In a trading update, Momentum Metropolitan Holdings (MMH) said that Momentum Insure has not performed as well as it expected in the first half of the group’s 2022 financial year. Momentum Insure is the unit that acquired Alexander Forbes’s short-term insurance operations in 2019. MMH spent R2.1 billion on the acquisition to grow its exposure in short-term insurance. MMH stated that Momentum Insure did not reach the expected new business targets, due to Covid-19 disruptions that negatively impacted its face-to-face sales force. MMH has subsequently partially written off some of the goodwill anticipated.
