MMI Full-Year Profit Falls 9.8% Amid Equity Market Turmoil
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MMI Holdings Ltd., South Africa’s third-largest insurer by market value, said fiscal full-year profit dropped 9.8 percent amid volatility in equity markets, a slowing economy and rising inflation.
Net income declined to 2.98 billion rand ($219 million) in the 12 months through June, from 3.3 billion rand a year earlier, the Cape Town-based company said in a statement on Wednesday. Earnings per share excluding one-time items fell 11 percent to 1.81 rand.