Chief executive:
Momentum Retail


Momentum Retail provides innovative Financial Wellness solutions to the middle, upper and high net worth segments. This is underpinned by appropriate financial planning and advice.


We intimately understand
our client needs and

We conduct client research and gain insights through a state-of-the-art consumer behaviour laboratory, coupled with direct feedback from our clients on their experience.

Momentum Retail builds
suitable client value
propositions to address
client needs



Savings and



An omni-channel
approach, where clients
interact through their
channel of choice

Tied financial

8 000+
financial advisors

Momentum Consult

Digital agents

Momentum Retail aspires
to achieve the following
client goals

  • Financially well clients.
  • Superior customer experience.
  • Regular client engagement through Multiply.


Mix of business
  • We continue to grow our market share in the risk category through our market-leading Myriad product.
  • In the current tough economic environment, we have seen a shift from recurring savings solutions, however experienced pleasing growth with single premium investments, particularly guaranteed products.
Multiply take‑up
  • Multiply, as our client engagement platform, has enjoyed greater traction, encouraging clients to engage in activities that enhance their Financial Wellness. Advisors have contributed to increased sales to new clients at new business stage.
  • Clients who engage with Multiply have significantly higher lifetime client value, longer tenure, and cross-product holding than the average Momentum Retail client.
pricing and claims
  • We are comfortable that underwriting, pricing and claims management are effective as we have seen our underwriting results normalising from a downward trend. Our health morbidity profits remain healthy.
  • Our short-term insurance claims ratio has improved materially since April, with enhanced access to data and continued refinements in pricing models.

Growth in Multiply sales

Short-term insurance: Key ratios improving (%)

Momentum Health membership growth

Net promoter score (%)


Effectively penetrate
the South African
Middle Market
  • Momentum Retail, together with Metropolitan Retail, is in the process of leveraging existing value proposition development and channel capabilities to serve the middle-income market. Momentum Retail’s digital channel has proven to be successful accessing the more affluent sub-segment of this market.
Build a diversified
distribution capability
  • Our distribution capabilities – independent financial advisors, tied agents and Momentum Consult franchise owners – are showing good growth, with increasing support seen from our independent channels.
  • Call centres are growing their sales contribution, delivering 50% of Personal Lines short-term insurance new business and 25% of individual health new business.
  • In line with international trends, new capabilities will be developed to enable consumers to access information, advice and purchase and receive service on our solutions through mobile and web-based channels.
Strengthen wealth
management solutions and capabilities
  • Our outcomes-based investment strategy has created an opportunity to develop bespoke investment solutions for clients. This will support increased flows through our tied agency and independent investment advisors. As seen with growth in our guaranteed investment products, we aim to improve support for all our in-house investment solutions.
Align the client and financial advisor interaction to our client-centric strategy
  • Appointed a head of Client and Advisor Interactions and have seen good progress being made in developing the new interaction model for clients and advisors that will ensure consistent and excellent experience across product lines.


Chief executive:
Metropolitan Retail


Metropolitan Retail focuses on the South African emerging and middle market. The segment aims to improve the Financial Wellness of its clients through empowerment and education.


We have been recognised
as a market leader in this

Metropolitan has a strong and trusted brand in the emerging and middle markets. The business has a large distribution and service footprint.

Our aim is to address
client life goals through
cost-effective and simple





The preferred advice and
service channels remain
face-to-face driven

4 804
Employed financial


Metropolitan Retail serves
multiple stakeholders and
their goals

  • Enabling clients to plan and achieve their life goals.
  • Advisors to have a meaningful, purpose- driven and progressive career.
  • Deliver shareholder value through translating the levers of VNB into channel performance measures.

 Profit drivers

Profitable lines
of business
  • Our funeral products continue to be well-received and supported by the market.
  • Our clients exhibit an increased interest in discretionary and retirement savings, followed by innovative single premium solutions for income needs.
  • Over the past 18 months, Metropolitan Retail has embarked on a bold initiative to completely redesign the channel model to align to the client-centric model.
  • A 70% improvement was seen in agent productivity with the last quarter of the financial year achieving 27% growth compared to the 2015 fourth quarter.
Effective operations
  • Excellent expense management enables Metropolitan Retail to sustainably provide affordable solutions to clients.
  • Key measures show improvement in our premium collection rate, indicating our good experience in managing our persistency risk well.
  • Through our paperless process and life event management services, we provide a seamless and compassionate claims experience to our clients.

