Liberty Holdings Limited: Difference between revisions
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| '''2013''' || |
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* Earnings rose by 38%, the best Liberty had achieved in many years (Annual Results, February 2013<ref>{{cite news|last=Jones|first=Gillian|title=Liberty’s 2013 results ‘one of best in group’s history’|url=http://www.bdlive.co.za/business/financial/2014/02/27/libertys-2013-results-one-of-best-in-groups-history|newspaper=Business dayLive online|date=2014}}</ref> ) |
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* The Top 100 Empowerment Companies survey placed Liberty 8th in South Africa |
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* Liberty achieved BBBEE Level 2 (according to the BBBEE Codes) |
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* Liberty Corporate was voted Best Product Supplier in the 2013 Employee Benefits Awards by the Financial Intermediaries Association |
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* CFC Life (Liberty Africa Insurance, Kenya) won two awards at the Kenyan |
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Annual Insurance Awards 2013 |
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* Sandton City turned 40 on 12 September 2013<ref>{{cite web|last=Sandton Tourism Association|title=Sandton city celebrates its 40th birthday in style|url=http://www.sandtontourism.com/pages/News_Display.asp?NewsSectionID=3&NewsID=473&SectionID=1198|year=2013}}</ref> |
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| '''2012''' || |
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* Total assets reached the R 455 billion mark |
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| '''2011''' || |
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* Liberty Africa acquired Liberty Kenya Holdings, consisting of CfC Life (life insurance) and Heritage Insurance (short-term insurance) in Kenya. This enabled provision of a full-spectrum of wealth services in East Africa |
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| '''2010''' || |
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* Total assets under management reached the R 373 billion mark |
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|'''2009''' || |
|'''2009''' || |
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* Liberty Group Ltd delisted and Liberty Holdings became the sole listed entry-point for investors |
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* Corporate structure revised to facilitate the group’s wealth management growth strategy |
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* Liberty established a presence in Nigeria |
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* Liberty Group Ltd delisted as Liberty Holdings becomes the sole listed entry-point for investors |
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* Corporate restructure to facilitate the group’s wealth management growth strategy |
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* Liberty Health adds 500,000 lives under management in its first full year of [[Africa]]n operations |
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* Liberty Health added 500 000 lives under management in first full year of African operations |
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* Liberty establishes presence in [[Nigeria]] |
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| '''2008''' || |
| '''2008''' || |
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* Liberty Africa Insurance was established to enable Liberty Holdings’ expansion into Africa and manage operations outside South Africa.<ref>{{cite news|last=Liberty Holdings Annual Report|title=Liberty Africa|url=http://www.libertyfinancials.co.za/lib/content/financialreports/annual2008/bus_review/africa.asp|date=2008}}</ref> |
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* Liberty sets up new business operations in six [[Africa]]n countries |
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* Liberty Africa set up new business operations in six African countries |
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* Liberty Health expands and re-structures as a hi-tech multi-revenue business |
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* Multi-billion rand renovation announced for regional shopping centre [[Sandton City]] |
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| '''2007''' || |
| '''2007''' || |
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* Liberty’s 50th Anniversary celebrated |
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* Liberty’s majority shareholder, Standard Bank, achieved a significant milestone with the announcement of a strategic partnership with Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank by market capitalisation |
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* 100% acquisition of [[Stanlib|STANLIB]] completed |
* 100% acquisition of [[Stanlib|STANLIB]] completed |
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| '''2006''' || |
| '''2006''' || |
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* Sale of off-shore entities, Ermitage (Jersey) and Prefsure (Australia) completed |
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* Liberty Life board approves a plan to purchase the outstanding shares of [[Stanlib|STANLIB]] |
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* Liberty Life |
* Liberty Life maintained its JSE SRI listing (social responsible investment) |
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* Liberty Life maintains its [[JSE Limited|JSE]] SRI listing |
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| '''2005''' || |
| '''2005''' || |
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* Donald Gordon was knighted by Queen Elizabeth, Her Majesty the Queen, for services to arts and business |
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* Sir Donald Gordon turned 75 and left Liberty Holdings, maintaining 21% interest in the company |
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* Liberty Life maintained its JSE SRI listing (social responsible investment) |
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* [[South African Rand|R]]2 billion corporate bond issue |
* [[South African Rand|R]]2 billion corporate bond issue |
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| '''2004''' || |
| '''2004''' || |
