STEPHEN CRANSTON | Momentum rebrands with new leadership and record Bonitas win

Mar 26, 2026 · 867 words · By Stephen Cranston

Fact-Check Results

“Discovery has grown from zero to a market cap of R172bn in little more than 30 years.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Discovery's market cap growth.

“Discovery overtook Liberty and Old Mutual, which at its peak controlled almost half of the South African life insurance market.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Discovery overtaking Liberty and Old Mutual.

“Discovery spent its early years as a subsidiary of Rand Merchant Bank (RMB) through Momentum Life.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Discovery's subsidiary status via Momentum Life.

“Momentum's strength was distribution, with strong relationships with independent advisers and an institutional consulting force.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum's distribution relationships.

“Momentum Health had offices in Sandton, not in Verwoerdburg (Centurion).”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum Health's office locations.

“The medical aid product was called Discovery and was the first in the FirstRand fold to be listed in 1999.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Discovery's 1999 listing.

“Momentum had a material share of the fledgling medical aid business from its inception.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum's equity stake in medical aid.

“Momentum's return on equity is 24%, above the target of 20%.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum's return on equity.

“Momentum's earnings grew 8% to R3.7bn, with new business up 11% to R43.3bn.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum's earnings and new business growth.

“Momentum's rest-of-Africa sales increased by 28%.”

❓ INSUFFICIENT EVIDENCE — No evidence found in archive to verify or contradict the claim about Momentum's rest-of-Africa sales growth.

“Momentum increased its interim dividend by 29% to 110c per share.”

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“Momentum Corporate's sales were up 23%, with group life and disability benefits as the sweet spot.”

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“Momentum is exiting its quasi-banking operation, Momentum Money, to be closed by the end of the financial year.”

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“Momentum covers 30% of lives through medical aid, mostly in the Government Employees Medical Scheme (Gems).”

❓ PENDING

“Momentum's administration of Bonitas adds 750,000 new beneficiaries, overtaking Medscheme.”

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“Momentum's earnings increased 14% to R500m due to lower distribution costs and lapse/death rates.”

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“Momentum has over 500 tied agents and 480 in its Consult by Momentum franchise.”

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“Momentum's mass-market business, Metropolitan, saw sales down 13%.”

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“Momentum will administer Bonitas medical aid, the second-largest open medical aid in South Africa.”

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