MMI Holdings Limited
 | |
| Public | |
| Traded as | JSE:MMI |
| Industry | Insurance & Financial services |
| Founded | 2010 |
| Headquarters | Centurion, South Africa |
Key people |
Johnson Njeke - Chairman Nicolaas Kruger - CEO |
| Products | Insurance and Asset Management |
| Revenue |
 ZAR: 28.1 billion (2014) |
|
ZAR: 3.3 billion (2014) | |
| Total assets |
ZAR: 414 billion (2014) |
| Total equity |
ZAR: 25.2 billion (2014) |
Number of employees | 17,976 |
| Website | Homepage |
MMI Holdings Limited, commonly referred to as MMI Holdings, is a South African based financial services group that is listed on the Johannesburg Stock Exchange.[1]
Overview
MMI Holdings Limited engages in long and short-term insurance, asset management, savings, investment and employee benefits through its various brands. The Group has subsidiaries in Botswana, Ghana, Gibraltar, Guernsey, Kenya, Lesotho, Mauritius, Namibia, Nigeria, UK, South Africa, Swaziland and Zambia.[2]
History
MMI Holdings was formed in 2010 when Metropolitan Holdings and Momentum Group, two insurance and financial services companies in South Africa, merged their operations. [1]
Pre-Merger History
Metropolitan Holdings Limited
Metropolitan was founded in 1898 as Homes Trust Limited and was later acquired by Sanlam in 1918. Sanlam merged Homes Trust Limited with Metropolitan Life Insurance Company Limited (another one of its subsidiaries) to form Metropolitan Homes Trust Life Limited in 1979.[3]
In 1985, Metropolitan Homes Trust Life Limited changed its name to Metropolitan Life Limited (Metlife). Metlife was then listed on the JSE in 1986 and cross listed on the NSX in 1996. The group name was changed to Metropolitan Holdings Limited in 2003.[3] As at the merger date, Metropolitan Holdings was listed on the JSE.
Momentum Group Limited
Momentum traces its roots from Momentum Life Assurers Limited that was established in 1966 as a life assurance company and Southern Life Association Limited that was incorporated in 1904 as African Life Assurance Society. In 1992, RMB Holdings (RMBH) acquired interest in Momentum Life Assurers Limited.[3]
On April 1, 1998, Anglo American Corporation of South Africa Limited (now Anglo American plc) merged its financial services interests with RMBH in order to achieve the objective of a unified financial services grouping known as First Rand.[4] The transaction required that the business of Momentum Life Assurers Limited was transferred to the Southern Life Association Limited which was renamed FirstRand Insurance Company Limited and much later renamed Momentum Group Limited.[3] As at the merger date, Momentum Group was a wholly owned subsidiary of First Rand.
In 2003 Momentum Group Limited transferred its investment in Discovery Limited to FirstRand Limited for R740 million. This stake was later on unbundled to FirstRand's shareholders including RMBH.[5]
The Merger
On March 31, 2010, Metropolitan Holdings, First Rand and Momentum Group entered into a Merger Agreement that would see the amalgamation of Momentum’s business with Metropolitan.[3] FirstRand sold its entire shareholding in Momentum to Metropolitan in consideration for which Metropolitan will issue new Metropolitan ordinary shares to FirstRand.[6] This made Momentum a wholly owned subsidiary of Metropolitan. Metropolitan then transferred its insurance business to Momentum and was renamed MMI Holdings with FirstRand as the largest shareholder.[7]
Post Merger History
On 7 March 2011, RMB Holdings (RMBH), Remgro and FirstRand span off their insurance assets to RMI Holdings and separately listing it on the JSE. This process led to the transfer of FirstRand's entire shareholding in MMI Holdings to RMI Holdings.[8]
Ownership
The shares of the stock of MMI Holdings are traded on the JSE, under the symbol: MMI. As at June 2014, the shareholding in the group's stock was as depicted in the table below:[2]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Rand Merchant Investment Holdings | 24.50 |
| 2 | Government Employees Pension Fund | 10.40 |
| 2 | Other Local & International Investors | 65.10 |
| Total | 100.00 |
Governance
MMI Holdings Limited is governed by an eighteen-person board of directors with Johnson Njeke serving as the chairman and Nicolaas Kruger serving as the Group Chief Executive Officer.[9]
See also
References
- 1 2 "MMI Holdings Limited - About Us". MMI Holdings. Retrieved 2015-03-23.
- 1 2 "MMI Holdings Limited - 2014 Integrated Report" (PDF). MMI Holdings Limited. 2014-06-30. Retrieved 2015-03-23.
- 1 2 3 4 5 "MMI Holdings Limited - Revised Listing Particulars" (PDF). MMI Holdings Limited. September 6, 2010. Retrieved March 27, 2010.
- ↑ "First Rand - Abridged Revised Listing Particulars". Imara Investing in Africa. First Rand Limited. May 25, 1998. Retrieved November 16, 2014.
- ↑ Stokes, Gareth (14 September 2007). "Rand Merchant Bank to top Discovery shareholder list". FA News. Retrieved 2015-12-28.
- ↑ "Metropolitan Holdings Limited - Circular to Metropolitan Shareholders" (PDF). Metropolitan Holdings Limited. September 6, 2010. Retrieved March 27, 2015.
- ↑ "Detailed cautionary announcement in relation to the proposed merger of Momentum and Metropolitan and the subsequent unbundling by FirstRand of its shares in Metropolitan" (PDF). MMI Holdings Limited. Retrieved 2015-03-27.
- ↑ "RMB Holdings Limited - Circular to shareholders regarding the RMBH restructuring." (PDF). RMB Holdings Limited. 3 February 2011. Retrieved 13 December 2014.
- ↑ "MMI Holdings Limited - Directors". MMI Holdings Limited. Retrieved 2015-03-23.