JOHANNESBURG - Liberty Holdings Ltd. is in talks to sell majority stakes in its health-insurance business as well as its asset-management operations in East and West Africa as the Johannesburg-based firm focuses on its home market.
The firm’s property and casualty insurance units in Malawi and Namibia are also up for grabs as Chief Executive Officer David Munro pushes ahead with his plans to simplify the company, improve profitability and win back market share.
The strategy of focusing on South Africa is starting to bear fruit, with improvements in the local units helping to boost new sales, lift margins and operating profit.
Liberty wants to dispose of large stakes in its money losing assets or find strategic partners, Munro said by phone Thursday.
It has already agreed to sell its short-term insurance-technology platform to Standard Bank Group Ltd., the insurer and money manager’s parent, for 145 million rand ($10 million).