We have bolstered our agency workforce since the change in our remuneration model, with increased productivity.

Our commitment to client centricity is bearing fruit, with Metropolitan being recognised for its client experience.

Quarterly % growth in APE F2016 v F2015

Metropolitan’s philosophy is seeing people not policies


New generation client value proposition
  • A new advice methodology has been rolled out that leverages our new channel operating model and ensures advisors engage their clients regularly on updating their financial plan.
  • We have plans to provide our client base with access to a wellness and rewards solution, through Multiply Starter.
Channel optimisation
  • Since the redesign of the channel remuneration model, advisor productivity improved by 80% and sales grew by more than 20% since January 2016.
  • A similar performance-based remuneration model is being implemented in the call centre to drive productivity.
  • Our next focus is on supplementing our engagement solutions through mobile and cellular technologies, thus leveraging on human and digital points of contact in an omni-channel architecture.
Migration from Legacy
  • Migration to new generation systems for our products progressed well. In the last half of 2017, we will launch a new generation version for our new products and some of our core products.
  • Clients will have the option of selecting whether they require advice or buy on their own through self-help on this omni-channel platform.
  • The migration initiative has direct financial benefit for MMI’s expense optimisation project target.


Chief executive: Corporate and Public Sector
and Guardrisk

corporate and
public sector

The Corporate and Public Sector segment combines client insights and product and solutions capabilities to design holistic client value propositions for its institutional clients.


We segment
our institutional
clients using multi-
dimensional metrics

Medium to large corporates

Affinity groups

Labour unions

Public Sector institutions

Comprehensive offerings include best practice
advice, integrated products
and solutions

Retirement (umbrella and free-
standing fund administration)

Investment and annuity

Life and short-term

Alternative asset risk transfer
arrangements (eg cell captives)

Medical scheme benefits and
closed scheme administration

Health and wellness to employers
and employees

Corporate Income Statement
and Balance Sheet

Our growth story is in
our Guardrisk business,
and we aim to grow our
other channels



Digital portals
(employers, trustees,
members, etc)

Direct engagement
including key account
management and
strategic alliances

We measure our success
based on how we impact
our clients’ Financial
Wellness in three areas

  • Growing their profitability.
  • Protecting their asset base.
  • Enhancing their sustainability.

To evaluate our success,
we build tools to quantify
our performance in
improving client
Financial Wellness.

 Profit drivers

Affinity business
  • Our affinity capabilities have resulted in new business growing at 96% over the prior year for the segment.
  • Capitec, Bayport and Homechoice are all clients of MMI and we believe there are further opportunities in this part of the market.
  • Guardrisk, our vehicle for affinity has generated attractive returns for shareholders.
Effective underwriting
pricing and claims
  • Our group life and disability products have shown a high correlation to economic conditions.
  • The segment’s core headline earnings – down 28% compared to the prior year – were affected significantly by a negative group disability underwriting experience.
  • To address this loss, we have reviewed premium rates at renewal for loss-making schemes, to bring premiums to a fair level.
  • We also continue to upskill assessors and drive improvements in our claims processes.
Diversified health business
  • Our intent to diversify the health business is working well, with good traction in Wellness and Occupational Health.
  • MMI’s low cost value proposition is the fastest growing and has the highest market share.
  • We are repositioning the health administration business closed schemes to improve profitability of the business.

MMI acquired the Guardrisk business in 2014 and has experienced steady growth in embedded value.

Our Corporate and Public Sector mortality and morbidity experience follows similar patterns to the industry for 2016.

