South African financial services group MMI Holdings is targeting to export its short-term insurance offering to the other African countries where it operates and eyes expansion into India in the medium to long-term, Business Day reported, quoting the company's CEO Nicolaas Kruger. MMI intends to start exporting its short-term insurance offering in its next fiscal year, starting on July 1, taking one country at a time. It has operations in Namibia, Botswana, Lesotho, Swaziland, Tanzania, Nigeria and Ghana, but offers short-term insurance only in Tanzania and Kenya.
MMI is awaiting regulatory approval for a ZAR 330mn purchase of Kenyan short-term insurer Cannon Insurance. In the nine months to end-March, MMI's total new business recurring premiums rose 12% y/y, while the combined new business flows resulted in a 15% increase in respect of the year-to-date present value of premiums (PVP) for the group.
Source Emerging Markets
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