Liberty's group sales rise, but retail unit flat
Lack of clear strategy from insurer’s new CEO disappoints analysts
Liberty delivered a mixed performance for the nine months to September, with a strong turnaround in its group insurance business, while its retail unit was relatively flat. The group arrangements unit, which provides insurance and investment solutions to corporate organisations and pension funds, grew new business 37% to R802m. It overcame the 31% slump in single-premium sales observed during the matching period, selling exactly the same amount in new one-off policies. Recurring-premium sales rose 38%, compared with 14% previously. The improvement in the group arrangements business was underpinned by strong sales of group risk and umbrella enhancement policies, coupled with higher single-premium umbrella sales. The retail individual arrangements business failed to keep up with its corporate sibling, delivering a flat 2% rise in new business to R4.9bn. One-off policy sales were up 4% compared with 1% previously as customers flocked to guaranteed products in response to heightened pol...
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