P&C Driving SA Insurer Results
- Adam Strydom
- 5 hours ago
- 1 min read
ALG Newsletter - P&C driving SA insurer results. After OUTsurance reported 52% earnings growth for 1H25, Old Mutual (+17% for FY24) and Momentum (+44% for 1H25) followed with very strong Property & Casualty (P&C) outcomes as well. Both life assurers also benefited from strong asset management growth (on higher asset values). Momentum's life and savings businesses (+16% combined) were stronger than Old Mutual's (+1.5%), but Old Mutual showed stronger new business growth. Old Mutual was further impacted by increased OM Bank start-up losses (+26% HEPS growth excluding this), while Momentum showed much reduced India (Aditya Birla Health Insurance Company Limited) start-up losses (this business is approaching break-even). Momentum's CSM growth of 8% annualised compared with a flat result for Old Mutual. Much will now depend on an improved new business outlook (we are optimistic for 2025), which would help to enhance CSM growth in the near-term and earnings growth in the long-term. The recent bond yield spike remains a risk. Reach out if you would like to find out more and participate in our research.
26 March 2025
Comments