Momentum Metropolitan life insurance companies paid R10.7 billion in death claims over the year, compared to an average of R5.6 billion a year in the three years leading up to the Covid-19 pandemic.
< p> The Group has an additional provision of R2.2 billion for an extended period of future Covid-19 claims.
This was announced when the annual results were announced on Wednesday.
Group boss Hillie Meyer said normalized total revenues fell in the 12 months to the end of June by 34% to R1 billion. Operating profit fell 93% mainly due to the effects of the Covid-19 damage.
Meyer warned that while vaccinations have increased in recent months, he believes that the negative effects of the pandemic, The pace needs to be accelerated.
“We have seen that vaccinations not only reduce infections, but also protect people from severe symptoms and hospitalization and improve their chances of survival.
” A faster one The introduction of the vaccination program and the achievement of the stated goal of vaccinating 70% of the population will certainly help to contain the pandemic to a manageable extent. ”
The group supports the national introduction of vaccines by the company of five mass vaccination centers, and by the end of August, those sites had administered more than 175,000 vaccines, Meyer said.
The group had a solid record, posting a strong Ne for the year volume of business. It aims to improve the return on equity from around 15% to 20% by 2024.
“We are navigating this challenging time with a strong solvency position and sufficient liquidity to withstand the effects of the continuously evolving environment”, said Meyer.