Momentum Group Limited · JSE:MTM
Momentum — FY2026 Earnings Presentation
62 slides from Momentum's earnings presentation, September 2026
Slide 1: Momentum Group delivers promised R7bn - a year ahead of target
Momentum Group delivers promised R7bn - a year ahead of target F2026 Jeanette Marais 1
Slide 2: Key financial results, Business unit highlights, Closing
Key financial results Business unit highlights Closing 2
Slide 3: Normalised headline earnings
Key financial results Normalised headline earnings R’million +13% Record growth continued 7 060 Delivered R7bn a year ahead of target 6 260 Double the earnings achieved in F23 Stronger operational performance 4 438 across most business units 3 491 Quality of earnings improved year-on-year, with fewe
Slide 4: Value of new business
Key financial results Value of new business R’million +5% Remains a focus area 600 589 Improvement in VNB seen in all 491 businesses but one 469 Momentum Investments: Improved margins and higher volumes in Wealth moderated by lower demand for guaranteed annuities Focus on quality and profitability o
Slide 5: Sales
Key financial results Sales R’billion +18% Sales growth exceeded expectations 93.8 Africa: Delivered strongest increase at 45% 82.1 79.8 Momentum Corporate: 38% increase due to 68.9 FundsAtWork, living annuity and single premium structured investments Momentum Investments: Increased by 16%, with Wea
Slide 6: Dividend per share
Key financial results Dividend per share +31% Cents Strong dividend growth 230 Final dividend of 120 cents brings full-year dividend to 230 cents 175 Excellent year-on-year growth at 31% Growth underpinned by strong capital 120 125 position 100 Dividend payment remains at the lower end of the divide
Slide 7: Return on equity
Key financial results Return on equity % +0.5 Remains ahead of target ROE increased further to 21.7% driven 21.2 21.7 by strong earnings ROE already ahead of F27 target 15.5 Of the highest in the industry 12.7 F23 F24 F25 F26 7
Slide 8: Key financial results, Business unit highlights, Closing
Key financial results Business unit highlights Closing 8
Slide 9: The ROI of doing human
Business unit highlights The ROI of doing human Unleashed exponential growth Defined purpose, developed Impact strategy, articulated culture behaviours Purpose Purpose, strategy and culture all focus on people. A massive, integrated systemic change which ignited exponential improvement in results In
Slide 10: Metropolitan
Metropolitan
Slide 11: A fundamental shift in Metropolitan
Business unit highlights A fundamental shift in Metropolitan 5-point plan to unlock full potential Multi-year digital transformation Strategic clarity of focus, alignment on execution and Migration from legacy systems, expanded automation, visibly tracked progress digital self-service Product commer
Slide 12: Momentum Investments
momentum group . Momentum Investments. a — AP
Slide 13: Momentum Investments – a more connected business
Business unit highlights Momentum Investments – a more connected business More aligned and connected business Collaboration and vertical integration unlock value From a broad but fragmented portfolio into an aligned Stronger collaboration with channels improved sales and connected business through f
Slide 14: Guardrisk
momentum group Guardrisk —— °
Slide 15: Guardrisk strengthened by Group support
Business unit highlights Guardrisk strengthened by Group support Entrepreneurial strength, enabled by Group support Deliberately diversified earnings Strong entrepreneurial business, supported by the financial Across revenue sources, clients, industries, strength and capital backing of the Group cha
Slide 16: Guardrisk performance reflected in value
Business unit highlights Guardrisk performance reflected in value Power of a strong supporting Group 18.9% IRR achieved R9.2bn Valuation from R1.6bn to R9.2bn in 12 years Repaid purchase price through dividends in 10 years Guardrisk’s journey demonstrates what is possible when a strong and supportiv
Slide 17: Themes of success
Business unit highlights Themes of success Clear strategic focus and Created a broader, more excellent execution resilient earnings base Collaboration and Capital allocation to connected capabilities Different journeys, create growth same outcome Autonomy of businesses Courage to make difficult with
