Loading...
See More

Growing African business boosts Liberty

Feb 28 2013 08:54 Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 128.16
Change -0.94
% Change -0.01
Cumulative volume 361366
Market cap 207.43bn

Last Updated: 23/10/2014 at 11:03. Prices are delayed by 15 minutes. Source: McGregor BFA

LIBERTY HOLDINGS LIMITED [JSE:LBH]

Last traded 119.72
Change -0.69
% Change -0.01
Cumulative volume 8025
Market cap 34.26bn

Last Updated: 23/10/2014 at 10:57. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Regulator to probe Liberty chair

Liberty profit jumps 68%

Liberty notches higher BEE status

Standard Bank profit down

Liberty new business declines

Liberty earnings up 43%

 

Johannesburg - South Africa's third-largest insurer by market value, Liberty Holdings [JSE:LBH], posted an expected 39% hike in full-year earnings after a strong performance by its investment portfolio and its African operations.

The insurer, majority owned by Africa's biggest lender Standard Bank Group [JSE:SBK], said BEE normalised headline earnings per share came in at 1,328 cents from a restated 957c in the previous year.

Liberty flagged earlier this month that earnings would range between 1,245 and 1,390c, a growth of 30%-45%.

BEE normalised headline earnings, which exclude certain one-time items and take into account the impact of its black shareholder scheme, is Liberty's main performance measure.

Liberty said its investment portfolio yielded a gross return of 16%. It raised its normal dividend by 10% to 528c and declared a special dividend of 130c.

Like other insurers in Africa, Liberty has struggled to grow its businesses on the continent outside South Africa, where insurance is more of a luxury than a necessity.

The company has operations in 15 African countries including lucrative markets such as Nigeria, Angola, Kenya and Uganda, where most of its new business is likely to come from.

The African insurance business had a three-fold increase in Liberty's share of earnings to R69m, it said.

Standard Bank is due to report its earnings on March 7.

Liberty's shares have risen over 3% so far this year after a flat performance in 2012. In comparison, Johannesburg's All Share [JSE:J203] index is unchanged so far this year. 

At 07:06 GMT, Liberty's shares were up 3.48% to R119.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

liberty holdings  |  standard bank group
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...