MMI 201305200021A
MMI Long-Term Insurance Licence Amalgamation Approved

MMI Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MMI
NSX share code: MIM
ISIN: ZAE000149902
("MMI" or "the company")


MMI long-term insurance licence amalgamation approved

20 May 2013 - The High Court of South Africa in Pretoria has
approved the amalgamation of the two main long-term insurance
licences of the MMI Holdings Limited group. MMI Holdings Limited
was created in December 2010 through the merger of Metropolitan
and Momentum.

Duplicated licensed entities and systems (resulting from the
merger) are currently being consolidated.  The approval of the
amalgamation of the licences on 20 May (in terms of Sections 37
and 38 of the Long-term Insurance Act) represents an important
milestone towards the rationalisation of MMI Holdings' legal
entities.

The court approval means that the current and future long-term
insurance policies of Metropolitan and Momentum will all be
underwritten by the same long-term insurance licensed entity.
There will be no change to the terms and conditions, or the
benefits of the policies. The amalgamated licence is held by MMI
Group Limited which is a wholly-owned subsidiary of MMI Holdings
Limited.

Policyholders will continue to deal with Metropolitan and Momentum
as the client-facing brands and all the current client contact
details remain unchanged.

‘This amalgamation constitutes an important milestone in the
integration process of Metropolitan and Momentum. Benefits include
easier transferability of capital within the MMI Holdings group,
more   optimal   use   of   capital  because   of   further   risk
diversification and more efficient and simplified governance
structures and compliance arrangements,’ says Nicolaas Kruger CEO
of MMI Holdings.

MMI announced in March 2013 that it was on track to achieve the
R500 million annual merger-savings target, having realised annual

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merger savings of R256 million up to 31 December 2012. The
amalgamation of the two main long-term insurance licences will
deliver further cost savings for the group. These cost savings and
improved capital efficiency forms part of MMI’s active approach
towards the management of its capital. ‘MMI’s healthy capital
buffer puts the group in a good position for the implementation of
Solvency Assessment Management (SAM) that is on the horizon and
also   provides   accessible   capital   to   invest   in   growth
opportunities,’ says Kruger.

‘The approval of the amalgamation of the licences is another
demonstration of the success of the merger.     Operating divisions
can now focus on their organic and strategic growth plans aimed at
achieving our vision to become a leader in meeting the financial
services needs of our clients,’ concludes Kruger.

Ends

20 May 2013

On behalf of:   MMI Holdings
Contact:        Lerato Mametse
Telephone:      012 671 8818 / 084 406 8272
Email:          lerato.mametse@mmiholdings.co.za

SPONSOR: Merrill Lynch South Africa (Pty) Ltd




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