Momentum Group Limited · JSE:MTM
Momentum — Debt Investor Presentation (April 2026)
45 slides from Momentum's debt investor presentation, Apr 15, 2026
Slide 1: Momentum Group Debt Investors Roadshow
Momentum Group Debt Investors Roadshow 15 & 16 April 2026
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is confidential and is intended solely for this presentation This presentation may contain information proprietary to Momentum Group Limited (“the Company”) and may not be reproduced or disseminated in whole or in part without the Company’s p
Slide 3: Momentum Group team and key contacts
Momentum Group team and key contacts Rand Merchant Bank Delia Patterson DCM Distribution Delia.Patterson@rmb.co.za Trishalia Naidoo Co-Head: DCM Trishalia.Naidoo@rmb.co.za Khutso Kekana DCM Origination Khutso.Kekana@rmb.co.za Momentum Group Limited Risto Ketola Finance Director Risto.Ketola@mmltd.co
Slide 4: Overview
Overview Strategic Overview Financial Overview Capital Management & Solvency Upcoming issuance 4
Slide 5: 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 6: F2025 – F2027 Strategic objectives & ambitions
Impact strategy F2025 – F2027 Strategic objectives & ambitions R7bn Design simplified and impactful client Unlock the full R1bn NHE by F2027 experiences as a foundation for potential of our businesses VNB by 2027 growth Harness synergies Selectively expand our addressable IMPACT of collaboration wit
Slide 7: Unlock the full potential of our businesses
Unlock the full potential of our businesses 7
Slide 8: Our Impact strategy
Strategic overview Our Impact strategy Design Design simplified simplified and impactful client Unlock Unlock the full the full and impactful experiences as a potential potential of our of our client foundation experiences for businesses businesses as a foundation growth for growth Harness synergies
Slide 9: Meaningful scale in the South African non-life market
Impact strategy highlights Meaningful scale in the South African non-life market Non-life market share South Africa 2024 (Insurance revenue) Third-largest player in the SA non-life market, combined 10.2% share of total insurance revenue Guardrisk & Momentum Insure Operating in complementary areas gi
Slide 10: Health appointed as Bonitas administrator
Impact strategy highlights Health appointed as Bonitas administrator Implementation on 1 June 2026 Significant milestone that strategically and operationally reinforces us as a credible, trusted partner In numbers: Biggest 370 000 and 750 000 2nd largest The biggest transfer of medical The number of
Slide 11: Significant market share shift
Impact strategy highlights Significant market share shift Impact of Bonitas contract on administration landscape Momentum Health 40% grows market share 34% 34% from 22% to 30% for 35% 30% lives under 30% 30% administration 25% 22% 22% 20% More health for more 15% 10% 10% people 10% for less 5% 1% 1%
Slide 12: Financial Overview
Strategic Overview Financial Overview Key financial measures Core life operations Non-life operations Capital Management & Solvency Upcoming issuance 12
Slide 13: 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 % +8% +12% +29% -0.6 3 695 24.6 24.0 3 437 275 245 110 85 1HF25 1HF26 1HF25 1HF26 1HF25 1HF26 1HF25 1HF26 13
Slide 14: 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 % +13% +11% -15% -0.2 44.55 279 43 344 0.7 39.29 238 38 928 0.5 1HF25 1HF26 1HF25 1HF26 1HF25 1HF26 1HF25 1HF26 14
Slide 15: Core life operations
momentum group Core life operations
Slide 16: Normalised headline earnings
Core life operations Normalised headline earnings R’million -33% +33% +14% +2% +87% 857 876 674 630 475 498 451 438 352 188 Momentum Momentum Metropolitan Life Momentum Momentum Africa Retail Investments Corporate 16 1HF25 1HF26
Slide 17: Momentum Retail
Core life operations Momentum Retail Normalised headline earnings (R’million) -33% Solid operational performance Market variance negative due to significant decline in long-term yields 674 451 80 Lower yields lead to higher capital requirements, boosting investment income Improved operating experien
Slide 18: Momentum Investments
