Momentum’s share price reached an all-time high of R36.11 as the company unveiled its ambitious growth strategy, targeting R7bn in earnings by 2027. Executives, including CEO Jeanette Marais, presented their plans at an investor event in Cape Town, highlighting partnerships with major churches and expansion into new markets. The group aims for a 20% return on equity, with key business units already making progress toward their 2027 goals.
One notable partnership is between Momentum’s subsidiary, Metropolitan Life, and the Nazareth Baptist Church, which has around 8 million members. The collaboration will offer tailored funeral insurance and later expand to full funeral management services aligned with Shembe traditions. Similarly, Momentum’s Namibian business launched a funeral plan for the Evangelical Lutheran Church. These alliances reflect a broader trend in SA’s financial sector, where companies like TymeBank have successfully partnered with large religious groups to boost growth.
Beyond church partnerships, Momentum is investing in its Indian venture, Aditya Birla Health Insurance, which has reached breakeven and holds a 12.6% market share. Guardrisk, another key unit, is expanding its cell captive model into India. Meanwhile, the group has scaled back its African operations, focusing on markets like Ghana and Namibia. With Guardrisk, Momentum Investments, and Momentum Corporate leading the charge, the company is confident in hitting its R7bn earnings target, driven by cost reductions and increased client acquisition in sectors like healthcare.