Financial services group MMI Holdings said on Tuesday its third quarter financial results reflected good progress, with its ‘Reset and Grow’ strategy announced last September.
MMI Holdings, which is listed on the Johannesburg Stock Exchange, said diluted normalised headline earnings per share increased by 26 percent compared with the prior period, marginally better than expectations.
“This increase should be viewed in the context of poor results for the comparative prior period, but would not have been possible without efficiency improvements as well as appropriate investments in strategies for future growth,” it said.
“MMI remains cautiously confident that the group is on track to achieve the three-year financial targets set for 2021, namely to deliver normalised headline earnings between R3.6 billion and R4.0 billion.”
The company said its current emphasis on financial discipline and improving client service was starting to have a positive impact.
The operating environment however remained difficult both in South Africa and the rest of the continent.
Although normalised headline earnings for the final quarter were expected to be lower than the run-rate as seen in the first nine months, MMI said it was confident normalised headline earnings would be in line with the ‘Reset and Grow’ targets for 2019.
“MMI also expects new business volumes to be broadly similar as those seen for the first nine months, once adjusted for the single large annuity contract written in 1Q (first quarter) 2019,” it added.
– African News Agency (ANA)