Core life operations Momentum Investments Normalised headline earnings (R’million) +33% Strong market growth Strong mortality experience within the life 630 annuity book 26 Increased earnings contribution from the 475 Wealth platform, driven by strong market performance and one-off gain from contrac
Slide 19: Metropolitan Life
Core life operations Metropolitan Life Normalised headline earnings (R’million) +14% Successful turnaround Improved quality of new business and lower distribution overheads beneficial to earnings Favourable persistency, mortality and morbidity 498 experience variances 438 63 105 Expense benefited fr
Slide 20: Momentum Corporate
Core life operations Momentum Corporate Normalised headline earnings (R’million) +2% Robust earnings continue 857 876 149 209 Positive underwriting results and higher profits from unique investment solutions Benefitted from reinsurance optimisation strategy 1HF25 operating profit included material I
Slide 21: Momentum Africa
Core life operations Momentum Africa Normalised headline earnings (R’million) +87% Refocus on life business Significant increase in operating profit, high investment returns in both years Positive experience variances reflect strong gains in policyholder persistency and alterations 352 60 Increased
Slide 22: Embedded profit
Core life operations Embedded profit Embedded profit consists of CSM and risk adjustment (RA) balances. R’billion +6% 1.4 (1.8) 25.8 1.2 11.6 24.4 0.6 10.9 Momentum Retail 5.0 Momentum Investments Metropolitan Life 4.7 Momentum Corporate Momentum Africa 5.9 5.7 1.2 1.1 2.0 2.1 June 2025 New Expected
Slide 23: Embedded profit by operating segment and product
Core life operations Embedded profit by operating segment and product R’billion 0.8 0.7 Traditional Protection 0.1 0.1 Long-term savings 10.1 10.7 2.1 2.1 Annuities 1.2 1.3 4.7 5.0 0.8 0.8 2.3 2.4 0.3 0.5 0.7 0.7 0.1 0.1 0.8 0.7 0.5 0.6 F25 1HF26 F25 1HF26 F25 1HF26 F25 1HF26 F25 1HF26 Momentum Mome
Slide 24: EV operating experience variance
Core life operations EV operating experience variance R’million 1HF26 287 204 194 184 137 132 98 82 81 71 68 58 33 43 34 35 25 19 12 7 6 2 (1) (6) (49) Mortality and Persistency and Expense Other Total operating Morbidity Alterations variance variances Momentum Momentum Metropolitan Momentum Momentu
Slide 25: New business volumes
Core life operations New business volumes Present value of new business premiums (PVNBP) R’billion Sales force 43.3 +1% -43% 39.1 38.9 26.4 22.4 23.7 7.7 7.0 4.3 4.4 4.7 5.7 3.2 3.3 2.9 1.8 2.3 1.5 +4% +6% +6% +12% +2% -13% -26% +23% +19% +28% 0% +11% Momentum Momentum Metropolitan Momentum Momentum
Slide 26: Non-life operations
momentum group Non-life operations
Slide 27: Normalised headline earnings
Non-life operations Normalised headline earnings R’million +26% +21% +34% -29% <-100% 504 401 230 278 154 207 68 (48) (62) (39) Guardrisk Momentum Momentum India Shareholders Insure Health 1HF25 1HF26 27
Slide 28: Capital management
Strategic overview Financial overview Capital management Upcoming issuance
Slide 29: Significant decline in yields
Capital management Significant decline in yields Prudential Authority nominal spot yield curve 17% 15% Nominal yields fell substantially 13% across all durations since June 2025 The decline is particularly acute at 11% the longest duration 440bps 9% Reduced yields have significantly 581bps increased
Slide 30: MML Solvency
Capital management MML Solvency R’billion SCR history Composition of SCR Underwriting risk Lapse risk R3.6bn increase Expense risk 10% 20.5 Mortality risk 61% Longevity risk Catastrophe risk 16.9 15.3 16.0 Other underwriting risks 29% Market risk Market risk Equity risk Spread & Credit risk Other ri
Slide 31: Changes in key underwriting SCR components
Capital management Changes in key underwriting SCR components Mortality Risk Longevity Risk Expense Risk R’million R’million R’million +51% >100% +24% 3 095 143 Lower yields under SAM 2 610 454 substantially increase SCR 2 497 through reduced discounting 467 As a result, SCR rises even 420 with a co
Slide 32: SAM prescribed Equity Risk
