March 7, 2018 / 5:13 AM / 3 months ago

BRIEF-MMI Holdings Says HY ‍Diluted Core Headline Earnings Down 3% Year-On-Year​

March 7 (Reuters) - MMI Holdings Ltd:

* HY ‍DILUTED CORE HEADLINE EARNINGS OF R1 556M (97 CENTS PER SHARE) IS DOWN 3% YEAR-ON-YEAR​

* WILL TARGET A DIVIDEND COVER CENTRED AT 2.5X CORE HEADLINE EARNINGS.

* ‍LOWER LIFE INSURANCE EARNINGS WERE MAINLY DUE TO RELEASES OF DISCRETIONARY MARGIN THAT WERE R108M LOWER THAN IN 1H2017​

* OPTED TO BUY BACK SHARES IN LIEU OF PAYING OUT CASH DIVIDENDS

* PLAN TO DISTRIBUTE R2BN TO SHAREHOLDERS THROUGH OPEN MARKET SHARE BUY-BACKS DURING NEXT 12 MONTHS Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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