Vunani finalises acquisition of a majority shareholding in Eswatini Insurance Business

• Vunani, in a consortium with the current Metropolitan Life Swaziland (MetLife Swaziland) management, has acquired a 67% majority stake in MetLife Swaziland from South African based Momentum Metropolitan Holdings.
• MetLife Swaziland is a provider of long-term insurance products, while its wholly owned subsidiary Momentum Insurance (Swaziland) Limited (“MOMS”) offers short term insurance products and health insurance.
• MetLife Swaziland management have more than 90 years of combined insurance sector experience.
• The name of the company will be changed to reflect the change in ownership.
• Vunani financial services presence now includes South Africa, Zambia, Malawi, Zimbabwe, Botswana and Eswatini.
• Eswatini Bank remains a 33% shareholder.

Vunani Limited (“Vunani”) has, together with the current Metropolitan Life Swaziland management, acquired Momentum Metropolitan Holdings Limited’s (“MMH) 67% shareholding in its Eswatini insurance businesses. Shareholders are advised that the Transaction has become effective now that The Purchase Consideration has been paid to Metropolitan International Holdings Proprietary Limited and all conditions precedent have been met.

MetLife Swaziland has evolved into one of the leading insurance providers in the region with assets in excess of R675 million.

This transaction sees Vunani, a financial services group, expand into life, short term and health insurance in partnership with the highly experienced local management team. The transition plan will include a rebranding exercise for both MetLife Swaziland and MOMS.

Ethan Dube, Vunani’s Chief Executive Officer, says “MetLife Swaziland ’s proven strong cash generation, and well-established recurring premium business, complement Vunani’s business model and will augment the group’s growth strategy.” MMH has committed to working with the consortium to facilitate the smooth transition of operations and to ensure that the best interests of all key stakeholders in Eswatini, including clients, business partners, staff, and regulators are well taken care of during the transition period.

The remaining 33% of MetLife Swaziland will continue to be held by Eswatini Development and Savings Bank (“Eswatini Bank”), which originally invested in 2010.