Capital management SAM prescribed Equity Risk History of prescribed Equity Risk Local Equity Risk SCR stresses under SAM 55% R’million +59% 50% Prescribed equity stress is 1 706 nearing maximum levels 45% following recent market 40% performance 1 071 SAM local equity stress is at a 35% decades-high
Slide 33: High quality liquid asset attribution
Capital management High quality liquid asset attribution R’million 17 982 17 461 1 982 Surplus capital 2 861 -34% Surplus capital has been 3 000 utilised in funding increase in required capital The SCR has increased by 38% 16 000 R3.6bn from December 2024 (R2.5bn from June 2025) to 11 600 December 2
Slide 34: Capital cover within the specified target range
Capital management Capital cover within the specified target range Momentum Metropolitan Life solvency June 2024 June 2025 December 2025 R'bn R'bn R'bn Own Funds (pre foreseeable dividend) 34 35 33 SCR 16 18 20.5 SCR cover (times, pre-foreseeable dividend) 2.1x 1.98x 1.64x Target SCR cover ratio 1.6
Slide 35: MML balance sheet stress testing
Capital management MML balance sheet stress testing R’billion Regulatory Stress Tests: MML - 30 June 2025 48.0 2.00x 42.0 1.96x 1.69x 1.75x 1.85x 1.52x 36.0 1.50x 30.0 1.25x 17.2 11.0 14.2 24.0 14.9 1.00x 18.0 0.75x 12.0 0.50x 18.0 21.3 20.7 17.5 6.0 0.25x 0.0 0.00x Base EqDown 40% Market Severe Nom
Slide 36: Cash generation
Capital management Cash generation R’million 1HF25 2HF25 1HF26 SA Life businesses 1 992 1 281 825 Momentum Insure 315 260 245 Guardrisk 141 270 306 Momentum Africa 27 350 85 Momentum Investments 103 244 100 Momentum Health 88 125 85 Other (50) 100 4 Dividend inflow to Momentum Group 2 615 2 631 1 65
Slide 37: Historical capital distribution
Capital management Historical capital distribution Momentum Group Historical Capital Distribution (cps) 65% 350 60% 300 55% 250 50% cents per share 72 200 45% - 67 67 40% 150 50 90 35% - 100 70 65 30% 65 50 35 110 - 85 25% 15 50 60 35 40 25 35 0 20% F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 In
Slide 38: Organic de-gearing due to an increase in IFRS NAV
Capital management Organic de-gearing due to an increase in IFRS NAV MML Capital Structure 100% 21% 18% 17% 17% 16% 19% 27% 27% 80% 60% 40% 79% 82% 83% 83% 84% 81% 73% 73% 20% 0% Jun 2021 Jun 2022 June 2023 Dec 2023 Dec 2024 Jun 2025 Dec 2025 Dec 2025 + R1bn issuance Equity Debt The gearing ratio de
Slide 39: Subordinated debt maturity profile
Capital management Subordinated debt maturity profile R1 500M R1 000M R750M R500M R270M 2026 2027 2028 2029 2030 2031 10 DEC 25 MAY 15 MAR 25 MAY 12 MAY MAY Bond code MML01 & MML02 MML05 MML03 & MML04 MML06 & MML07 MML08 & MML09 MML10 Bond issue amount R750M R865M R750M R885M R750M R1 500M - Propose
Slide 40: Momentum Metropolitan Life credit rating
Capital management Momentum Metropolitan Life credit rating Credit rating issued by Moody’s Investor Services. In the January 2026 report, Moody’s commented that “Momentum Metropolitan Life Limited's (MML) Ba1 global scale and Aaa.za national scale Insurance Financial Strength (IFS) ratings reflect
Slide 41: In conclusion
Capital management In conclusion 1 Solvency within target range and regular stress testing process 2 Healthy cash generation 3 Natural balance sheet de-gearing from earnings growth and conservative debt issuance 4 Maturity profile managed conservatively with a consistent level of regular debt issuan
Slide 42: Upcoming issuance
Strategic overview Financial overview Capital management and solvency Upcoming issuance
Slide 43: Indicative term sheet
Upcoming issuance Indicative term sheet Issuer Momentum Metropolitan Life Limited Insurer Financial Strength Aaa.Za Credit ratings Issuer Aa1.za Subordinated Debt Aa3.za Rating Agency Moody’s Investor Service Programme ZAR 10bn Subordinated Note Programme listed on the Interest Rate Market of the JS
Slide 44: Indicative timelines
Upcoming issuance Indicative timelines Date Action item 15 & 16 April 2026 Debt Investor roadshow Week of 20 April 2026 Termsheet without price guidance released to investors Week of 4 May 2026 Term sheet with price guidance and Applicable Pricing Supplements released to investors Week of 11 May 202
Slide 45: Thank you
momentum group
Momentum Group — Debt Investor Presentation (April 2026) on 6ix