Slide 18: Key financial results, Business unit highlights, Closing
Key financial results Business unit highlights Closing 18
Slide 19: Fantastic progress, remaining focused on lagging milestones
Closing Fantastic progress, remaining focused on lagging milestones 1 Reaching the ‘unreasonable’ earnings target a year early 2 Purpose, strategy and culture coming together to create magic 3 Connected federation collaborates for success 4 Focus on our clients is starting to bear fruit 5 Thank you
Slide 20: Financial Results
Financial Results Risto Ketola Financial overview Key financial measures Core life operations Non-life operations Capital management Other topical matters Conclusion
Slide 21: Key financial measures
Financial overview Key financial measures Normalised headline Normalised headline Total dividend per Return on earnings earnings per share share equity R’million cents cents % +13% +18% +31% 0.5 530 21.2 21.7 7 060 230 6 260 451 175 F25 F26 F25 F26 F25 F26 F25 F26 F25 F26 21
Slide 22: Key financial measures
Financial overview Key financial measures Diluted embedded Present value of Value of New business value per share new business premiums new business margin Rands R’million R’million % +19% +18% +5% -0.1 93 800 50.60 491 79 793 469 42.51 0.6 0.5 F25 F26 F25 F26 F25 F26 F25 F26 F25 F26 22
Slide 23: Strong growth in EV per share
Financial overview Strong growth in EV per share Momentum Group Solid growth in EV per share 5-year RoEV: 16% p.a. Strong growth lifted EV per share 50.60 above R50 42.51 5-year Growth was supported by strong 16.47 RoEV: operating performance and 36.94 13% p.a. favourable experience 33.75 13.08 29.7
Slide 24: Drivers of non-covered EV growth
Financial overview Drivers of non-covered EV growth R’million 5-year CAGR: 17% 5-year CAGR: 2% 5-year CAGR: 20% 5-year CAGR: 9% 9 195 6 771 5 841 4 683 4 756 4 146 3 998 3 775 2 932 3 053 2 674 2 559 2 582 2 428 2 594 2 296 2 163 2 011 1 952 1 719 1 804 1 520 1 480 1 246 Guardrisk Momentum Momentum
Slide 25: MML and Momentum Group solvency ratio
Financial overview MML and Momentum Group solvency ratio SCR cover ratio movement Robust SCR cover ratio 2.0 1.96 1.92 Year-end solvency remains robust, despite volatility during the year 1.64 1.65 SCR cover ratios improved 1.6 1.58 strongly in 2HF26, following 1.50 capital optimisation and strong e
Slide 26: Core life operations
momentum group a , . @ Core life "et ations ha
Slide 27: Normalised headline earnings
Core life operations Normalised headline earnings R’million -26% +24% +32% -12% +79% 1 618 1 417 1 356 1 190 1 148 1 007 963 868 387 216 Momentum Momentum Metropolitan Momentum Momentum Retail Investments Life Corporate Africa F25 F26 27
Slide 28: Momentum Retail
Core life operations Momentum Retail Normalised headline earnings (R’million) -26% Solid operational performance 1 356 Improved operating variance, driven primarily 1 007 by stronger persistency and mortality 46 experience Market variance negative due to significant decline in long-term yields 1 310
Slide 29: Momentum Investments
Core life operations Momentum Investments Normalised headline earnings (R’million) +24% Strong market growth Strong AUM growth results in increased earnings from asset management and Wealth 1 190 131 Continued positive longevity experience within 963 the life annuity book 198 Good investment perform
Slide 30: Metropolitan Life
Core life operations Metropolitan Life Normalised headline earnings (R’million) +32% Positive trajectory Improved quality of new business and lower distribution overheads beneficial to both 1 148 earnings and VNB 178 868 Favourable persistency, mortality and morbidity experience variances 119 Perfor
Slide 31: Momentum Corporate
Core life operations Momentum Corporate Normalised headline earnings (R’million) -12% Robust earnings continue 1 618 229 1 417 Underwriting results continue to be strong, 149 year-on-year movement affected by lower IBNR release in the current year Earnings further aided by higher profits on balance
Slide 32: Momentum Africa
Core life operations Momentum Africa Normalised headline earnings (R’million) +79% Refocus on life business Namibia’s result was disproportionately impacted by the R60 million global minimum tax charge Botswana benefited from improved persistency experience Lesotho’s turnaround was supported by 387
