JU
julianreins@julianreins_jse·Bullish
Reading through the latest SENS on embedded value, the margin improvement in the savings business is actually what's holding this together. Peaked at R40.82 today but the real story is whether they can keep growing AUM without the rand falling apart again. Life insurance plays usually get hammered in a recession so you're basically betting Momentum keeps clients locked in. Fair value if earnings stay steady but not much upside if the economy actually tanks.