Liberty Holdings puts aside R3bn for Covid-19
Financial services group Liberty Holdings is setting aside R3bn as it braces for the fallout from the Covid-19 pandemic.
The insurer and asset manager, founded in 1957 by Donald Gordon, has a market capitalisation of R20bn.
It warned in a trading update on Monday that it will slip into a loss in its half year to end-June.
Liberty said it has experienced increased pressure on new business volumes and margins since the start of the lockdown, as well as a worsening in mortality rates in the first few months of 2020.
Liberty has set aside financial resources to provide certainty and peace of mind to our clients and advisers
“Liberty has set aside financial resources to provide certainty and peace of mind to our clients and advisers,” the group said.
“In addition, we wish to give comfort to shareholders that we are able to fulfil our purpose in these times while still maintaining a focus on delivering against our longer-term strategic goals,” the statement reads.
Liberty expects to report a headline loss per share of 787.2c-944.6c in its six months to end-June, from headline earnings per share of 746.6c previously.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.