Momentum Group Limited · JSE:MTM
Momentum — Non-Deal Roadshow (2025)
27 slides from Momentum's roadshow presentation, 2025
Slide 1: Momentum Group UK Investor Roadshow
Momentum Group UK Investor Roadshow
Slide 2: Agenda
Agenda -—* Who we are
Slide 3: Who we are
Who we are Make people feel Make people feel Make people feel safe and secure prepared healthy • Listed on the JSE and the Namibian Stock PROTECTION BUILDING LONG- HEALTHCARE Exchange with a market capitalisation of • Life insurance and life TERM WEALTH SOLUTIONS > R40 billion (US$2 billion) with 94
Slide 4: Our diversified corporate portfolio
Our diversified corporate portfolio Momentum Momentum Metropolitan Momentum Momentum Africa Guardrisk Health Retail Investments Life Corporate Insure • Savings and • Employee • Non-life • Health • Life & Non-life • Protection • Protection • Cell captives investments benefits insurance administration
Slide 5: Strong outperformance relative to peers
Strong outperformance relative to peers over past 12 months 190 MTM SLM DSY OMU JSE Life Insurance JSE All Share 170 150 Indexed value 130 OPERATING ADDRESS UNDER- MODEL PERFORMANCE 110 90 70 5
Slide 6: Investment case
Investment case Diversified and balanced corporate portfolio spanning across retail and corporate life and investments, short-term insurance and health businesses supports earnings stability. Impact strategy aims to position us as a Strong solvency and liquidity distinctive financial services provid
Slide 7: Shareholder value focus
Shareholder value focus Cents R3.2 billion share buybacks completed 65 70 65 Further R1 billion share buyback programme approved 85 15 60 50 Approximately 10% of shares in issue 35 25 repurchased F2021 F2022 F2023 F2024 H2025 Current dividend pay-out ratio 35% of NHE 7
Slide 8: Impact strategy
International investor roadshow Impact strategy
Slide 9: Impact strategy F2025 – F2027 Strategic objectives
Impact strategy F2025 – F2027 Strategic objectives Design simplified and impactful Unlock the full client experiences potential of our as a foundation businesses for growth Selectively expand Harness synergies our addressable IMPACT of collaboration within our market where we have a right to win TAR
Slide 10: Our differentiators
Our differentiators Improved federated operating model Complimentary, focused business units Agile, focused management Further optimisation potential Strong distribution Why we have a Strong capital deployment discipline RIGHT TO WIN Advice focus, digitally enabled Cautious to spend (e.g bank) Leadi
Slide 11: Advice focus
Advice focus We continue to believe strongly in the importance of ADVICE; an advice-led approach differentiates us. • FACE-TO-FACE advice is here to stay and offers growth opportunities • OWN ADVICE as a brand to outshine competitors (incl. banks) • Leading IFA market share proves our expertise • Ex
Slide 12: Appropriate focus on digital
Myriad digital transformation Appropriate focus on digital Strategic focus areas Key highlights • Transitioned to digital risk selection mechanism Product IFA MARKET • Free digital fitness and health check on mobiles leadership SHARE • Client engagement on proactive health management 2021 • Transfor
Slide 13: Strong capital deployment discipline
Strong capital deployment discipline Capital is a scarce resource that will be allocated on a BEST RISK/RETURN BASIS to businesses. • Fix the businesses that underperform by FIXING UNDERLYING ISSUES (not through large acquisitions) • Execute BOLT-ON ACQUISITIONS that add value to the Group • SYSTEMS
Slide 14: Business unit spotlight
International investor roadshow Business unit spotlight
Slide 15: Business unit spotlight Guardrisk
Business unit spotlight Guardrisk 2019 2024 Earnings Growth (26% CAGR) R207 million R653 million Directors Valuation (54% increase) R 3.7 billion R5.7billion +R2 billion increase Underwriting Profit Underwriting profit Underwriting profit 77% 67% contribution Other 23% Other 33% R184 million R605 mi
Slide 16: India – Industry trend
Business unit spotlight India – Industry trend Growth% Y-o-Y ABHI Gross Written Premium (in Cr) ABHI SAHI Industry FY25 4 941 30.3% 15.9% 9.10% 3 701 Market Share (IRDA) 2 717 FY’24 FY’25 Increase 1 727 1 301 SAHI 11.18% 12.56% +138 bps Industry 3.17% 3.79% +62 bps FY21 FY22 FY23 FY24 FY25 16
Slide 17: Momentum Investments - guaranteed annuities growth and market share
Business unit Momentum Investments - guaranteed annuities spotlight growth and market share 100% 100% 25% 80% 24% 80% 23% 60% 60% Market share 22% Growth rate 40% 40% 21% 20% 20% 20% 0% 0% 19% -20% -20% 18% 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 Momentum Competitors MI market share 17
Slide 18: Momentum Corporate - profitable growth
Business unit spotlight Momentum Corporate - profitable growth Underwriting margin delivery FundsAtWork building on scale • Excellent growth in our Umbrella Book • Margins strong, but market will eventually reprice • 49% AUM growth • F23 to H1F25 above target • 14% membership growth over 3.5-year pe
Slide 19: Economic and political impacts
International investor roadshow Economic and political impacts
Slide 20: Global and local economic impacts
Global and local economic impacts • The South African Reserve Bank (SARB) worst-case scenario from impact of tariffs and the loss of the preferential trade agreement is GDP shrinking by 0.7% and 15% decline in the value of local currency • SA largest export to the US (metals and minerals) are mostly
Slide 21: Thank you
Thank you 21
Slide 22: Appendix
Appendix 22
Slide 23: Our journey
Our journey • Exits: • 7 African countries • aYo • Step-change in earnings • African Bank lending partnership • Momentum Investments • Momentum Money • Momentum Corporate • Metropolitan GetUp • Guardrisk • Simplified group name • Optimise balance sheet • Re-energised brands • India • Ongoing focus o
Slide 24: Momentum Insure - achieving sustainable profitability
Business unit spotlight Momentum Insure - achieving sustainable profitability Strategic focus areas Key highlights Turnaround on track • Highest NHE (R230m) for any half-year • R315m contribution to Group's dividend Profitability Strong operating results • Combined ratio improved from 106% to 90%, b
Slide 25: Health - Business with diverse client base
Business unit spotlight Health - Business with diverse client base OPEN MARKET INTERNATIONAL Scheme Health Insurance | AFRICA Momentum Health RESTRICTED PUBLIC SECTOR SCHEMES Designing for health and incentivised wellness Managed care Administration 25
Slide 26: Metropolitan
Business unit spotlight Metropolitan • > 3 000 tied advisers • Service excellence brand • 165 independent brokers Diversified Service affiliation • 330 tele-agents • Ask Africa Orange Index distribution excellence industry winner • Affinities and affiliations • Direct Metropolitan • Life cover • Pro
Slide 27: Momentum Africa
Impact strategy progress Momentum Africa Strategic focus areas Key highlights • Strong sales growth for the Life businesses in Namibia, Lesotho, Botswana and Ghana • Concluded partnership agreements with key distribution partners in Namibia, Botswana and Ghana Growth • Health sales reduced as some u