The Johannesburg Stock Exchange (JSE) has announced that MMI Holdings, a South African based financial services group, will now be included, for the first time since listing in December 2010, in the JSE Top 40 Index.

This decision was made by the FTSE/JSE Advisory Committee and it is effective from June 22, 2015.

Nicolaas Kruger, Group CEO of MMI Holdings, said: “This is a significant milestone for MMI as we now rank as one of the 40 largest companies listed on the JSE, by market capitalisation.”

Market capitalisation refers to the number of shares in issue (currently 1.572 billion) multiplied by the ruling share price.

“The determination was done at the close of business on May 25, 2015, and at that stage our share price was R32.39 giving a market capitalisation of R50.9bn,” he said.

Kruger said that being in the JSE top 40 means that MMI is “now exposed to more potential investors including index tracker funds and other funds with limited mandates”.

“Our continued focus on growth, client-centricity and excellence will ensure we remain significant and fulfil our purpose to enhance the lifetime financial wellness of people, their communities and their businesses,” he said.

MMI was formed from the merger of Metropolitan and Momentum, sizable insurance-based financial services players in South Africa.

The core businesses of MMI are long and short-term insurance, asset management, savings, investment, healthcare administration, health risk management, employee benefits, and rewards programmes.

MMI conducts its business through operating brands Metropolitan, Momentum, Guardrisk, and Eris Properties.