BRIEF-Momentum Metropolitan Says No Longer Expects To Hit Target Of Normalised Headline Earnings Between R3.6-4.0 Bln In F2021

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BRIEF-Momentum Metropolitan Says No Longer Expects To Hit Target Of Normalised Headline Earnings Between R3.6-4.0 Bln In F2021
Credit: © Reuters.

May 21 (Reuters) - Momentum Metropolitan Holdings Ltd MTMJ.J :

* JSE: MMIG06 - MML02 - OPERATIONAL UPDATE FOR THE NINE MONTHS ENDED 31 MARCH 2020

* MOMENTUM METROPOLITAN HOLDINGS LTD - MOMENTUM METROPOLITAN IS FULLY OPERATIONAL ACROSS ALL ITS BUSINESS UNITS

* MOMENTUM METROPOLITAN HOLDINGS LTD - NEGATIVE PERSISTENCY EXPERIENCE WILL BECOME EVIDENT IN SECOND HALF OF 2020 CALENDAR YEAR

* MOMENTUM METROPOLITAN HOLDINGS LTD - REGULATORY SOLVENCY COVER OF MOMENTUM METROPOLITAN LIFE REDUCED TO 2.0 TIMES SCR AS AT 31 MARCH 2020.

* MOMENTUM METROPOLITAN HOLDINGS LTD - FROM A LIQUIDITY PERSPECTIVE GROUP IS WELL POSITIONED TO DEAL WITH VOLATILITY AND LIQUIDITY STRESSES

* MOMENTUM METROPOLITAN HOLDINGS LTD - AS AT 31 MARCH 2020, NUMBER OF COVID-19 CASES ACROSS MARKETS IN WHICH WE OPERATE WAS STILL LOW

* MOMENTUM METROPOLITAN HOLDINGS - ECONOMIC IMPACT OF PANDEMIC ON CLIENTS HAVE NOT YET MANIFESTED IN RESULTS TO 31 MARCH

* MOMENTUM METROPOLITAN - OVER 9-MONTH PERIOD, BASIC EPS AND BASIC HEADLINE EPS DOWN 44% TO 72.2 CENTS AND 76.9 CENTS RESPECTIVELY

* MOMENTUM METROPOLITAN HOLDINGS LTD - COVID-19 RELATED MORTALITY CLAIMS ARE ALSO A RISK FACTOR THAT COULD IMPACT OUR F2021 RESULTS.

* MOMENTUM - NO LONGER EXPECTS TO ACHIEVE RESET AND GROW TARGET OF DELIVERING NORMALISED HEADLINE EARNINGS OF BETWEEN R3.6 BILLION AND R4.0 BILLION IN F2021

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