Momentum Metropolitan Holdings Limited, formerly known as MMI Holdings Limited, is a South African financial services group that is publicly listed on the Johannesburg Stock Exchange (JSE).
In July 2019, MMI Holdings changed its name to Momentum Metropolitan Holdings to emphasize the strong brand recognition of two of its key companies, Momentum and Metropolitan.
The formation of MMI Holdings occurred in 2010 through the merger of Metropolitan Holdings and Momentum Group, two prominent insurance and financial services companies in South Africa.
Metropolitan, originally established as Homes Trust Limited in 1898 and later acquired by Sanlam in 1918, merged with Metropolitan Life Insurance Company Limited to create Metropolitan Homes Trust Life Limited in 1979. The name was subsequently changed to Metropolitan Life Limited (Metlife). Metlife became listed on the JSE in 1986 and cross-listed on the NSX in 1996. In 2003, the group changed its name to Metropolitan Holdings Limited.
Momentum’s origins trace back to Momentum Life Assurers Limited, founded in 1966 as a life assurance company, and Southern Life Association Limited, incorporated in 1904 as African Life Assurance Society. In 1992, RMB Holdings acquired an interest in Momentum Life Assurers Limited.
In 1998, Anglo American Corporation of South Africa Limited merged its financial services interests with RMB Holdings to establish a unified financial services group called FirstRand. As part of this merger, the business of Momentum Life Assurers Limited was transferred to Southern Life Association Limited, which was later renamed FirstRand Insurance Company Limited and then Momentum Group Limited.
In 2003, Momentum Group Limited transferred its investment in Discovery Limited to FirstRand Limited. This stake was subsequently unbundled to FirstRand’s shareholders.
On March 31, 2010, Metropolitan Holdings, FirstRand, and Momentum Group entered into a merger agreement that resulted in the amalgamation of Momentum’s business with Metropolitan. FirstRand sold its entire shareholding in Momentum to Metropolitan, making Momentum a wholly owned subsidiary of Metropolitan. Metropolitan then transferred its insurance business to Momentum and changed its name to MMI Holdings, with FirstRand becoming the largest shareholder.