Slide 33: Improvement in onerous contracts
Core life operations Improvement in onerous contracts R’million +39% 570 349 185 192 191 109 82 59 49 25 23 4 Momentum Momentum Metropolitan Momentum Momentum Momentum Retail Investments Life Corporate Africa Group F25 F26 33
Slide 34: New business volumes
Core life operations New business volumes Present value of new business premiums (PVNBP) R’billion Sales force 93.8 -13% -33% 82.1 79.8 57.4 48.5 49.3 15.4 16.2 8.5 8.7 9.4 11.7 6.9 6.5 5.6 5.2 2.8 3.6 +3% +8% +2% +16% -6% -14% -24% +38% +27% +45% -3% +18% Momentum Momentum Metropolitan Momentum Mom
Slide 35: Value of new business
Core life operations Value of new business R’million 744 589 509 491 469 357 98 45 60 22 (13) (7) (21) (17) (41) (51) (50) (86) Momentum Momentum Metropolitan Momentum Momentum Total Retail Investments Life Corporate Africa VNB F24 F25 F26 35
Slide 36: Non-life operations
Non-life operations 36
Slide 37: Normalised headline earnings
Non-life operations Normalised headline earnings R’million +26% +8% +15% >100% >100% 1 040 823 438 474 367 319 22 8 (67) (274) Guardrisk Momentum Momentum India Shareholders Insure Health 37 F25 F26
Slide 38: Guardrisk
Non-life operations Guardrisk Normalised headline earnings (R’million) +26% Consistently delivers growth 1 040 Strong underwriting results (+53%) driven by commercial and corporate property, motor 823 insurance, medical gap cover and life insurance Good fee income growth (+11%) despite the loss of a
Slide 39: Momentum Insure
Non-life operations Momentum Insure Normalised headline earnings (R’million) +8% Strong underwriting profits Excellent claims ratio (47% vs 51% previously) reflecting sustained underwriting discipline while absorbing higher severe weather claims Expense ratio increased from 39% to 41%, with costs co
Slide 40: Momentum Health
Non-life operations Momentum Health Normalised headline earnings (R’million) +15% Growing membership Strong earnings supported by revenue growth, favourable capitation margins and disciplined cost management 15% earnings growth includes absorption of initial Bonitas implementation costs 367 319 27%
Slide 41: India
Non-life operations India Normalised headline earnings (R’million) >100% Focus on sales growth Strong growth continued, driven by a 21% uplift in GWP (39% in local currency) Combined ratio improved from 105% to 103% driven by scale benefits Claims ratio has increased from 71% to 76% due to higher ut
Slide 42: Shareholders
Non-life operations Shareholders Normalised headline earnings (R’million) >100% Reduction in shareholder expenses Shareholder expenses down sharply due to non-recurrence of consultancy fees in F25 Incentive expenses decreased in the current year, reflecting lower share price returns Reduction in yea
Slide 43: Financial overview, Capital management, Other topical matters
Financial overview Capital management Other topical matters Conclusion
Slide 44: MML and Momentum Group solvency ratio
Capital management MML and Momentum Group solvency ratio SCR cover ratio movement Robust SCR cover ratio 2.0 Year-end solvency remains 1.96 1.92 robust, despite volatility during the year SCR cover ratios improved 1.64 1.65 strongly in 2HF26, following 1.6 1.58 capital optimisation and strong 1.50 e
Slide 45: Significant decline in yields
Capital management Significant decline in yields Nominal spot yield curve New inflation target 16% Nominal yields fell 14% substantially across all durations 12% The movement was most 10% pronounced at durations 349bps 121bps beyond the 10-year point 8% 320bps 206bps Lower yields support asset 6% va
Slide 46: MML solvency
Capital management MML solvency R’billion SCR history SCR optimisation Ceteris paribus, SCR increased by R3.9 billion from F25, 21.9 reflecting the significant 19.2 decline in yield curves 18.0 16.1 SCR only increased by 15.2 R1.2 billion due to proactive management actions. Key actions include: Rei
Slide 47: High-quality liquid asset attribution
Capital management High-quality liquid asset attribution R’million Surplus capital 21 567 21 567 Required capital is our view of 2 567 how many high quality assets 2 967 we need to hold to remain well 17 461 capitalised through a severe 3 000 2 861 but plausible stress scenario 3 000 -14% It is indi
