Fitch affirms Momentum

Fitch Ratings said it affirmed Momentum Group Ltd.'s AA(zaf) national long-term rating and the AA-(zaf) rating on the company's ZAR1 billion issue of subordinated unsecured secondary capital callable bonds.

The outlook is stable.

The agency said the ratings reflect Momentum's strong business position in South Africa, solid capital position and very strong operating performance.

Partially offsetting these factors is the fact that the diversification outside of South Africa is currently limited and the challenge to defend its business position, amid a very competitive South African life insurance market, Fitch said.

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