Financial services group Momentum Group delivered strong financial results for the year ended 30 June 2026, boosting executive remuneration by nearly 31% as the insurer posted double-digit earnings growth, increased dividends and returned billions of rand to shareholders.
The group reported normalised headline earnings of R7.06-billion, up 13% from R6.26-billion in the previous financial year. Earnings attributable to shareholders rose 11% to R6.64-billion from R5.98-billion, while headline earnings increased to R6.8-billion from R6-billion.
At the same time, Momentum continued to reshape its African footprint, completing the sale of its Ghanaian operations and concluding the disposal of Momentum Mozambique Limitada as part of a wider portfolio rationalisation strategy.
Executive rewards surge
The group’s three executive directors shared remuneration of R109.6-million during the year, up from R83.7-million in 2025, representing an increase of about 31%.
For their efforts, executive pay rose almost 31%, significantly faster than the group’s 11% earnings growth, reflecting substantial long-term incentive awards as management delivered record embedded value growth, higher dividends and improved profitability. At the same time, shareholders benefited from a R1.6 billion share buyback and a 31% increase in dividends.
Group CEO Jeanette Marais’ total remuneration increased by 27.8% to R45.122-million from R35.3-million. This comprised guaranteed remuneration of R8.85-million, short-term incentive payments of R7.2-million, as well as long-term incentive payments of R29.072-million.
Finance director Risto Ketola’s total remuneration rose by 31.2% to R36.694-million in total remuneration from R27.961-million, while Momentum Corporate’s CEO Dumo Mbethe pocketed R27.755-million in total remuneration in 2026.
The bulk of the increase came from incentive payments. Long-term incentive payouts across the three executives jumped 40% to R72.3-million from R51.8-million, while short-term incentives rose 34% to R16.7-million from R12.5-million. Guaranteed remuneration increased by a more modest 5.6% to R20.5-million.
Strong returns for shareholders
While executives received handsome rewards, shareholders also benefited from the group’s improved performance.
The group’s double-digit growth, driven by growth across its insurance, investment and corporate businesses, has allowed the insurer to increase shareholder payouts and continue with a substantial share buyback programme.
Momentum increased its ordinary dividend by 31% to 230 cents per share from 175 cents previously and repurchased 45 million shares worth R1.6-billion through a share buyback programme.
The group’s share repurchase programme signals management’s confidence in the group’s capital position and future earnings prospects, especially after the insurer reported a 13% rise in normalised headline earnings and a 15% increase in embedded value, allowing it to return surplus capital to shareholders through both higher dividends and share repurchases.
The company said the buyback formed part of its capital optimisation strategy and reflected the strength of its balance sheet and capital position.
The diluted embedded value, a key measure of the long-term worth of an insurer, increased by to R66.6-billion from R57.9-billion compared to a year ago. Embedded value per share rose to 5 060 cents, while the annualised internal rate of return on embedded value improved to 22.3% from 17.9%.
Group insurance revenue increased to R61.4-billion from R59.7-billion, while profit before tax rose to R12.6 billion from R11.8 billion. Operating profit reached R8.2-billion, supported by growth in insurance activities, investment operations and administration businesses. Fee income from contract and health administration, as well as trust and fiduciary services, contributed R10.8 billion.
Strong performance across divisions
Several of Momentum’s business units recorded notable earnings growth.
Momentum Retail generated normalised headline earnings of R1-billion, while Momentum Corporate contributed R1.4-billion. Guardrisk, the group’s specialist cell captive insurer, increased earnings by 26% to R1.04-billion.
The Africa segment emerged as one of the strongest performers, delivering a 79% increase in earnings, supported by improved mortality experience and better policy persistency. Metropolitan Life and Momentum Investments also posted solid gains during the period.
The group reported stronger new business activity, with the value of new business rising to R491-million.
Gross single premium inflows surged to R70.1-billion, reflecting robust demand for investment products and corporate savings offerings. Momentum said persistency and profitability metrics generally improved across several operations during the year.
Balance sheet remains robust
Total assets increased to R917.9-billion, while total equity attributable to shareholders rose to R34.5 billion.
The group also refined its funding structure by redeeming R270 million in subordinated debt and issuing R1.5 billion in new subordinated bonds. Management said regulatory solvency cover remained comfortably within targeted levels.
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In a vote of confidence, ratings agency Moody’s affirmed Momentum’s insurance financial strength ratings and upgraded its outlook from stable to positive.
Portfolio reshaping continues
Momentum continued to streamline and reshape its operations during the year.
The group expanded its investment management footprint through the acquisition of AtWork Holdings in July 2026. The moves indicate a strategic shift towards scaling higher-growth investment and wealth management activities while streamlining its African footprint.
With the company exiting operations in Ghana and Mozambique, it is now left with operations in South Africa, Botswana, Lesotho and Mauritius, as well as Asia and Europe.
- Momentum Group reported normalised headline earnings of R7.06-billion for the year ended 30 June 2026, up 13% from the previous year.
- Executive remuneration increased by nearly 31% to R109.6-million, with CEO Jeanette Marais earning R45.122-million in total.
- The company increased its ordinary dividend by 31% to 230 cents per share and repurchased 45 million shares worth R1.6-billion.
- Momentum's diluted embedded value rose to R66.6-billion from R57.9-billion, with a 22.3% annualised internal rate of return on embedded value.
- The group sold its Ghanaian and Mozambique operations and acquired AtWork Holdings to focus on investment and wealth management activities.
Financial services group Momentum Group delivered strong financial results for the year ended 30 June 2026, boosting executive remuneration by nearly 31% as the insurer posted double-digit earnings growth, increased dividends and returned billions of rand to shareholders.
At the same time, Momentum continued to reshape its African footprint, completing the sale of its Ghanaian operations and concluding the disposal of Momentum
For their efforts, executive pay rose almost 31%, significantly faster than the group's 11% earnings growth, reflecting substantial long-term incentive awards as management delivered record embedded value growth, higher dividends and improved profitability. At the same time, shareholders benefited from a R1.6 billion share buyback and a 31% increase in dividends.
Group CEO Jeanette Marais' total remuneration increased by 27.8% to R45.122-million from R35.3-million.
Finance director Risto Ketola's total remuneration rose by 31.2% to R36.694-million in total remuneration from R27.961-million, while Momentum Corporate's CEO Dumo
While executives received handsome rewards, shareholders also benefited from the group's improved performance.
Momentum increased its ordinary dividend by 31% to 230 cents per share from 175 cents previously and repurchased 45 million shares worth R1.6-billion through a share buyback programme.
Group insurance revenue increased to R61.4-billion from R59.7-billion, while profit before tax rose to R12.6 billion from R11.8 billion.
Several of Momentum's business units recorded notable earnings growth.
Momentum Retail generated normalised headline earnings of R1-billion, while Momentum Corporate contributed R1.4-billion. Guardrisk, the group's specialist cell captive insurer, increased earnings by 26% to R1.04-billion.
Gross single premium inflows surged to R70.1-billion, reflecting robust demand for investment products and corporate savings offerings. Momentum said persistency and profitability metrics generally improved across several operations during the year.
Total assets increased to R917.9-billion, while total equity attributable to shareholders rose to R34.5 billion.
READ: DBSA profit surges by 47% as infrastructure lender registers strongest earnings in years
In a vote of confidence, ratings agency Moody's affirmed Momentum's insurance financial strength ratings and upgraded its outlook from stable to positive.
Momentum continued to streamline and reshape its operations during the year.
