Momentum Group says stronger performance from its African operations, including Namibia, helped lift normalised headline earnings in its Africa business by 60% to R304 million during the nine months ended 31 March 2026.
The financial services group said earnings growth was supported by improved investment income, stronger operating profits and favourable economic assumption changes across several regional markets.
“Momentum Africa’s NHE increased 60% to R304 million compared to the prior period, with earnings supported by solid investment income, improved operating profits, and positive economic assumptions changes,” the group said.
Momentum said the Africa segment benefited from higher expected profits in its life insurance businesses in Namibia and Lesotho, while improvements in yield curve movements in Botswana and Namibia also contributed to earnings growth.
Investment income generated from fixed deposits in Botswana further supported performance during the reporting period.
The group noted that the depreciation of the Botswana pula against the South African rand weighed on overall regional results, partially offsetting operational improvements recorded in markets such as Namibia.
New business volumes across the Africa segment also increased significantly.
The present value of new business premiums rose by 49% to R4.03 billion, driven by the acquisition of major group risk schemes in Botswana and Lesotho, annuity growth in Botswana and continued business expansion in Namibia.
“PVNBP grew 49% to R4 032 million, driven by the acquisition of major group risk schemes in Botswana and Lesotho, as well as annuity growth in Botswana,” the group said.
Momentum also reported strong growth in premium inflows across the region, with recurring premiums increasing by 45% and single premiums rising by 52%.
“Total New Business Premiums increased 45% in recurring premiums and 52% in single premiums,” the company said.
At group level, Momentum reported a 15% increase in normalised headline earnings to R5.54 billion, supported by strong performances across its business units and favourable market conditions.
The group said investment markets provided a significant boost to earnings, with South African equities returning 25% during the period and government bonds delivering returns of 12%.
“Overall, financial earnings outperformed best estimate expectations by R411 million, with contributions from yields, credit and basis spreads and equity markets,” the company said.
While Momentum did not disclose country-specific earnings figures for Namibia, it said the local operation benefited from improved life insurance performance and stronger investment returns.
Looking ahead, the group warned that weak economic growth, geopolitical uncertainty and pressure on household incomes continue to weigh on the operating environment across Southern Africa.
Despite these challenges, Momentum said disciplined cost management remains a priority. Operating expenses increased by just 1% during the period, supported by efficiency initiatives that delivered cumulative annualised savings of R641 million.
