About MMIMMI is a JSE Top 40 listed South African financial services group, committed to a client-centric strategy that is purposefully focused on solving our clients’ problems in order to enhance their lifetime financial wellness. We use our client-facing brands, mainly Metropolitan, Momentum, Guardrisk and Eris, and MMI’s financial services and other capabilities to enhance the financial wellness of individual clients, small and medium businesses, large companies, organisations and public enterprises in South Africa, the rest of Africa and selected international countries. MMI has strong capabilities in:
- Long and short-term insurance for individuals and corporates
- Asset management, property management, investment and savings
- Healthcare administration and health risk management
- Client engagement solutions, including financial wellness and rewards programmes
Scope of the reportOur 2015 integrated report provides a comprehensive overview of the activities of the MMI Holdings Ltd group (MMI) as well as its financial and non-financial performance for the 12 months from 1 July 2014 to 30 June 2015. The report also gives a detailed overview of the group’s client-centric operating model, its strategy and all financial and non-financial matters that are considered material. Matters are considered material if they can affect the group’s ability to create value for all stakeholders.
Financial statementsOur financial statements for the financial year ended 30 June 2015 have been prepared in accordance with the provisions of the South African Companies Act, 71 of 2008, the Long-term Insurance Act, 52 of 1998, and the Short-term Insurance Act, 53 of 1998, as amended and comply with International Financial Reporting Standards (IFRS) and guidelines issued by the Actuarial Society of South Africa. The financial disclosure in this report is consistent with that of the 2014 year-end and the 2015 interim financial results. MMI is in the process of phasing in a new client-centric operating model announced in March 2014. Appropriate changes in financial reporting will be introduced as the group progresses with the operating model implementation.
The non-financial content of this report was prepared by management and approved by the MMI Holdings board through its relevant committees. External assurance of non-financial matters has been limited to our broad-based black economic empowerment scorecard, verified by accredited ratings agency NERA (please see here for more detail), and our carbon footprint, verified by Global Carbon Exchange (please see here for more detail).
Our independent auditors, Pricewater-houseCoopers, have provided external assurance in respect of the group annual financial statements and reviewed the group embedded value report.
Approval by the MMI board of directors
The board acknowledges its responsibility for ensuring the integrity, objectivity, reliability and transparency of the integrated report.
The Audit Committee of the board has also evaluated the integrated report, prepared from information provided by management and considers the group annual financial statements compliant, in all material respects, with the required legislation and standards.
Group chief executive officer