Fitch affirms Momentum Group

Fitch Ratings said it affirmed Momentum Group Ltd.'s national insurer financial strength at AA+(zaf), national long-term rating at AA(zaf) and its subordinated debt at AA-(zaf).

The outlook is negative.

The affirmation reflects Momentum's well-established and strong domestic franchise, diversified business position in South Africa, good capitalization levels, strong affiliation with FirstRand Bank Ltd. and strong and diversified distribution network, Fitch said.

Partially offsetting factors include ongoing reform discussions in the contractual savings market, strong competitive pressures and a challenging operating environment in the near-term due to consumer, regulatory and competitive pressures, the agency said.

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