phillip MatlakalaBoard Member
Paballo Joel MakosholoBoard MemberKagiso Tiso Holdings Pty Ltd
Prof Linda De BeerBoard Member
Tyrone Devrajh SoondarjeeBoard Member
Nigel J DunkleyBoard Member
Thanaseelan Gobalsamy “Seelan”Board MemberOmnia Holdings Ltd
Prof Stephen C JurisichBoard Member
David James ParkBoard MemberMomentum Metropolitan Holdings

Conclusion

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.

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