Scope of the report

Our 2016 integrated report provides a comprehensive overview of the activities of MMI as well as financial and non-financial performance for the 12 months from 1 July 2015 to 30 June 2016. The report also gives a detailed overview of the group’s client-centric operating model, its strategy and all financial and non-financial matters that are considered to be material.

Material matters

In determining the content to be included in this report, we consider what the impact will be on value creation for our stakeholders over the short, medium and long term. We regard an issue to be material when it impacts our ability to achieve our strategy and developments that will influence an assessment of MMI’s performance. We also consider factors that affect the economic growth and social development of the countries we operate in.

MMI regards the following as material to the group:

  • The successful execution of the group’s client-centric strategy of which the focus areas are:
    • client centricity
    • growth
    • excellence.
  • Channel growth across all segments.
  • Value creation to unlock Financial Wellness through Client Engagement Solutions.
  • Group-wide expense optimisation project.
  • Significant progress with geographical diversification into India and the UK.
  • Streamlining portfolio in Africa.
  • Embed the outcomes-based investment philosophy in the Investment and Savings Centre of Excellence.
  • Implementing a turnaround strategy for the group’s health administration businesses.
  • Drive profitability in Momentum Short-term Insurance.
  • Implementing actions to improve underwriting experience.

This is underpinned by our values of accountability, integrity, teamwork, diversity, innovation and excellence.

The capitals

MMI has identified financial capital, intellectual capital, human capital and social capital as imperatives for the successful creation of value for our business and our stakeholders. Although not a major consumer of natural capital, the group acknowledges the role business plays in the protection of natural capital and acts accordingly.

We have not structured the report using the capitals but we have embedded them within the relevant sections of the integrated report.

Reporting framework

The integrated report has been prepared in accordance with the following key frameworks:

From 1 July 2015 MMI embarked on a new segmental reporting view that is aligned with the client-centric goals of the group. The segmental report has been disclosed on this new internal structure and the prior periods have been restated. The new segmental reporting had no impact on the current or prior year reported earnings, diluted earnings or headline earnings per share, or on the net asset value or net cash flow.


The non-financial content of this report was prepared by management and approved by the MMI board through its relevant committees. PricewaterhouseCoopers Inc. have audited the consolidated and separate annual financial statements and expressed an unmodified opinion for the year ended 30 June 2016. External assurance of non-financial matters has been limited to our broad-based black economic empowerment (B-BBEE) scorecard, verified by accredited ratings agency NERA, and our carbon footprint, verified by Global Carbon Exchange. Refer to our transformation review.

Refer to the certificates in respect of our B-BBEE scorecard and our carbon footprint.

Forward-looking statements

Certain statements in this integrated report may be defined as forward-looking within the meaning of the United States Securities Legislation.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that could result in the actual results, performance or achievements of the group being materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward‑looking statements may be identified by words such as expect, believe, anticipate, plan, estimate, intend, project, target, predict, outlook, and words of similar meaning.

Forward-looking statements are not statements of fact but statements by the management of MMI based on current estimates, projections, beliefs, assumptions and expectations regarding the group’s future performance.

No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements.

Forward-looking statements apply only as of the date on which they are made, and MMI does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

Approval by the MMI board of directors

The board acknowledges its responsibility for ensuring the integrity, objectivity, reliability and transparency of the integrated report. In the opinion of the board the integrated report has been prepared in accordance with the IIRC Framework and addresses the material matters and issues and fairly presents the group’s integrated performance.

The Audit Committee of the board has also evaluated the integrated report, prepared from information provided by management and considers the group annual financial statements compliant, in all material respects, with the required legislation and standards.

Nicolaas Kruger

Group chief executive officer

JJ Njeke


MMI online

Sustainability information is available in the sustainability section of the MMI website. You can also find information on our share price performance and other economic data in the investor relations section on the website.

Our registered office is situated at:

268 West Avenue,
South Africa
+27 12 671 8911