Liberty Insurance has released it's first half financial report
This shows that they have returned to profit.
|
Standard Bank's Liberty Holdings Ltd. has posted its first half financial report and has showed that it has returned to profit.
The main reason for this is that fewer of the insurance group's clients had abandoned their policies, said Liberty.
Liberty said that "improving policyholder persistency" in the first half of the year helped the group return to profit, meaning that there was a growing number of clients who choose to retain their insurance policies and keep up their payments.
Liberty said that it was "confident of ongoing progress" to retain existing customers, despite the fact that new margins have dropped.
While the same period last year showed a net loss of R1.26 billion, net income climbed to R969 million in the first half of 2010.
Liberty Insurance also showed that total revenue has jumped to R10.99 billion (from R11.23 billion).
The group's dividend remained unchanged at R2.91 per share.
Liberty's shares have risen 16% this year on the Johannesburg stock exchange.
The announcement marks a turning point in Liberty's performance, which has been plagued with losses and personnel changes for over a decade.
While insurance companies such as Sanlam have been able to weather the recession, Liberty performed relatively poorly in comparison.
In addition, Liberty has been left unsettled at the upper executive level, having lost top managers over the past four years, including CEO Myles Ruck.
Email
Print
