History MMI Holdings Limited

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1 history

1.1 pre-merger history

1.1.1 metropolitan holdings limited
1.1.2 momentum group limited


1.2 merger
1.3 post merger history





history

mmi holdings formed in 2010 when metropolitan holdings , momentum group, 2 insurance , financial services companies in south africa, merged operations.


pre-merger history
metropolitan holdings limited

metropolitan founded in 1898 homes trust limited , later acquired sanlam in 1918. sanlam merged homes trust limited metropolitan life insurance company limited (another 1 of subsidiaries) form metropolitan homes trust life limited in 1979.


in 1985, metropolitan homes trust life limited changed name metropolitan life limited (metlife). metlife listed on jse in 1986 , cross listed on nsx in 1996. group name changed metropolitan holdings limited in 2003. @ merger date, metropolitan holdings listed on jse.


momentum group limited

momentum traces roots momentum life assurers limited established in 1966 life assurance company , southern life association limited incorporated in 1904 african life assurance society. in 1992, rmb holdings (rmbh) acquired interest in momentum life assurers limited.


on april 1, 1998, anglo american corporation of south africa limited (now anglo american plc) merged financial services interests rmbh in order achieve objective of unified financial services grouping known first rand. transaction required business of momentum life assurers limited transferred southern life association limited renamed firstrand insurance company limited , later renamed momentum group limited. @ merger date, momentum group wholly owned subsidiary of first rand.


in 2003 momentum group limited transferred investment in discovery limited firstrand limited r740 million. stake later on unbundled firstrand s shareholders including rmbh.


the merger

on march 31, 2010, metropolitan holdings, first rand , momentum group entered merger agreement see amalgamation of momentum’s business metropolitan. firstrand sold entire shareholding in momentum metropolitan in consideration metropolitan issue new metropolitan ordinary shares firstrand. made momentum wholly owned subsidiary of metropolitan. metropolitan transferred insurance business momentum , renamed mmi holdings firstrand largest shareholder.


post merger history

on 7 march 2011, rmb holdings (rmbh), remgro , firstrand spun off insurance assets rmi holdings , separately listing on jse. process led transfer of firstrand s entire shareholding in mmi holdings rmi holdings.








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