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Interim results June 2000

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24 diapositives · 372 Views · Oct 23, 2014

Liberty Financial Services has reported impressive interim results for the period ending June 30, 2000. Highlights include a 22% increase in the value of new business and a notable 58% rise in claims and policyholder benefits. With a 121% net cash flow from insurance operations and significant EPS and DPS improvements, the company's commitment to innovation and bancassurance is clear. The sale of its interest in Liberty International further strengthens its financial position, paving the way for continued growth and strategic investments in core financial services.

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Interim results June 2000
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  1. Interim results June 2000

  2. Highlights + 22% + 23% +58% + 3% + 121% New business Value of new business Bancassurance new business Claims & policyholder benefits Net cash flow from insurance operations

  3. Highlights + 10% +3% + 22% EPS and DPS Embedded value Sale of interest in Liberty International – premium

  4. Revenue earnings –Continuing operations 30.6.00 (Rm) 30.6.99 (Rm) % Change Life fund operating surplus Revenue earnings – shareholders’ funds Headline earnings Headline EPS (cents) DPS (cents) 516 204* 720 265,9 133,0 519 133 652 242,7 120,9 (1) 54 10 10 10 * Includes interest R122m

  5. Net cash inflows ofinsurance operations 30.6.00 (Rm) 30.6.99 (Rm) % Change Single premiums Recurring premiums Total premiums Claims & policyholder benefits Net cash flow 3119 2799 5918 4861 1057 2665 2514 5179 4700 479 17 11 14 3 121

  6. New business % Change Total Recurring Single Index Present value of profits +22 +25 +21 +24 +23 Reasons: Product innovation Growth in sales force Bancassurance (no longer vulnerable)

  7. Agency headcount1995 – June 2000 1592 1310 1135 970

  8. Bancassurance 30.6.00 (Rm) 30.6.99 (Rm) %Change New business premiums ex Stanbic 632 400 58 • Number of funeral policies in-force – 120 000 • Funeral policies* +100% • Loan protection policies* +41% • Improved penetration of banking customer base, but slower than we plan for • * Period 1 January 2000 – 30 June 2000

  9. Note: Main portfolios in first quartile of performance Life fund operating surplus –Investment returns JSE All Share % Liberty Equity % 1999 – first half 2000 – first half 1999 – second half 2000 – second half +31,6 -8,7 +22,6 ? +30.1 -4,6 +26,7 ?

  10. Taxation 30.6.00 (Rm) 30.6.99 (Rm) Life fund Corporate Secondary tax 125 35 29 189 14 5 25 44

  11. Embedded value 30.6.00 (Rm) 31.12.99 (Rm) % Change Shareholders’ funds Value of life business in force Adjustment to financial services subsidiaries Value per share (R) 8979 4395 881 14255 52,63 9092 4756 n/a 13848 51,25 (1,2) (7,6) 2,9 2,7

  12. Present value of new business profits 30.6.00 (Rm) 30.6.99 (Rm) % Change Value of new business 208 169 +23 • Notes: • Calculated on new tax basis • Comparative figure not restated for increased LIBAM charges • Margins maintained

  13. Financial servicessubsidiaries • Libam operating profit up from R7 million toR29 million • Positive inflow to unit trusts up to R1363 million from R227 million • Healthcare membership lower than target at 18 815 principal members – costs managed accordingly

  14. Shareholders’funds 30.6.00 (Rm) 31.12.99 (Rm) 996 2628 1 933 330 – 365 5 355 2 790 – 1 559 (1 531) 2 537 8 979 956 4700 2 482 688 1 235 295 3 436 2 096 646 – (1 557) 2 251 9 092 Financial services activities Listed investments • SAB • Metro • Liberty International • Other Other investments • Cash • Due iro GNI • Proceeds of Liberty International • Convertible bond (net of cash) • Other TOTAL

  15. Sale of interest in Liberty International • In line with focus on financial services • Premium to market price achieved - 22% • Negative gearing on convertible bond eliminated • Bond payable September 2004 (Rm) 1 807 • Cash held offshore 1 811

  16. Summary of cash position R billion 2,79 1,81 4,60 1,50 0,87 2,37 For shareholders • South Africa • Offshore • Security for convertible bond For policyholders – ex sale of Lib Int • Remitted to South Africa • Held offshore

  17. Progress with strategies • Deployment of capital • Disposal of interest in Liberty International • Options for deployment of cash resources being evaluated “with discipline” • Focusing on core financial services • Focus on upper income market • Satisfactory new business volumes from this market segment

  18. Progress with strategies • Leverage LIBAM’s research • Innovative and successful products brought to the market and planned • Expanding product range for Liberty and Liberty Unit Trust • Expand corporate benefits • New business up 85%

  19. Progress with strategies • Achieve critical mass in Liberty Healthcare • The healthcare environment has become restrictively regulated • Future profits dependant on regulatory certainty • Acquire distribution for emerging market • Strengthened bancassurance relationship will be prime channel for access to the emerging market

  20. Progress with strategies • Structures to deliver offshore products • New structures to enhance offshore products are being implemented • Develop an e-commerce offering • MyLife.co.za to be launched in September 2000

  21. Prospects • FSV profits for the second half of the year are dependant upon the performance of the investment markets • Revenue earnings on shareholders’ funds are dependant upon deployment of cash • Embedded value is also geared to investment markets

  22. Conclusion • Good progress on issues under management control • New business • Bancassurance • Management of in-force business • CRM and customer service • Relative investment performance • Recruitment

  23. Conclusion • Focus on financial services further improved • Employment of capital a priority • Ready for upturn in markets

  24. Questions