Momentum Group Limited · JSE:MTM
Momentum — H1 FY2026 Earnings Presentation
68 slides from Momentum's earnings presentation, 2026
Slide 1: Momentum Group delivers strong results
Momentum Group delivers strong results Disciplined execution drives earnings growth H1F2026 Jeanette Marais
Slide 2: Overview
Overview Key takeouts Impact strategy highlights Closing 2
Slide 3: Normalised headline earnings
Key takeouts Normalised headline earnings R’million +8% 3 695 3 437 Continued strong growth 2 823 2 389 Strong contributions across the Group 2 049 High underwriting profits 1 704 1 787 Rising markets increased assets Good persistency 1HF23 2HF23 1HF23 2HF23 1HF24 2HF24 2HF24 1HF24 1HF25 1HF25 2HF25
Slide 4: Value of new business
Key takeouts Value of new business R’million -15% All businesses but one improved 389 VNB remains a key focus area 25% increase on previous 6 months 324 VNB improved in all businesses but one 276 279 238 Momentum Investments impacted by 200 lower guaranteed annuity new business 190 As annuity sales
Slide 5: Sales
Key takeouts Sales R’billion Sales growth continues +11% Momentum Africa delivered strongest 43.3 increase at 28% 43.0 39.1 40.9 Momentum Corporate’s 23% driven by 38.9 35.6 FundsAtWork protection business 33.3 Momentum Investments increased by 12% due to volumes on Wealth platform Momentum Retail’s
Slide 6: Dividend payment
Key takeouts Dividend payment Cents +29% Consistent increase in dividend 110 Interim dividend of 110 cents per ordinary share 90 85 Increase of 29% 70 65 Completing current buyback programme 60 50 and no capital allocated towards further programmes 1HF23 2HF23 2HF23 1HF242HF24 2HF24 1HF24 1HF25 1HF2
Slide 7: Return on equity
Key takeouts Return on equity % Tracking ahead of plan 24.6 24.0 21.2 At 24% already above the target of 20% 17.4 15.5 Result of good product mix and 15.5 12.7 disciplined capital allocation Remains one of highest in industry 1HF23 2HF23 1HF23 2HF23 1HF242HF24 2HF24 1HF251HF25 1HF24 2HF25 2HF25 1HF2
Slide 8: Impact strategy highlights
Key takeouts Impact strategy highlights Closing 8
Slide 9: Our Impact strategy recap
Impact strategy recap Our Impact strategy s | We bui l dream ld &p a anci rot ect fin ou nts’ rc ie Designsimplified simplified Design l lie rc and impactful client Unlock Unlockthe full the full nt ou and impactful potential potential of our s’ experiences as a of our t fin client foundation experi
Slide 10: Unlock the full potential of our businesses
Unlock the full potential of our businesses 10
Slide 11: 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 12: 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 13: 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% lives under 30% 30% 30% administration 25% 22% 22% More health 20% for more 15% 10% 10% people 10% for less 5% 1% 1%
Slide 14: Invest aggressively in advice to drive growth
Invest aggressively in advice to drive growth 14
Slide 15: Momentum Advice ecosystem
Impact strategy highlights Momentum Advice ecosystem Different businesses, brands, FSPs and value propositions ONE ADVICE STRATEGY Grow to be the biggest Financial emigration Becoming a true tied agency supplier-sponsored network specialists 508 476 11 Advice culture Vertical integration Quality adv
Slide 16: MFP implemented strengthened operating model
Impact strategy highlights MFP implemented strengthened operating model Growth Vertical integration Footprint growth increased by 89 new to industry Advisers meeting minimum production criteria improved from R44.6bn 29% to 52% Total AUA +0.45% Adviser validation 42.3% of Total AUA 508 +2.2% 476 476
Slide 17: Consult's positive trajectory continues
Impact strategy highlights Consult’s positive trajectory continues Growth Vertical integration Continued positive trajectory of growth in footprint and revenue R59.4bn Total AUA 476 advisers, including 110 specialist short-term insurance advisers +25% Focus remains on organic growth, complemented wi
Slide 18: Momentum Adviser Partnerships helping IFAs grow
Impact strategy highlights Momentum Adviser Partnerships helping IFAs grow Number of advisers Value proposition to IFAs 350 Practice management House view implementation 208 Compliance support 164 Skills development programme Succession planning Professional indemnity insurance CAT II enablement Thi
