Business

Momentum’s major exit after a combined 40 years

Malcolm Libera

 ·17 Sep 2026

Momentum Group has completed a major restructuring of its African operations by exiting Ghana after 19 years and Mozambique after 21 years as it focuses on markets where it sees stronger opportunities.

The exits were disclosed in the group’s annual results for the year ended 30 June 2026, which showed that Momentum had already completed its withdrawal from Ghana and was in the final stages of exiting Mozambique as of the reporting date.

Momentum’s exit from Ghana was completed in September 2025 through its wholly owned subsidiary, Metropolitan International Holdings.

The group sold its entire interests in three businesses, which included Metropolitan Life Insurance Ghana, Metropolitan Pensions Trust Ghana, and its 85% stake in Metropolitan Health Insurance Ghana.

“The sale of 100% of Metropolitan Life Insurance Ghana Ltd, Metropolitan Pensions Trust Ghana Ltd and the Group’s 85% share of Metropolitan Health Insurance Ghana Ltd was concluded on 9 September 2025,” Momentum said.

The transaction brought to an end an almost two-decade presence in the West African country. Momentum entered Ghana in 2006 through a joint venture that established Metropolitan Life Insurance Ghana.

Its operations subsequently expanded to include life insurance, health insurance and pensions under the Metropolitan brand. Momentum said it recognised a R1 million profit on the disposal of its Ghana operations.

However, the transaction also resulted in a R187 million loss being recognised in the income statement following the release of a foreign currency translation reserve.

“The Group has exited its operations in the Ghanaian market,” the company said.

The Ghanaian businesses were ultimately sold to emPLE Insurance Ghana, bringing an end to Momentum’s 19-year involvement in the market.

As of 30 June 2026, Momentum Mozambique Limitada had been classified as a disposal group held for sale following the group’s commitment to sell the business.

Momentum said the disposal met the requirements of IFRS 5, the accounting standard covering assets and operations held for sale.

Strong results

It added that the estimated fair value of the business, less the costs of selling it, was higher than its carrying value.

“The fair value less costs to sell is greater than the carrying amount of the disposal group, therefore no impairment loss has been recognised on the classification of the disposal group as held for sale,” Momentum said.

The Mozambican exit was completed after the financial year-end, with the sale of Momentum Mozambique Limitada concluded on 31 August 2026.

The business had been operating in Mozambique since 2005, when it was initially established as a healthcare management solution.

Over the following 21 years, it expanded its activities and became focused heavily on premium health insurance and medical solutions.

The two exits formed part of Momentum’s broader restructuring of its geographic footprint under its Momentum Africa segment.

The changes came as Momentum reported stronger overall financial results for the 2026 financial year. 

Normalised headline earnings increased by 13% to R7.06 billion, from R6.26 billion a year earlier, while normalised headline earnings per share rose 18% to 530 cents. Basic earnings per share increased by 16% to 516.2 cents.

The improved performance also allowed Momentum to increase its ordinary dividend substantially. 

The board declared a final dividend of 120 cents per share, taking the total dividend for the year to 230 cents per share, up 31% from 175 cents in 2025.

Momentum also updated its dividend policy to target an ordinary dividend payout of 50% of normalised headline earnings, within a range of 40% to 60%.

“The Group will consider share buybacks or special dividends to distribute surplus capital,” it said.

Metropolitan Life increased earnings by 32% to R1.148 billion, while Guardrisk grew earnings by 26% to R1.04 billion. Momentum Investments increased earnings by 24% to R1.19 billion.

Its Indian healthcare venture, Aditya Birla Health Insurance, also moved into profitability at a normalised headline earnings level, contributing R22 million compared with a R67 million loss in the previous year.