Data provided by McGregor BFA
All data is delayed
Loading...
See More

New insurance business buoys Liberty

Aug 01 2013 09:10 Reuters

(Shutterstock)

Related Articles

Growing African business boosts Liberty

Standard Bank to sell UK commodity arm

Setting achievable savings goals

Standard Bank to axe staff

SA banks may be forced to list on ZSE

UK vows jail for reckless bankers

 
Johannesburg - Long-term insurer Liberty Holdings [JSE:LBH] posted a 6% rise in half-year earnings on Thursday after strong growth in new insurance business.

The firm, majority-owned by Africa's biggest bank Standard Group [JSE:SBK], reported a BEE normalised headline earnings per share of 602.7 cents from a restated 568.8 cents a year ago.

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.

New insurance business increased 11.8% to R3.1bn while total assets under management grew by nearly 17% to R566bn.

Liberty, which has operations in 15 African countries and has asset management and property businesses, raised it dividend payout by 10% to 212 cents.

"Our core insurance and asset management businesses are performing better than assumptions," it said.

"We anticipate that they will continue to do so and attract higher levels of new business at improved margin despite the current pressure on consumer disposable income in South Africa."

Standard Bank holds a 53.6% stake in Liberty and reports its own first-half performance later this month.

Liberty's shares have risen over 10% so far this year. Johannesburg's All-Share index is up 5% in comparison.

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

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
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zuma: Pray for peaceful polls

President Jacob Zuma has asked members of the Universal Church of the Kingdom of God to pray for peaceful elections on 7 May.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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