Life insurer tops up Covid-19 provisions by R1.6bn to cover mortality claims
Momentum Metropolitan expects its full-year profit to tumble by up to 70% after the life insurer topped up its Covid-19 provisions by R1.6bn to cover mortality claims.
In a trading update on Tuesday, Momentum said its SA life insurance businesses paid out close to R11bn in death claims in the year to end-June, compared to an average of R6bn a year in the three years before the start of the pandemic..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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