Momentum Group has demonstrated resilience and growth in its Q3 operating update for the nine months ended 31 March 2026, navigating a period marked by persistent market turbulence and economic uncertainty.
The group delivered a 20% increase in headline earnings per share to 414 cents, while earnings per share grew by 17% to 401 cents. Normalised headline earnings for the period reached R5 540 million, representing a 15% increase. This growth was bolstered by a 15% rise in new business volumes, which was primarily supported by strong contributions from the Momentum Metropolitan Life and Momentum Corporate business units.
Operational discipline remained a core pillar of the group's performance, as evidenced by a limited 1% increase in total group operating expenses despite prevailing inflationary pressures. Furthermore, the group maintained a robust capital position, ending the period with a shareholder capital solvency cover ratio of 209%.
As part of its ongoing capital management strategy, the group finalised a R1.5 billion share buyback program by 8 April 2026, which involved the repurchase of 27 million shares.
Performance by business unit
Momentum Retail
Momentum Retail saw its normalised headline earnings rise to R973 million compared to the prior period. Increased revenue on long-term savings business and improved persistency and expense variance contributions were partially offset by unfavourable yield movements.
Momentum Investments
Momentum Investments experienced a rise in normalised headline earnings to R992 million. This growth was supported by the annuity book and fewer onerous contracts following design changes on the back-to-back solution.
Momentum Metropolitan Life
Metropolitan Life delivered a strong performance with normalised headline earnings rising 21% to R767 million compared to the prior period, driven by higher new business volumes and improved persistency.
Momentum Corporate
Momentum Corporate reported normalised headline earnings of R1 136 million. The unit benefited from a 20% increase in new business volumes on the Momentum Wealth platform.
Momentum Africa and Guardrisk
Momentum Africa normalised headline earnings increased by 60% to R304 million, supported by solid investment income. Guardrisk saw its normalised headline earnings grow to R693 million, bolstered by strong growth in client management fees and higher investment income.
Momentum Insure and Momentum Health
Momentum Insure delivered normalised headline earnings of R366 million, with the performance primarily driven by a disciplined underwriting result. Momentum Health normalised headline earnings grew by 14% to R343 million, supported by membership gains.
Momentum India
Momentum India improved its profit to R3 million from a loss of R42 million in the prior period, driven by expansion across both retail and group channels.