CHAMWE KAIRA
Momentum Africa’s operations in Namibia helped drive a strong earnings performance for financial services group Momentum Group during the nine months ended 31 March 2026, with the country contributing to growth in life insurance, new business volumes and contractual service margins across the group’s African operations.
The group reported a 15% increase in normalised headline earnings (NHE) to N$5.54 billion, while NHE per share rose 20% to 414 cents from 346 cents in the comparable period.
The performance was supported by contributions from all major business units, including Momentum Investments, Metropolitan Life, Guardrisk and Momentum Insure.
Momentum Africa, which includes operations in Namibia, Botswana and Lesotho, recorded a 60% increase in NHE to N$304 million.
Earnings were boosted by strong investment income, improved operating profits and positive changes in economic assumptions.
The company said its life insurance businesses benefited from higher expected profits in Namibia and Lesotho, favourable yield curve movements in Botswana and Namibia, and increased investment income from fixed deposits in Botswana.
These gains were partly offset by the depreciation of the Botswana pula against the South African rand.
Momentum Africa’s contractual service margin (CSM), a key measure of future profitability, increased 1% to N$1.74 billion.
The growth was driven by new business generated in Namibia, Botswana and Lesotho across both annuity and protection products.
New business volumes also strengthened significantly.
The present value of new business premiums (PVNBP) rose 49% to N$4.03 billion, supported by the acquisition of major group risk schemes in Botswana and Lesotho and continued annuity growth in Botswana.
Guardrisk, another division within the group, reported a 16% increase in NHE to N$693 million.
The insurer said its Namibian business, which recently transitioned from the Africa segment, made a positive contribution to revenue growth through a relatively low claims ratio in its retail operations and solid investment fee performance within its cell captive business.
Across the wider group, new business activity remained robust, supported by healthy investment inflows, significant corporate scheme wins in Momentum Africa and continued growth on Momentum Investments’ wealth platform.
Single-premium business increased by 15%, while recurring premiums rose by 7%.
Momentum Health also delivered strong growth, with NHE increasing 35% to N$343 million.
Health insurance membership across the group’s African operations expanded by 14%, supported by a large new client in Mozambique and additional members joining after a competitor exited the Lesotho market.
