South Africa's insurer says could exit some African markets

March 4, 2016 7:45 AM

"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

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.

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.

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.