An 81% decline in investment returns from Libfin Investments hits headline earnings
Liberty CEO David Munro. Picture: ROBERT TSHABALALA/FINANCIAL MAIL
The decline was due to an 81% decline in investment returns from Libfin Investments, the unit that invests capitalBecause it is heavily invested in a balanced fund with local equities, Libfin’s normalised headline earnings decreasedThe JSE all-share index lost 11.37% in 2018, the worst performance since the 2008 financial crisis, when it lost 25.72%.
The insurance business in the rest of Africa was the hardest hit, recording a 300% decline in normalised headline earnings. The health business in the rest of Africa continued to increase its losses, this time by 44% to R78m."We are at advanced stages to sell a majority stake in our health business, which operates across Africa. And equally, we are actively pursuing various strategic partnerships orIn SA, the group announced on Wednesday that it had sold its short-term insurance technology platform to Standard Bank.
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