Liberty Life/ Liberty Holdings - Annual General Me
Liberty Life/ Liberty Holdings - Annual General Meeting
LIBERTY GROUP LIMITED
Incorporated in the Republic of South AfricaRegistration number 1957/002788/06
(`Liberty Life`)
Alpha Code LGL
Issuer Code LIBUISIN Code ZAE000057360
LIBERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1968/002095/06(`Liberty Holdings`)
Alpha Code LBH
ISIN Code ZAE000004032
ANNUAL GENERAL MEETINGLiberty Life and Liberty Holdings are pleased to announce that all the
resolutions set out in the Notices of the Annual General Meeting dated 1 March
2005 were passed by the requisite number of shareholders at the Annual General
Meeting held today.Chief Executive, Myles Ruck, made the following comments regarding the group`s
operational performance for the first three months of the 2005 financial year at
Liberty Life`s annual general meeting:
`The operating environment remained challenging for the industry in the firstquarter although Liberty Life`s new business sales continued along the trend
experienced towards the latter stages of 2004.
Growth in individual new business remained firm, driven mainly by the positive
contribution of single premiums. New recurring investment business remaineddifficult, but was compensated for to some extent by sales of the Lifestyle
Protector risk product. The individual recurring premium growth comparison has
been affected by the fact that new business sales of the popular Medical
Lifestyle product were discontinued at the end of the first quarter of 2004.The Corporate Benefits new business environment remained tough, although April
has shown a positive improvement in recurring premiums.
New business margins were in line with those of the first quarter of 2004, but
slightly lower than that reported at year-end.Net cash flows of the life business continued to show improvement, as did those
at Ermitage and Stanlib.
Management expenses remain tightly controlled and growth in recurring
expenditure was in line with actuarial assumptions.The Capital Alliance acquisition was finalised during April. Integration
activities are progressing in line with expectations, and further information on
the progress will be communicated to the market in due course.
The group has already communicated to the market its intention to raisesubordinated debt. This capital will be utilised for working capital purposes of
the business and to enhance the group`s weighted average cost of capital. The
group has received an AA rating from Fitch, which we believe should support a
favourable acceptance of the bond in the market.`Johannesburg
23 May 2005
Sponsor
Merrill Lynch South Africa (Pty) LimitedDate: 23/05/2005 12:15:04 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
