FRIDAY, 1.00PM
HEADLINE share earnings for Liberty Life rose 20% in 1997 to R12,15, helped by a new, internationally standardised accounting system.
The dividend rose 33% to 425c, including a 40th birthday 40c share bonus. Earnings attributable to Liberty Life shareholders rose to R1,18-billion, new business rose 32,6% to R3,08-billion, and total assets increased from R82-billion to R101-billion.
Liberty is currently in merger talks with Standard Bank Investment Corporation, which could create an R80-billion banking, life assurance and financial services giant. Liberty chief chief executive Roy Anderson hopes to conclude negotiations by the end of April. His company is restructuring to simplify the seven-layered structure currently burdening it, and is looking to purchase a British company that will help Liberty’s international ambitions.
“If we flatten the bigger structure, we will qualify for a full FTSE 100 listing … we’ll look for a life company if we can find an appropriate one at the right price.”
The restructuring of the group will limit the number of “entry points” to the group, limit discounts and improve liquidity.