Momentum Metropolitan says Covid-19 claims are 'moderating' now. They recorded a R278 million mortality loss for the nine months of its financial year compared to R1.1 billion over the same period in 2021. | Fin24
The direct impact of the pandemic was more"muted" on the group's profits in the three months to 31 March.
Although the insurer's death claims shot up in the Delta-driven third wave, it recorded significantly less death claims in the fourth wave. It said even though claims still remain higher than before the pandemic, mortality rates in its client base have improved significantly in the first three months of 2022.
Momentum Life, the group's life insurance business catering for the middle to high-income earners, has been struggling a bit under the pandemic. MMH said its new business volumes were again under pressure on certain products in the nine months to March, resulting in a negative value of new business for Momentum Life. The group's life businesses have also seen a shift towards lower margin savings products.
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