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.
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