SA-based MMI joins exodus, scales back African expansion plans

JOHANNESBURG, March 4 (Reuters) – 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.

MMI Holdings“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.

Read also:ย MMI merger settles, seeking opportunities in India

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 plansย to partially sell down its 62.3 percent stake in its Johannesburg-based subsidiary, which has operations in 13 other countries on the continent.

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