{"id":80912,"date":"2024-11-21T16:05:00","date_gmt":"2024-11-21T16:05:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/momentum-earn-good-returns-in-namibia"},"modified":"2024-11-21T16:05:00","modified_gmt":"2024-11-21T16:05:00","slug":"momentum-earn-good-returns-in-namibia","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/momentum-earn-good-returns-in-namibia","title":{"rendered":"Momentum earn good returns in Namibia"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Momentum Group\u2019s Africa\u2019s earnings largely benefited from a lower claims ratio and favourable investment income on the back of good returns on shareholder assets, predominantly in Namibia, the group said in an operating update for the three months ended 30 September.<\/p>\n

The group claimed that rising costs partially offset this result.<\/p>\n

Africa\u2019s mortality experience remained in line with expectations for most countries, the group said.<\/p>\n

The present value of new business premiums (PVNBP) improved by 25% to N$870 million, largely following higher retail sales in Namibia and Botswana and higher corporate sales in Lesotho, the operating update said.<\/p>\n

\u201cThis was partly offset by a decline in retail sales in Lesotho and lower corporate sales in Botswana and Namibia. Although negative N$9 million, the Value of New Business (VNB) improved and was mainly supported by higher VNB in Lesotho, partially offset by a decline in Namibia\u2019s VNB, while Botswana remained flat,\u201d the group said.<\/p>\n

The group\u2019s operational performance was supported by the satisfactory new business performance of most business units.<\/p>\n

From an earnings perspective, most business units continued to deliver encouraging results. Momentum said favourable moves in key economic indicators are starting to reflect in its business experience.<\/p>\n

However, it said it is too soon to indicate a significant change.<\/p>\n

The group\u2019s sales, as measured by the PVNBP, increased by 5% to N$20.7 billion on a year-on-year basis.<\/p>\n

\u201cThis was supported by continued growth in life annuities and new business volumes from Momentum Investments. Africa\u2019s PVNBP improved by 25%, following good retail sales growth in Namibia and Botswana and higher corporate sales in Lesotho,\u201d the group said.<\/p>\n

Assets under administration (AUA) across the Momentum Wealth Investment Platform improved by 17% to N$280 billion on the back of positive net flows and favorable market performance over the period.<\/p>\n

Momentum also reported an improvement in the assets under management and administration in both multi-manager and single-manager asset management businesses, which was bolstered by strong growth on the local institutional platform.<\/p>\n

The group reported that growth in fee income from membership growth, primarily from lower-margin products, and an increase in interest income boosted Health\u2019s earnings.<\/p>\n

Momentum Insure saw encouraging earnings performance for the quarter, benefiting from an improved combined ratio and higher investment income. The claims ratio continued to improve, coming in below the business\u2019s long-term target range of 58% to 62%.<\/p>\n

\u201cThis strong performance was primarily driven by the ongoing positive effect of premium increases outpacing claims inflation, strategic underwriting actions implemented in the 2024 financial year to address higher claims frequencies, and a better-than-expected weather claims experience,\u201d the group said.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Momentum Group\u2019s Africa\u2019s earnings largely benefited from a lower claims ratio and favourable investment income on the back of good returns on shareholder assets, predominantly in Namibia, the group said in an operating update for the three months ended 30 September. The group claimed that rising costs partially offset this result. […]<\/p>\n","protected":false},"author":84,"featured_media":80911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-80912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nMomentum earn good returns in Namibia - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/momentum-earn-good-returns-in-namibia\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Momentum earn good returns in Namibia\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. The Momentum Group\u2019s Africa\u2019s earnings largely benefited from a lower claims ratio and favourable investment income on the back of good returns on shareholder assets, predominantly in Namibia, the group said in an operating update for the three months ended 30 September. The group claimed that rising costs partially offset this result. 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