Jeanette Marais Makes South Africa's First Female CEO in the Life Insurance Sector

Momentum Metropolitan Holdings, one of South Africa’s leading financial services firms, has appointed Jeanette Marais as its first female CEO in the life insurance sector, making history. Marais, who has served as the group’s deputy CEO since 2018, will take over as CEO on August 1. Her appointment is significant because she is the first woman to lead a large, publicly traded life insurer in the country.

This announcement comes nearly a year after Lizé Lambrechts, the insurance industry’s only other female CEO, announced her retirement in July 2022. Lambrechts, on the other hand, held the position of CEO in Santam’s short-term insurance arm after leading Sanlam’s prominent business unit, Sanlam Personal Finance. Marais, on the other hand, will succeed Hillie Meyer, who was brought in alongside her as a “fixer duo” to stabilize Momentum Metropolitan Holdings during a difficult period. Meyer, who has been on a fixed five-year contract since February 2018, will retire on September 30.

Meyer and Marais took over at a time when the company was experiencing significant financial difficulties. The first year under their leadership saw the company’s worst financial performance in its history, with earnings falling by 12%. The new business margin, which had shrunk to 0.7%, was of particular concern, indicating minimal profitability from newly sold policies. In comparison, competitors such as Sanlam boasted margins of more than 2%.

Despite these initial challenges, Meyer and Marais were able to get the company back on track. Despite the disruptions caused by the Covid-19 pandemic, they successfully increased Momentum Metropolitan Holdings’ full-year normalized headline earnings from R2.8 billion to R4.4 billion by June 2022 over the course of five years. Meyer proudly proclaimed that they had finally regained their momentum. Marais oversaw the expansion of the company’s investment businesses, including Momentum Investments, Momentum Distribution Services, Consult by Momentum, and Momentum Money, during this time.

Momentum Investments expanded dramatically under Marais’ leadership. Normalized headline earnings for the company more than tripled from R271 million in the 2018 fiscal year to R940 million by the end of the group’s 2022 fiscal year. Furthermore, the new company’s value has risen from R80 million to R346 million in the last five years. Marais comes to her new position with a wealth of experience, having previously worked at Momentum from 1990 to 1999. She has a Bachelor of Science degree from the University of the Free State and an Executive MBA (cum laude) from the International Institute for Management Development in Lausanne, Switzerland.

In response to Marais’ appointment, Paul Baloyi, chairperson of the Momentum Metropolitan Holdings board, expressed his satisfaction with the selection process and emphasized the importance of this diversity breakthrough. Baloyi emphasized Marais’ contributions to the company’s strategy and evolution since 2018, emphasizing her in-depth knowledge of the business and its culture. He acknowledged the difficult operating environment and praised Marais’ passion, energy, and focus on the company’s growth trajectory, stating unequivocally that she is the best person for the job.

Jeanette Marais’ appointment as South Africa’s first female CEO in the life insurance sector reflects the country’s ongoing progress toward greater diversity and gender equality in leadership positions. Her accomplishment not only breaks down barriers, but also serves as an inspiration for aspiring female industry professionals, demonstrating that talent and determination can lead to ground breaking opportunities.