The company expects a decrease of more than 100% in its earnings per share and headline earnings per share, which will also moved to loss position.
Standard Bank-owned life insurer Liberty [JSE:LBH] expects a loss of between R2 billion and R2.4 billion for the first half of 2020, due to a spike in death claims, policy lapses and harsh brakes on sales of policies and investment products under the hard lockdown.
The insurance group will be the first insurer to present financial results showing the extent to which the pandemic has impacted the local insurance industry on 5 August. But the trading update painted a picture of a company squeezed on all fronts, as its death claims rose while sales were under pressure and existing clients struggled to keep up with their premiums.
“Liberty has experienced increased pressure on new business volumes and margins since the start of the lockdown period,” wrote Liberty in the update.
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