Slide 48: Cash generation
Capital management Cash generation R’million F24 F25 F26 SA Life businesses 2 461 3 273 2 183 Guardrisk 417 411 607 Momentum Insure - 575 480 Momentum Investments 277 347 257 Momentum Africa (155) 377 240 Momentum Health 178 213 223 Other - 50 - Dividend inflow to Momentum Group 3 178 5 246 3 990 In
Slide 49: Shareholder value unlock
Capital management Shareholder value unlock Final dividend payout ratio EV uplift from share buybacks 43% of F26 NHE Cents 120 110 # of shares Tranche EV bought Value R’million acquired value back created 90 F23 73 1 250 2 210 960 85 70 F24 48 1 000 1 701 701 65 60 F25 62 2 000 2 534 534 50 F26 27 1
Slide 50: Momentum remains a high ROE business
Capital management Momentum remains a high ROE business 60% - 65% Return on equity (%) Metropolitan Life 35% - 40% 30% - 35% Momentum Corporate Momentum Health Guardrisk Momentum 20% - 25% Investments Momentum Momentum Retail Insure 5% - 10% Momentum 0% - 5% Africa 0% - 5% Shareholders India 1 800 3
Slide 51: Financial overview, Capital management, Other topical matters
Financial overview Capital management Other topical matters Conclusion
Slide 52: Performance optimisation
Other topical matters Performance optimisation R’million +54 +25 +79 Actively working on R1bn target 231 Core platforms from on-prem to cloud Corporate health scheme consolidations Tablet and mobile device management in Metropolitan Wealth digitisation and operating model 452 300 New banked savings
Slide 53: Financial overview, Capital management, Other topical matters
Financial overview Capital management Other topical matters Conclusion
Slide 54: In conclusion
Conclusion In conclusion 1 FD highlights – excellent EV growth and improvement in solvency metrics 2 Earnings remain ahead of original targets... with quality improving 3 Liquidity and market risk management remains world-class (IMO) 4 Profitable growth remains area of intense focus 5 Congratulation
Slide 55: Appendix
Appendix The information in this results announcement and any non-IFRS financial measures (which are presented for additional information purposes only), is the responsibility of the directors and, has not been reviewed and reported on by Momentum Group’s external auditors. 55
Slide 56: IFRS 17 and IFRS 9 earnings
Appendix IFRS 17 and IFRS 9 earnings IFRS 17 IFRS 9 R’million F25 F26 Δ F25 F26 Δ New business (567) (385) 32% (356) (383) (7)% Existing business 4 483 4 132 (8)% 682 742 9% Expected profit 3 284 3 488 6% 680 764 12% Operating experience variances 408 303 (26)% (13) 36 >100% Operating assumption cha
Slide 57: Composite margin
Appendix Composite margin R’billion +5% 1.3 (3.6) 2.4 25.7 24.4 1.1 11.2 Momentum Retail 10.9 Momentum Investments Metropolitan Life Momentum Corporate 5.2 Momentum Africa 4.7 5.9 5.7 1.1 1.3 2.0 2.0 June 2025 New Expected Change in Release June 2026 business growth estimates 57
Slide 58: EV operating experience variance
Core life operations EV operating experience variance R’million F26 463 397 301 223 165 146 109 61 74 64 49 55 43 30 26 33 14 4 (29) (20) (28) (43) (73) (111) Mortality and Persistency and Expense Other Total operating Morbidity Alterations variance (209) variances Momentum Momentum Metropolitan Mom
Slide 59: New business CSM to VNB
Appendix New business CSM to VNB R’million 845 150 (201) (501) 209 (86) 491 74 New business Onerous Loss recovery IFRS 17 out IFRS 9 Tax Cost of capital VNB CSM contracts component of standard business (LoRC) cash flows 59
Slide 60: New business margin
Appendix New business margin New business margin (%) 1.5 1.0 1.0 1.1 0.6 0.7 0.5 0.6 0.5 0.1 (0.0) (0.2) (0.4) (0.3) (0.6) (0.6) (1.0) (1.8) Momentum Momentum Metropolitan Momentum Momentum Momentum Retail Investments Life Corporate Africa Group F24 F25 F26 60
Slide 61: F26 returns on major asset classes
Capital management F26 returns on major asset classes Asset return performance Strong market performance 20.8% 21.1% Good performance relative to long-term actuarial assumptions 13.5% Local equity and bond 11.7% 11.7% 11.9% market performance 10.4% contributed to 9.4% positive investment 7.6% 7.1% v
Slide 62: Thank you
Thank you 62