Amalgamation Of Life Licenses

28 Apr 2015

MMI Holdings Namibia was formed on the 1st July 2013, following the merger of Metropolitan Life Namibia Limited and Momentum Life Assurance Namibia Limited. A legal amalgamation in terms of Section 36 (3) (a) of the Long term Insurance Act No 5 of 1998 was approved by the High Court of Namibia to transfer the entire business of Momentum Namibia with that of Metropolitan Namibia. The approval which came into effect on the 1st July 2014 consolidate the life licenses of Metropolitan Namibia and Momentum Namibia, under their new MMI Holdings Namibia.

Following the creation of MMI Holdings Namibia, the group owned duplicated life licensed entities and IT Systems. As a result, the group consolidated the life licenses and IT systems to obtain business efficiencies and cost effectiveness from the merger.

The amalgamation of licenses is a technical and legal transaction and will not have a material impact on the employees, as benefits and contractual obligations remain unchanged.

Policyholders will not be affected by the process, as benefits will remain the same. The only change is that policies underwritten by Metropolitan Namibia and Momentum Namibia will now be underwritten by MMI Holdings Namibia. The group will continue to underwrite policies under the same terms and conditions. The ultimate goal of the group is to provide innovative and affordable products and services.

The brands operating in the life assurance, investment, savings and health administration markets will still remain as the main point of contact for all client related transactions.

MMI Holdings Namibia comprises five brands, Metropolitan Namibia, Momentum Namibia, Swabou Life, Momentum Asset Management, Methealth Namibia Administrators. Metropolitan and Swabou Life provide life assurance, investment and savings needs to the lower to middle income market, while Momentum Namibia’s offering consist of employee benefits, retirement benefit solutions, life assurance, savings and investment products for the middle to higher income markets. Methealth Namibia Administrators provides health care fund administration while Momentum Asset Management Namibia caters for the asset management needs of our clients.

"Our purpose is to enhance the lifetime financial wellness of people, their communities and their businesses"