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Liberty Holdings Dividend and 42% profit rise lift stock

March 1 2013 at 08:00am
By Bloomberg

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Liberty Holdings, the insurer controlled by Standard Bank, climbed yesterday after announcing a special dividend and posting a 42 percent jump in full-year profit. Liberty would pay a special dividend of R1.30 a share after attributable earnings for the year to last December rose to R3.78 billion from R2.74bn in 2011, it said yesterday. Headline earnings a share increased to R14.37, beating the R12.63 median estimate of eight analysts. Profit surged after a 23 percent gain on the JSE boosted the value of Liberty’s investments. It has operations in 14 African countries outside its home market after following Standard Bank in expanding in fast-growing parts of the continent. “Earnings were generated on the back of good investment performance on the group’s shareholder capital and strong operating performances by the core retail South Africa and Stanlib businesses,” Liberty said. “Our core insurance and asset management businesses are performing well and we anticipate that they will continue to attract higher levels of new business at improved margin.” The shares initially rose 4.4 percent before closing 1.3 percent higher at R116.50. – Bloomberg


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