South Africa's No.3 insurer MMI Holdings could exit some markets elsewhere in Africa, its spokeswoman said on Friday, the latest company to scale back on the continent once at the heart of executives' expansion plans.
South Africa's insurer says could exit some African markets
"Given the current economic environment, we are reviewing our presence in certain smaller African markets and depending on the outcome of the review we might exit them," said MMI Holdings' spokesman Lerato Mametse.
South African insurer MMI H1 earnings fall 9 pct
"Given the current economic environment, we are reviewing our presence in certain smaller African markets and depending on the outcome of the review we might exit them," said MMI Holdings' spokesman Lerato Mametse.
Mametse declined to name the countries in which MMI has launched a review.
MMI, which sells funeral, health and retirement insurance in several African countries that include Namibia, Botswana and Swaziland, reported a 9 percent drop in half-year earnings on Thursday claims jumped.
ADVERTISEMENT
Africa's growth prospects were dealt a blow in mid 2014 when its export mainstays oil and other commodities fell, partly due to a slowdown in leading consumer China.
Earlier this week, Barclays Plc announced plans to partially sell down its 62.3 percent stake in its Johannesburg-based subsidiary, which has operations in 13 other countries on the continent.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
You will not walk alone - Gov Oyebanji assures late APC chairman’s family
Troops end 3 senior terrorist commanders, 189 others, arrest 341 suspects
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT