Liberty suffers loss as it adds R1bn to Covid-19 provisions

Life insurance and asset manager Liberty Holdings suffered another loss after topping up its Covid-19 reserves by R1bn in the six months to end-June and opted to withhold paying a dividend, citing uncertainty about the direction of the pandemic.

Stripping out Covid-19 provisions, normalised operating earnings were R652m during the review period. In the meantime, SA’s vaccination drive is only now starting to gain momentum after a very slow start. Just more than 7-million people have so far been vaccinated so far out of the population of about 60-million.

For insurance companies, the scares have cut deep as they set aside billions of rand worth of provisions to cover death and other related claims.

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