Wealth management group Liberty Holdings has seen a 16% increase in long-term insurance indexed new business (excluding premium escalations) to R4.8bn for the 10 months to October.
In an operational update‚ the group reported net customer inflows of R21bn for the 10-month period‚ which reflected a significant improvement on the R1bn for the corresponding 2011 period.
Total group assets under management increased to R514bn from R455bn in December last year.
The group said the operating performance reflected continued positive momentum in the business‚ sustained long-term improvement in asset management investment returns and a better operational performance from the rest of the group.
Returns on the shareholder's investment portfolio were in line with the positive investment markets experienced during the period.
The capital adequacy level of Liberty Group‚ the entity which conducts the bulk of the company's insurance activities‚ was 2.9 times at the end of October.
These figures include the redemption of the R2bn subordinated debt in September and new debt issuances totalling R2bn. All the other life licence subsidiaries remain well capitalised.
The group added that considerable value had been added through an improved operational performance over the last two years.
Growth in retail insurance sales‚ significantly better lapse rates‚ effectiveness of balance sheet management‚ the improvement in investment performance‚ delivery of the corporate remediation plan‚ as well as good progress in the diversification initiatives are beginning to bear fruit.
Liberty says management will continue to aggressively focus on executing its strategy and delivering key objectives to create additional value for shareholders.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.