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* 10% of Liberty Life’s South African operations were sold to a BEE consortium<ref>{{cite web|last=Staff Reporter|title=Liberty Group announces BEE deal|url=http://mg.co.za/article/2004-07-15-liberty-group-announces-bee-deal|publisher=Mail and Guardian|year=2004}}</ref> |
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* Ten percent of Liberty Life’s [[South Africa]]n operations are sold to BEE entities |
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* Between 2000-2004, Liberty International’s total gross assets rose from £4.1 billion (R51.6-billion) to £5.7-billion (R 71.8 billion) giving a total shareholder return of about 260% between 1 January 2000 and 31 December 2004 (outstripping 105% on the FTSE real estate index |
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* Liberty Life announces an offer to purchase Capital Alliance Holdings Limited |
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* Liberty Life is listed on the [[JSE Limited|JSE]]’s SRI Index |
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| '''2003''' || |
| '''2003''' || |
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* Acquisition of Capital Alliance and Rentmeester |
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* Liberty Life and Standard Bank sell 12,6% each of [[Stanlib|STANLIB]]to BEE consortium |
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* Liberty Corporate Benefits |
* Liberty Corporate Benefits bought part of Investec Employee Benefits<ref>{{cite news|last=Mail and Guardian|title=Liberty Group Announces BEE deal|url=http://mg.co.za/article/2004-07-15-liberty-group-announces-bee-deal|newspaper=Mail and Guardian online|date=2004}}</ref> |
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| '''2002''' || |
| '''2002''' || |
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* Formation of Stanlib (Liberty Life and Standard Bank joint venture). Liberty’s 100% acquisition of Stanlib was completed in 2007<ref>{{cite web|title=Liberty to grab all of Stanlib|url=http://www.fin24.com/Business/Liberty-to-grab-all-of-Stanlib-20061206|publisher=Fin24 archives}}</ref> |
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* Wits University Donald Gordon Medical Centre (DGMC) established with a founding donation from The Donald Gordon Foundation. This was the first private academic hospital in South Africa |
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* [[Stanlib|STANLIB]] is established as a joint venture with Standard Bank |
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| '''2001''' || |
| '''2001''' || |
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* Liberty Group, Simeka Investment Holdings and Genesis Capital announced an innovative, credible entry into the empowerment arena with the formation of a new financial services company |
* Liberty Group, Simeka Investment Holdings and Genesis Capital announced an innovative, credible entry into the empowerment arena with the formation of a new financial services company, Simeka Financial Services (Pty) Ltd. |
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* Liban won five Standard and Poor-Mircropol awards for fund performance for period ending December 2000 |
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| '''2000''' || |
| '''2000''' || |
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* The Gordon Institute of Business (GIBS) was established in Johannesburg, South Africa |
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* A multi-manager asset management company formed through a joint venture between Liberty Group, Standard Bank Investment Corporation and Investment Solutions |
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* Gaurdbank Unit Trusts newly named Liberty Unit Trusts |
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* Liberty Group reached agreement with Liberty International PLC to acquire 100% of the Liberty Ermitage Group |
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* Liberty Life Properties newly named Liberty Group Properties and retail rent collections exceeded R 100 million per month |
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* Multi-manager asset management company formed through a joint venture between Liberty Group, Standard Bank Investment Corporation, and Investment Solutions |
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* The Liberty Group reached agreement with Liberty International PLC to acquire 100% of the Liberty Ermitage Group |
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| '''1999''' || |
| '''1999''' || |
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* Gordon sold the family’s joint control of Liberty Holdings to Standard Bank |
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* Retirement of founder, chairman '''[[Donald Gordon (South African businessman)|Donald Gordon]]''' |
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* Founder and chairman, Donald Gordon retired from Liberty Life |
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* Control of Liberty Life changes to [[Standard Bank of South Africa]] |
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* Liberty International unbundled |
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* Liberty Life’s new business income measured R 3.35 billion |
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| '''1998''' || |
| '''1998''' || |
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* Profit increased by 56% from R 2.4 million to R 3.7 million (Liberty Life interim results) |
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* Unbundling of Libsil |
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* Donald Gordon was chairperson of eight public companies including Liberty Life, Liberty Holdings, and deputy chairperson of South African Breweries (SAB), and Standard Bank |
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* Unbundling of First International Trust |
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* Libsil and First International Trust were unbundled |
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* Distribution of direct holding in Liberty International - capital reduction by dividend in specie |
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* Liberty Life entered the direct sales market by establishing an outbound Call Centre to market clients |
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* Sandton City (Johannesburg) celebrated its 25th Anniversary (valued at R3 billion, generating 24% of LL Properties total income at that time) |
