Liberty gets a R4.8bn Covid pounding
Insurer and asset manager opts not to pay dividends as it swings from headline earnings of R3.25bn in 2019 to a R1.54bn loss in 2020
Life insurance and asset manager Liberty Holdings had a dramatic swing in profitability due to the devastating effects of the second wave of Covid-19 late in 2020. But it managed to escape with just a small top-up in its provisions for the pandemic.
“It was a year we were able to demonstrate and live the purpose the company was established for, set up for, but I can’t think of a tougher year,” says Liberty CEO David Munro. ..