JOHANNESBURG Feb 24 – South Africa’s Liberty Holdings will acquire a 75 percent stake in a Nigerian long-term insurer for 160 million rand ($12 million), the company said on Friday, pursuing its strategy of expanding on the African continent.
Liberty, South Africa’s number four insurance firm by market value, is expanding beyond its home base to parts of Africa, where demand is rising from a growing middle class.
Further details of the deal were not disclosed.
Meanwhile the South African Insurance company reported a Headline earnings for year ended Dec. 31 2016 amounted to r2 207 million, down 46,2 pct compared to 4 102 million rand in 2015
* “we are in advanced stages of acquiring a life licence in Nigeria”
* FY net customer cash inflows amounted to 7,7 billion rand(Dec. 31 2015: 15,2 billion rand)
* FY end total assets under management increased marginally to 676 billion rand versus 668 billion rand
* Board has approved and declared a gross final dividend of 415 cents per ordinary share
* Operating conditions are expected to remain tough and pressure on consumer disposable income is likely to continue
* Lower returns from investment markets and a challenging consumer environment contributed to weaker earnings in 2016 Source text for Eikon:
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Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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