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South Africa: Liberty's New Sales Slow Down

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Business Day (Johannesburg)

15 May 2008
Posted to the web 15 May 2008

Regis Nyamakanga
Johannesburg

LIBERTY Group said yesterday the growth of new business sales in the first quarter of this year had contracted, and it forecast a difficult road ahead in volatile economic conditions.

CEO Bruce Hemphill said the challenging operating conditions in the quarter to March were not expected to improve in the short term.

Liberty Group's (LGL) indexed new business production -- defined as life and off-balance sheet sales -- grew 10,7%, or R1,45bn, while its return on embedded value remained in line with market guidance of 14,5%-15,5%.

"The volatile economic conditions experienced during the period have created a difficult operating environment for both the life and asset management businesses," he said.

Indexed new business at the group's life unit Liberty Life excluding premiums rose 9% to R1,028bn, while indexed individual new business premiums grew 5,9% to R886m.

Relevant Links Southern Africa Economy, Business and Finance Company News South Africa

"Risk products continued to sell well, augmented by stronger sales of investment and savings products. Indexed corporate new business premiums increased 34%, with both recurring and single premiums remaining strong," he said.

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