Liberty became the first insurer to warn investors it will incur heavy losses associated with higher costs and lower new business volumes because of Covid-19.

Liberty said in a trading update on Monday that it expects to incur a loss of between R2bn and R2.4bn for the six months ending-June when it announces results in August. The announcement puts a spoke in the wheel of CEO David Munro's plans to return the company to a growth trajectory capable of recovering lost ground.

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