Momentum Metropolitan Holdings said yesterday it expected to lift normalised headline earnings a share between 15% to 22% for the year to June 30 after it benefited from improved mortality experience given the modest impact of Covid-19 during the period.
Earnings were further supported by a good improvement in investment variances because of favourable shifts in yield curves. Earnings were, on the other hand, partially dampened by a worsening of lapse experience in Metropolitan Life, underwriting losses in Momentum Insur, and a decline in investment return recognised on the group’s venture capital funds.
Normalised headline earnings per share were expected to be between 330 to 350 cents for the year, compared with 287.2c the previous year, the group said in a trading statement yesterday.
Earnings also included a positive adjustment to the carrying amount of the group’s remaining interest in Aditya Birla Health Insurance (ABHI), following the dilution of the group’s investment that was offset by the impairment of goodwill in Momentum Insure.
The results are expected to be published on September 13, 2023.
BUSINESS REPORT