South African insurer Momentum's annual profit up 39%

Momentum AB

27/09/2024 08:24

JOHANNESBURG, Sept 27 (Reuters) - South African insurer
Momentum Group  MTMJ.J   posted on Friday a 39% rise in
full-year earnings, driven by higher investment income in an
elevated interest rate environment.
    Its headline earnings per share (HEPS), an important profit
measure in South Africa, rose to 298.6 cents in the year to
June. 30, from 215.5 cents a year earlier. 
    The insurance and financial services group said many of its
business units benefited from increased investment income due to
high interest rates, driving operating profit 31% higher to 3.6
billion rand ($209.1 million).
    Like other South African insurers, Momentum has gained from
higher interest rates, which provide better returns on
investment of premiums collected from clients.
    The group declared a final dividend of 65 cents per share,
taking the total payout for the year to 125 cents per share.
($1 = 17.2187 rand)

 (Reporting by Sfundo Parakozov; editing by Nelson Banya and
Toby Chopra)
 ((Sfundo.Parakozov@thomsonreuters.com;))