MMIG - Availability of the Annual Financial Statements of MML for the year ended 30 June 2023
MMIG - Availability of the Annual Financial Statements of MML for the year ended 30 June 2023
MOMENTUM METROPOLITAN LIFE LIMITED
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
LEI: 378900E0A78B7549C212
Company code: MMIG
(“Momentum Metropolitan Life” or “MML” or “MML Group”)
Availability of the Annual Financial Statements of MML
for the year ended 30 June 2023
Noteholders are advised that the consolidated audited annual financial statements (“AFS”) of Momentum
Metropolitan Life for the year ended 30 June 2023 (“F2023”), has been published on the Momentum
Metropolitan Holdings Limited website at https://www.momentummetropolitan.co.za/en/investor-relations/debt-
investors.
The consolidated AFS for F2023 have been audited by Ernst & Young Inc. (“EY”), and their unqualified audit
report for F2023, together with the AFS identified in the audit opinion, are available for inspection at the
registered offices of MML and through a secure electronic manner at the election of any person requesting
inspection.
The following mandatory restatements are disclosed in the MML AFS:
1. Trade date accounting was applied to sale and repurchase as well as reverse sale and repurchase
agreements as opposed to the application of settlement date accounting as permitted by IFRS 9
Financial Instruments and required in terms of the Group's accounting policy. 1 July 2021 has been
restated accordingly.
2. A reassessment was performed in respect of Sales remuneration expenses. Certain transactions with
Metropolitan Life were incorrectly disclosed as Sales remuneration instead of as Other expenses. June
2022 has been restated accordingly.
3. During the implementation of the IFRS 17: Insurance Contracts project, the classifications of all
accounts receivable and accounts payable balances were reassessed between insurance and non-
insurance balances. It was determined that certain amounts were incorrectly classified as insurance
where the transactions were non-insurance related and vice versa. 30 June 2022 and 1 July 2021 have
been restated accordingly.
4. During the prior year, a selection of policyholder liabilities were reclassified from Investment contracts
with discretionary participation features to Investment contracts at fair value through profit and loss as
a result of an update to the Financial Sector Conduct Authority Standard 5 of 2020. A reserve related
to these policies was incorrectly not reclassified as well. 30 June 2022 has been restated accordingly.
5. The Group’s policy is to reflect interest on financial instruments measured at FVPL based on the
effective interest rate method. For certain instruments this was incorrectly calculated leading to a
misclassification between Other investment income and Net realised and unrealised fair value
gains/losses.
13 September 2023
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 13-09-2023 11:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