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| '''1997''' || |
| '''1997''' || |
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* Liberty Life celebrated its 40th Anniversary |
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* Total assets exceed [[South African Rand|R]]100 billion and earnings attributable to shareholders reach a record [[South African Rand|R]]3,08 billion |
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* Liberty International: launched PensionStore (the first company in Britian to market pension funds at shopping centres and LI Jersey’s Money Funds were given a AAAm rating (highest worldwide) |
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* Exchange control regulations were lifted and South Africans could invest up to R 200 000 off shore |
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* Liberty Life bought back 50% of Guardbank from First National Bank (FNB) for R 290 million |
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* Liberty Life Group restructure brought Liban, Gaurdbank, and Liberty Life Properties into the Liberty Life fold |
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* Total assets exceeded [[South African Rand|R]101 billion and share dividends were up by 32.8% |
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| '''1996''' || |
| '''1996''' || |
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* Liberty Life announced record high of over [[south african rand • Liberty Life announced record high of over R 4 billion for new business realised 1995. This was up 17% on the R3.4 billion achieved in 1994. R 4 billion for new business realised 1995. This was up 17% on the R3.4 billion achieved in 1994. |
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* Liberty International sets up offshore life business in Jersey, [[Channel Islands]] |
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* TransAtlantic Holdings was renamed Liberty International Holdings (to project a wider international identity for the Liberty Life Group ) |
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* Liberty International Jersey launched (Channel Islands) |
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* Liberty Life went live on the world wide web with liberty.co.za |
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* Liberty International announces a major strategic alliance with the UK’s largest pension scheme, the BT Pension Scheme, and its fund manager, Hermes. |
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* At the 1996 Holiday Inn World Wide Conference in Las Vegas, Nevada, USA, Liberty Life Properties was awarded the Torchbearer Award on behalf of the Holiday Inn Garden Court Sandton City |
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| '''1995''' || |
| '''1995''' || |
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* The Reserve Bank announcement the life assurer’s, pension funds, and unit trusts could invest a portion of their funds in overseas markets (conditional) |
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* Liberty profitably sold its share in Sun Life (U.K. assurer) |
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* Blueprint, the first computer-based financial needs analysis in the industry is introduced by Liberty Life |
* Blueprint, the first computer-based financial needs analysis in the industry is introduced by Liberty Life |
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| '''1994''' || |
| '''1994''' || |
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* South African’s first democratic elections |
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* Liberty Life issues more than [[USD|$]]320 million in ten-year redeemable convertible bonds |
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* TransAtlantic Holdings issued convertible bonds for R1.4 billion |
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* Capital Shopping Centres lists on the [[London Stock Exchange]] |
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* Capital Shopping Centres lists on the LSE |
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* Liberty Life issues over $320 million in ten-year redeemable convertible bonds |
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| '''1993''' || |
| '''1993''' || |
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* |
* Liberty Strategic Investments (Libsil) established to manage the company’s industrial and financial investments |
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| '''1992''' || |
| '''1992''' || |
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* Liberty |
* Liberty Life ranked '''fifth largest company in [[South Africa]] on [[Johannesburg Stock Exchange]] (i.t.o. market capitalisation) |
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| '''1991''' || |
| '''1991''' || |
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* The Liberty Foundation is established |
* The Liberty Foundation is established |
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* Liberty increases |
* Liberty increases interest in Standard Bank Investment Corporation to approximately 39% |
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* Liberty Introduced fully underwritten medical insurance |
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| '''1990''' || |
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* Thurrock Lakeside Shopping Centre in the [[UK]] is opened |
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| '''1988''' || |
| '''1988''' || |
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* The dividend paid to shareholders exceeded R 100 million for the first time, and investment income exceeded [[South Africa|R]] 1 billion |
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* First Union General Investment Trust is restructured to become First International Trust, the listed holding company for the Liberty Life Group’s offshore interests |
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* Shareholder funds reach over R 3 billion and total assets valued at [[ south africa |R]]14.8 billion |
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* The first dividend of R 13 million, received from Liberty Life’s offshore investments |
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* Construction work commenced on a major extention to Liberty Life Centre (Braamfontein, Johannesburg) |