We deliver our client value proposition through four primary brands

MMI also trades in the health sector using product brands that are well-recognised in the healthcare industry


intermediary model
  • We have segmented intermediaries across the broad range of licenses to ensure optimal service levels.
  • Through the key account management team, we will deepen industry and sector insights about the institutions that we serve, so we focus on the strategic effect on the Financial Wellness of the organisations and their employees.
  • We have implemented a dedicated broker engagement programme.
Enhance our client
value propositions
to drive long-term
relationships with
  • We have developed a number of new customer value propositions for the segments we serve, informed by enhanced insights into client needs.
  • Multiply, our client engagement solution, has been effectively embedded into our client base.
  • A new digital solution called Workplace Living Services has been piloted to provide interactive services to employees thereby improving the client experience.
  • The segment recently launched the Unisa/MMI Holdings Consumer Financial Wellness Index, one of a series of indices/tools we are developing to give clients a better understanding of the drivers of corporate Financial Wellness and productivity.
Deliver a consistent
and excellent client
  • We have refined our operating structure and aligned our capabilities to improve execution.
  • We commenced with a project to achieve a single client view in order to enhance the client experience.


Chief executive: International
– Africa and India


MMI’s International business operates in the rest of Africa, India and the United Kingdom. Our global expansion strategy is centred around identifying unmet client needs in
certain segments of targeted countries.


MMI operates in 15 countries outside South Africa, accounting for 4% of new business sales

South Region:

Namibia, Botswana, Mozambique,
Lesotho and Swaziland

East Region:

Tanzania, Zambia, Kenya and Malawi

West Region:

Nigeria and Ghana


India and United Kingdom

The segment aims to execute
MMI’s global expansion strategy
through multiple offerings

Risk, savings and investment

Retirement Fund

Short-term insurance

Asset Management

Health insurance and

Multiply engagement
solutions (in India only)

Each country warrants a different
distribution model and operating

Tied agents in Kenya and Namibia to drive
Retail Life business.

Large brokerages supporting MMI in driving sales on a Pan-African basis.

Alternative distribution such as the mobile based insurance joint venture with MTN.

Financial technology platforms in our UK business – such as MoneyHub – which enables relevant and superior financial advice to independent advisors.

Profit drivers

Stable earnings through
our diversification
  • The performance of the International business was disappointing with economic factors playing a role in the earnings decline.
  • Earnings reduced in Namibia due to new business strain increasing, and we have seen similar trends in the Southern regions except for Botswana.
New business growth
  • Overall the international segment achieved new business growth volumes of 19%, with healthy sales volume growth seen in the life insurance and health insurance businesses in the Southern African Development Community region (SADC).
Performance driven regional structure
  • Greater capacity and autonomy has been provided to the regional executives in the regions in which we operate.
  • We have bolstered our senior executive team in our operating entities in Africa and India to create strategic and operational capacity aligned to our client-centric goals.
Client retention and claims containment
  • Growth in numbers in health membership was pleasing despite increased competition in some key markets. The negative macro-economic environment has challenged the business’ ability to retain existing clients and there has been an increase in claims.

We will be leveraging joint assets with MTN, relying on MTN’s digital platform, market knowledge and distribution capabilities, coupled with MMI’s product innovation, licences and insurance systems. The joint venture is called aYo.


Successfully implement the Indian joint venture
  • MMI has made good progress in complying with regulatory requirements and executing the health insurance joint venture with Aditya Birla.
  • We aim to combine Aditya Birla’s strong brand, distribution and local knowledge with MMI’s experience in incentivised Financial Wellness which will position us favourably in the Indian health insurance market.
Scale the East and West African operations through organic growth and selective acquisitions
  • A new management team has been recruited to strengthen the talent pool in Kenya and Ghana, creating greater capacity and autonomy within the regions we operate.
  • Segmentation work has been completed in Kenya and Nigeria and recommendations incorporated in key strategic initiatives for each country.
Drive regional hub autonomy and foster collaboration
  • Regional growth forums across southern, eastern and western Africa have been implemented, and countries collaborate across borders on product development, strategy development and solution design.
  • A number of significant appointments were made in the operating entities in Africa and Asia. This was done to create strategic and operational capacity much closer to the client in line with the group’s objective of being client centric.