Slide 19: Metropolitan tied agency force stabilising
Impact strategy highlights Metropolitan tied agency force stabilising Tied Agency – Manpower vs Productivity Reduced number of agents to 1 700 Rationalisation & Optimisation Stabilising 3 000 2 805 5.0 Adviser productivity averaging over 4 policies 4.33 4.5 per adviser per week 2 500 4.07 4.0 4.08 2
Slide 20: Digital
momentum group 20
Slide 21: AI delivering measurable value across the Group
Impact strategy highlights AI delivering measurable value across the Group 60 active AI initiatives across the Group Risk mitigation Cost efficiency Adviser enablement Metropolitan: Machine Health: Momentum Retail: learning identifies clients o AI reduced workload by automating AI-powered adviser li
Slide 22: Shift in value the result of deliberate approach
Impact strategy highlights Shift in value the result of deliberate approach Focus on a few principles Anchor every AI initiative in clear commercial or operational value Track the tangible financial impact of each use case Build reusable capabilities that can scale across the Group Prioritise rapid
Slide 23: People
People 23
Slide 24: Purpose, strategy, culture all interlinked
Impact strategy highlights Purpose, strategy, culture all interlinked The WHY: Our purpose To build and protect our clients’ financial dreams Aligned and interlinked The WHAT: Impact strategy Six interlinked objectives and five enablers The HOW: Our culture Six culture behaviours Impact of culture b
Slide 25: Good progress halfway through Impact strategy
Closing Good progress halfway through Impact strategy 1 Excellent earnings 2 Great sales numbers confirm that advice strategy is working 3 Each business unit is contributing as planned, or better 4 Value of embedded purpose and culture behaviours – enables multiplied execution 5 Thank you 25
Slide 26: Financial Results
Financial Results Risto Ketola Financial overview Key financial measures Core life operations Non-life operations Capital management Other topical matters Conclusion
Slide 27: 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 27
Slide 28: 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 28
Slide 29: Core life operations
momentum group Core life operations 29
Slide 30: 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 30 1HF25 1HF26
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Improvement in onerous contracts
Core life operations Improvement in onerous contracts R’million +40% 308 186 103 99 97 69 53 28 25 10 9 3 Momentum Momentum Metropolitan Momentum Momentum Momentum Retail Investments Life Corporate Africa Group 1HF25 1HF26 39
Slide 40: 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 41: Value of new business
Core life operations Value of new business R’million 335 304 279 238 205 200 50 52 16 7 (23) (17) (17) (21) (18) (31) (40) (85) Momentum Momentum Metropolitan Momentum Momentum Total VNB Retail Investments Life Corporate Africa 1HF24 1HF25 1HF26 41
Slide 42: Non-life operations
momentum group Non-life operations 42
Slide 43: 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 43
Slide 44: Guardrisk
Non-life operations Guardrisk Normalised headline earnings (R’million) +26% Consistently delivers growth 504 All revenue lines showed good growth Fees +11% Underwriting +31% 401 Investment income +91% In underwriting, the business saw particularly strong results from commercial & corporate property,
Slide 45: Momentum Insure
Non-life operations Momentum Insure Normalised headline earnings (R’million) +21% Strong underwriting profits Excellent claims ratio (48% vs 52% previously) Expense ratio up from 38% to 39%, under pressure from 2% decline in GWP 278 Policy count now starting to stabilise with 230 monthly sales and l
Slide 46: Momentum Health
Non-life operations Momentum Health Normalised headline earnings (R’million) +34% Positive trajectory 5% growth in overall membership, good outcome in current environment Improved earnings supported by favourable underwriting experience in Health4Me and other capitation contracts 207 154 Bonitas to
Slide 47: India
Non-life operations India Normalised headline earnings (R’million) Focus on sales growth Strong growth continued, evidenced by a 20% uplift in GWP Combined ratio improved slightly from 113% (48) to 112% (62) Changes to GST treatment of health insurance premiums hurt the combined ratio Momentum Servi
