New business PVP
21%

to R50 billion

VALUE of NEW BUSINESS
22%

to R954 million

RETURN on EMBEDDED VALUE of
10%
PROFITS from OPERATING DIVISIONS
17%

to R3.5 billion

CORE HEADLINE EARNINGS
6%

to R3.8 billion

TOTAL DIVIDEND
9%

to 155 cents per share

DILUTED CORE HEADLINE EARNINGS contribution per division at 30 june 2015

June
2015
Rm
June
2014
Rm
Change
Momentum Retail 1 531 1 372 12%
Metropolitan Retail 738 587 26%
Momentum Employee Benefits 660 516 28%
International 152 122 25%
Momentum Investments 181 197 (8%)
Metropolitan Health 209 171 22%
  Operating divisions 3 471 2 965 17%
Shareholder capital 365 656 (44%)
  Total 3 836 3 621 6%

Embedded value (EV) analysis (Rm)

capital strength

Economic capital Rbn
Net asset value as per embedded value statement 16.5
Qualifying debt  3.3
Less: net asset value of strategic subsidiaries (2.0)
Less: required capital (10.6)
Capital buffer before deployment 7.2
 
Deployed  (2.9)
Final dividend (1.5)
Debt issue and redemption 0.3
Strategic: Committed (0.7)
Growth initiatives (1.0)
 
Capital buffer after deployment 4.3

MMI share information

2015 2014
Listed ordinary shares  1.6 1.6 bn
Preference shares 32 34 m
Total shares in issue 1.6  1.6 bn
Share price at year-end 3 015 2 625 cents
Fully diluted headline earnings per share  181.4 204.0 cps
Market capitalisation at year-end 48  42 bn

employees

SA employees:
14 595

International employees:
2 644

skills development

Investing R94 million on the provision of learnerships and internships for black employees and unemployed youth; R51 million (54%) was allocated to black females

TRANSFORMATION
Level 2 B-BBEE status