Liberty Group Limited / Liberty Holdings Limited -
Liberty Group Limited / Liberty Holdings Limited - Market Update
LIBERTY GROUP LIMITED LIBERTY HOLDINGS LIMITED
Registration number 1957/002788/06 Registration number 1968/002095/06
Alpha Code LGL Alpha Code LBH
Issuer Code LIBU
ISIN Code ZAE000024543 ISIN Code ZAE000004032
Incorporated in the Republic of South Incorporated in the Republic of South
Africa Africa
MARKET UPDATE
In a demanding market, new business sales have remained positive albeit at a
lower rate of increase than in 2002. New business margins have been maintained
at the levels experienced in 2002. Net cash inflows from insurance operations
remain positive and expenses for the first quarter have been managed within
actuarial parameters.
Since year-end, investment markets have continued to decline and the Rand has
continued to strengthen. The weighted average investment return for the 3 month
period ended 31 March 2003 on the equity, managed and foreign assets portfolios
was -11,9%.
The outlook on investment markets and the Rand for the remainder of the year is
uncertain, but if they continue at current levels, the impact on the life fund
operating surplus will be such that headline earnings to 30 June 2003 and 31
December 2003 will be considerably below last year"s.
The company"s capital position remains strong. At 31 March 2003 the statutory
capital adequacy requirement was covered 2,7 times by shareowners" funds.
Date: 13 May 2003
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