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BRIEF-MMI Holdings says S. Africa's operating environment remains difficult
June 6, 2017 / 5:18 AM / 4 months ago

BRIEF-MMI Holdings says S. Africa's operating environment remains difficult

June 6 (Reuters) - Mmi Holdings Ltd:

* Recurring premium new business was up 8 pct while single premium new business was down 14 pct for 9 months ended March 31​

* Overall new business volumes are down 6 pct on a present value of new business premiums (PVNBP) basis​ for 9 months ended March 31

* Overall covered value of new business (VNB) was 320 mln rand for 9 months ended March 31​

* Diluted embedded value per share was 26.25 rand on March 31 2017​

* Says average level of SA equity market is roughly unchanged y-o-y for 9 months, puts pressure on revenue growth for many businesses​

* Difficult economic conditions have continued to weigh on MMI Holdings’ financial performance in nine months to March 31 2017​

* “Operating environment remains difficult in SA and we do not believe that tough environment will improve meaningfully in near ter​m”

* Expect full year results to broadly reflect trends visible in first nine months of current financial year​ Source text for Eikon: Further company coverage:

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