See total ranking

Momentum Metropolitan

Momentum Metropolitan is a South African-based financial services group established in 2010 through the merger of Metropolitan and Momentum. It specializes in long and short-term insurance, asset management, savings, investments, healthcare administration, health risk management, employee benefits and rewards programmes. Outside South Africa, it operates in several African countries and in Europe. Momentum Metropolitan is listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia. During the assessed period, the reported number of employees was 16115 and assets under management corresponding to USD 43.5 billion were reported.

Summary

Momentum Metropolitan ranks as number 144 among all companies in the Financial Sector Benchmark and as number 8 of 12 Sub-Saharan African institutions assessed. This makes it number 23 out of 71 insurance companies.

Momentum Metropolitan successfully demonstrates the outcome of engaging on sustainability impact topics in an engagement report, and it links performance criteria for remuneration at the senior executive level to specific sustainability targets.

Overall, Momentum Metropolitan discloses information on some sustainability topics, but its total level of disclosure is relatively low and puts it behind many of its peers. While material sustainability impacts are identified, Momentum Metropolitan could provide further detail on the criteria for prioritisation. It could include risks associated with the ILO fundamental rights at work for those impacted by its provision of products, services and capital in its risk assessment process, and it could establish a process for identifying the social risks associated with its provision of products, services and capital in relation to the net zero transition.

Ranking position: #144 /400
Total score: 15.3 /100

Industry
Insurance companies	#23

Measurement area	Score	Rank (0-400)
Strategy, governance and stewardship	11.7 /100	#188
Respecting climate and nature	12.5 /100	#113
Environmental footprints	12.5 /100	#141
Inclusive finance	17.2 /100	#49
Responsible business conduct	21.6 /100	#172

Leading practices

The financial institution publishes an engagement/stewardship report describing the outcome of engaging on sustainability impact topics. The financial institution links performance criteria for remuneration at the senior executive level to specific sustainability targets. The stewardship policy covers client and other stakeholder engagement as well as advocacy and partnerships.

The financial institution discloses the amount and/or share (in monetary terms) of its provision of products, services and capital linked to high-emitting sectors and fossil fuel sectors. The financial institution transparently identifies the key sectors, clients and investees to engage with on climate issues. The financial institution monitors its scope 1-2 emissions.

The financial institution discloses the amount and/or share (in monetary terms) of products, services and capital provided to usually excluded group, defined by the financial institution itself. The financial institution discloses the amount and/or share (in monetary terms) products, services and capital provided to small-and medium-sized enterprises.

Risks and opportunities

The financial institution has a publicly available policy statement committing to specific workers’ rights but could reference all ILO fundamental rights at work. It expects suppliers to respect these rights and has the opportunity to disclose how it determines a living wage in its operational regions. There is also an opportunity to publish a policy statement prohibiting bribery and corruption. While material sustainability impacts are identified, further detail on the process and criteria for prioritisation is needed. The stewardship policy supports social and environmental topics but could better align with environmental transitions and social best practices. The institution refers to nature-related impacts but should detail their identification and prioritisation.

Although it monitors scope 3 emissions, additional categories could be included with rationale for exclusions. The methodology for carbon footprint calculation is partially detailed, but all aspects should be covered. It is recommended to disclose the breakdown of clients by income group and provide employee and revenue data for all operational countries. The risk assessment process includes some ILO rights but should encompass the full set, with a disclosed process for mitigating identified risks.

Lastly, an example of conclusions and actions taken regarding salient human rights issues from the last three years is recommended.

Disclaimer

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.

See results for

2022

More about the company

Headquarters: South Africa
Ownership structure: Publicly listed
Results 2024: Total assets: USD 34.5 billion; AuM USD 43.5 billion
Number of employees: 16115
Website: https://www.momentummetropolitan.co.za

This financial institution is part of the SDG2000, the 2,000 most influential companies

See company profile