Slide 48: Shareholders
Non-life operations Shareholders Normalised headline earnings (R’million) VC fund exposure R107m decline year-on-year includes R126m 68 increase in fair value losses These fair value losses stem predominately (39) from VC funds (revaluations & foreign exchange movements) Shareholder expenses down sh
Slide 49: Capital management
Financial overview Capital management Other topical matters Conclusion
Slide 50: 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 334bps 581bps in
Slide 51: 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 52: 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 53: 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 54: 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 55: 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 56: Shareholder value unlock
Capital management Shareholder value unlock Final dividend payout ratio EV uplift from share buybacks 40% of 1HF26 NHE 110 # of shares Tranche EV bought Value Cents R’million acquired value back created 90 85 1HF23 45 750 1 334 584 70 2HF23 28 500 876 376 65 60 50 1HF24 24 500 813 313 2HF24 24 500 8
Slide 57: Strong ROEs in mature businesses
Capital management Strong ROEs in mature businesses 60% - 65% 50% - 55% Return on equity (%) 40% - 45% 35% - 40% 30% - 35% Metropolitan Life Momentum Health Momentum Momentum Corporate Investments 25% - 30% Guardrisk 20% - 25% 15% - 20% Momentum Momentum Insure Retail Africa 0% - (5)% (5)% - (10)% 1
Slide 58: Other topical matters
Financial overview Capital management Other topical matters Conclusion
Slide 59: Performance optimisation
Other topical matters Performance optimisation R1bn target R’million +54 +25 Actively working on • Vendor software optimisation • Operating model review in Africa • Asset Management - SA property capability 452 • APN optimisation and removal of duplicate costs New banked savings 709 • Policy adminis
Slide 60: Conclusion
Financial overview Capital management Other topical matters Conclusion
Slide 61: In conclusion
Conclusion In conclusion 1 Excellent earnings in first half of F2026 2 Strong liquidity and market risk management support a robust balance sheet 3 Well-positioned to benefit from favourable underwriting conditions 4 Profitable growth remains area of intense focus 5 Congratulations to our employees
Slide 62: 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 Limited’s external auditors. 62
Slide 63: IFRS 17 and IFRS 9 earnings
Appendix IFRS 17 and IFRS 9 earnings IFRS 17 IFRS 9 R’million 1HF25 1HF26 Δ 1HF25 1HF26 Δ New business (281) (180) 36% (171) (180) (5)% Existing business 2 252 2 000 (11)% 337 528 56% Expected profit 1 643 1 734 6% 280 358 28% Operating experience variances 171 132 (22)% 45 138 >100% Operating assum
Slide 64: Build up of Embedded Value
Appendix Build up of Embedded Value 13.0% Annualised RoEV 14.3% Annualised RoEV per share 721 1 042 (1 163) 309 886 1 614 (2 210) 59 250 238 57 853 Opening EV Value of new Expected Operating Investment EV earnings Investment Change in Change in Closing EV covered return experience variances from non
Slide 65: New business CSM to VNB
Appendix New business CSM to VNB R’million 496 (262) 47 (100) 65 31 (39) 238 New business Onerous Loss recovery IFRS 17 out IFRS 9 Tax Cost of capital VNB CSM contracts component of standard business (LoRC) cash flows 65
Slide 66: New business margin
Appendix New business margin New business margin (%) 1.5 1.3 1.1 1.1 0.8 0.7 0.6 0.5 0.5 0.1 (0.2) (0.4) (0.9) (0.8) (0.9) (1.1) (1.2) (2.6) Momentum Momentum Metropolitan Momentum Momentum Momentum Retail Investments Life Corporate Africa Group 1HF24 1HF25 1HF26 66
Slide 67: Composition of shareholder balance sheet
Appendix Composition of shareholder balance sheet Intangible and other assets VC funds Return to SH Return on Surplus capital excess to SH Discretionary capital High quality assets backing Return on covered business Strategic assets capital Required capital allocated to segments Pref Shares Funded b
Slide 68: Shareholder segment earnings
Appendix Shareholder segment earnings R’million 1HF25 1HF26 Shareholders Intangible Venture capital funds 3 (97) Venture capital fund returns exhibit weak & other assets VC market conditions VC funds Other strategic assets 4 25 Positive returns on portfolios Discretionary & surplus representing disc