Latest news with #R4.8

IOL News
23-06-2025
- Business
- IOL News
ANC KZN leaders criticise councillors over municipal failures
KwaZulu Natal ANC task team convener Jeff Radebe speaking at the ANC KZN Alliance Local Government and Service Delivery Summit held in Coastlands Hotel on Durban's South Beach on Sunday. Image: Doctor Ngcobo / Independent Newspapers The ANC leadership in KwaZulu-Natal has read the riot act to councillors regarding the state of municipalities in the province, warning that elected officials must take their oversight responsibilities seriously. Going forward, they will be held accountable for governance failures in councils, the leadership warned. ANC convener Jeff Radebe called on councillors to be well-informed about council matters. He stated that active participation is vital for transparency, efficient service delivery, and curbing corruption and mismanagement at the local level. Radebe made these remarks while delivering his address at the Alliance Local Government and Service Delivery Summit this weekend. 'The ANC must take stock of the state of governance in our municipal councils. The 2026 municipal elections are upon us. We have so little time and so much work to do,' Radebe said. 'We gather at a time when our municipalities are at a crossroads. Progress is evident, yes, but so too are the challenges that will test our collective resolve. As leadership, we share the responsibility of turning this situation around,' he continued. He detailed some of the challenges, noting that capital expenditure stood at R4.8 billion (31.9%) lower than the 50% target. Conditional grants to municipalities totalled R8.2 billion, with only R3.6 billion (36.7%) spent. The critical Municipal Infrastructure Grant of R3.6 billion had only been spent by 39.7%, while the Water Services Infrastructure Grant of R1.1 billion had only been spent by 44.1%. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'These inordinate delays have robbed our people of essential services. This province is crying out for much-needed municipal infrastructure and water provision. These statistics are shocking. This is a sorry tale,' he continued. 'Urgent intervention is required in debt management, budget accuracy, and compliance with financial reporting requirements. Let us raise the critical oversight and monitoring responsibilities of Exco members and councils. Exco councillors are part of the political executive and are responsible for policy implementation and oversight of specific portfolios, similar to Ministers and MECs. 'Each Exco councillor oversees a specific department and is individually responsible for monitoring departmental performance and ensuring alignment with the Integrated Development Plan and Budget,' said Radebe. He emphasised that councillors are responsible for monitoring service delivery, ensuring that services are delivered efficiently and effectively in line with municipal policies. Mayors and councils must report regularly on departmental performance and intervene when targets are not met, he said. Councillors must take immediate action on remedial measures once they identify problems in service delivery or maladministration, Radebe stated emphasising that they represented the broader public and act as a bridge between communities and the municipality. 'Every ANC cadre who serves as a councillor must engage with residents to report service delivery issues. You must facilitate community meetings, report back, and channel community concerns into council processes through your ANC Caucus. You must ensure that these concerns are addressed by the municipality in which you serve,' he added.

IOL News
02-06-2025
- Business
- IOL News
Momentum Group's third-quarter performance showcases resilience in challenging times
Momentum Group's earnings run rate in the third quarter was in line with the first two quarters, excluding the substantial positive market-related variances of the first six months Image: Supplied Momentum Group's positive financial trajectory at the half-year stage continued into the third quarter, the insurance, investment, and healthcare financial services group said in an operating update on Monday. 'The group delivered solid operational performance despite escalating geopolitical tensions and subdued economic growth, with normalised headline earnings (NHE) of R4.8 billion for the nine months ended 31 March 2025,' its directors said. Recurring premiums increased by 5% in the quarter to R3.1bn. Single premiums fell by 7% to R43.66bn. New business present value premiums fell by 4% to R58.04bn. Total expenses were up by 5%. The number of health members under administration increased by 4%. 'The earnings run rate in the third quarter was in line with the first two quarters, excluding the substantial positive market-related variances of the first six months (of approximately R500 million),' the directors said. They said the results were underpinned by 'disciplined execution across the business units and a continued focus on profitable growth.' The decline in the third-quarter new business present value premiums experience was in line with the trend in the first two quarters. The value of new business (VNB) continued to grow in the third quarter, albeit slower than in the first half. VNB was supported by a shift in new business mix toward more profitable lines and improved performance from Metropolitan Life. Credit spreads on annuity portfolios contributed positively to earnings. Stronger equity market performance supported higher fee income from investment contracts. Direct expenses increased marginally above inflation, largely due to the long-term incentive plan awards on the back of the group's strong share price gains. Other contributing factors on expenses included increased spending to meet compliance requirements from regulatory changes, and IT investment to implement the two-pot retirement system reforms. Benefits from a group-wide performance optimisation project were expected to become more pronounced in the 2026 financial year. To date, R116 million in savings was expected to be realised over the next year. In Momentum Metropolitan Life, the main life insurance entity in the group, the solvency cover ratio (SCR) decreased from 2.15 times at December 31, 2024, to 2.02 times at March 31, with the decrease reflecting strong operational earnings, offset by dividend payments to the group and an increase in the SCR. Momentum Retail's earnings benefited from a solid performance from the protection business and higher investment income on required capital. Favourable market variances contributed positively to earnings. Although still positive, mortality and morbidity experience variances were lower than in the prior period. Momentum Retail's new business premium value improved by 2%. Metropolitan Life's earnings were primarily driven by the improvement in new business profitability, notably on the protection business, following product commerciality and distribution optimisation initiatives. Earnings continued to benefit from positive persistency experience variance. Momentum Corporate's new business premium values fell by 29% to R8.2bn, mainly due to lower FundsAtWork single and recurring premium new business and the impact of sizable single premium large flows in the prior period. 'We are pleased with the performance the Momentum Group achieved over the period. We remain focused on delivering on the Impact strategy, with continued progress on strategic initiatives gaining momentum,' directors said. BUSINESS REPORT Visit: