Liberty in chains again as R3bn need for Covid puts paid to escape plan
Group expects to slip into a loss in half year to end-June as it braces for pandemic fallout
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.