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* Restructuring of First Union General Investment Trust (Fugit) by the exchange of its equity portfolio for Liberty Life’s offshore investments. This involved the successful conclusion of a R 484 million rights issue, the biggest ever in South Africa, and the renaming of Fugit as First International Trust Limited (FIT) as the international holding company for the Liberty Life Group’s offshore investments |
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* TransAtlantic increased its interest in Sun Life to 29.9% and, after successfully preventing the Board from implementing certain corporate proposals, obtained representation on the Sun Life Board for two of its nominees |
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* Construction commenced on three major regional shopping centres on or adjacent to the M25 Ring Road encircling the Greater London conurbation |
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* Liberty Life acquired Charter Life |
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* Record new business production reached R 247 million of recurring premium income, a one-hundredfold increase on the figure for 1967, when [[south africa |R]]2.3 million was recorded |
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| '''1987''' || |
| '''1987''' || |
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* Liberty 30th anniversary |
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* Premium income exceeded R 1 billion for the first time, with policyholder benefits exceeding the[[ South africa |R]]750 million mark |
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* The South-African branch of UK's Prudential Assurance Company becomes a wholly owned subsidiary of Liberty Life |
* The South-African branch of UK's Prudential Assurance Company becomes a wholly owned subsidiary of Liberty Life |
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* The Prudential Assurance Company of South Africa became a wholly-owned subsidiary of Liberty Life with effect from 1 January 1987 |
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* Liberty increases its interest in Standard Bank Investment Corporation to over 30% (Liberty becomes the largest shareholder in South Africa’s leading bank) |
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* Liberty Life became the largest shareholder in Stanbic by increasing its interest to over 30% (following the final disposal of the interest held by Standard Chartered Bank) |
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* Total assets exceed [[South African Rand|R]]11 billion |
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* Liberty Life’s market capitalisation achieved the R 3 billion level for the first time and total assets of Liberty Holdings and Liberty Life each exceeded [South African Rand|R]] 11 billion |
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* Liberty Life recorded 25 years in which it had raised its dividend each year and averaged 34 per cent compound growth over the period—a feat claimed to be a record unsurpassed by any listed company in the Western world over a 25-year period |
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* TransAtlantic Holdings PLC, the United Kingdom registered investment holding company, was listed on the Luxemborg Stock Exchange (Oct 1987) |
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| '''1986''' || |
| '''1986''' || |
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* Liberty Life’s R 300 million takeover of the Prudential Assurance Company of [[South Africa]] |
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* The VIP Lifestyle Annuity policy, designed to apply the flexible “Universal” concept to retirement planning is launched in [[South Africa]] |
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* R 2.2 billion flotation of Liberty Investors Limited |
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* TransAtlantic gained control of Continental & Industrial Investment Trust, a significant authorised investment trust listed on The Stock Exchange, [[London]] |
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| '''1985''' || |
| '''1985''' || |
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* TransAtlantic acquired control of Capital & Counties following a take-over bid on The Stock Exchange, London. |
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* Liberty Life increases its stake in Standard Bank to over 21% |
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*Liberty Life became a registered financial company in respect of Standard Bank Investment Corporation and increased its stake to over 21% to a level of 39% |
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| '''1984''' || |
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* Liberty Life disposed control of Clydesdale (Transvaal) Colleries to Gold Fields of South Africa in exchange for a significant shareholding issued by Gold Fields of South Africa to Clydesdale shareholders |
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| '''1983''' || |
| '''1983''' || |
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* Liberty in association with Johannesburg Consolidated Investment Company and Anglo American Corporation |
* Liberty Life, in association with Johannesburg Consolidated Investment Company (JCI) and Anglo American Corporation, acquired joint control of Premier Group Holdings which, in turn, acquired a 35 percent interest in The South African Breweries (SAB) |
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* Standard Bank |
* Standard Bank Investment Corporation, in exchange for a large issue of its shares, increased its interest in Liblife Controlling to 50% involving joint control of The Liberty Life Group with its founders (Liblife Controlling Corporation was formed in 1978 with the Standard Bank Investment Corporation, Stanbic, to repurchase controlling interest in Liberty Life from GRE in the U.K.) |
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*Liberty Life started growing business on universal life products |
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| '''1982''' || |
| '''1982''' || |
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* Liberty Life's 25th anniversary |
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* Liberty Life Centre (new corporate headquarters) |
* Liberty Life Centre (new corporate headquarters)opened in Braamfontein, [[Johannesburg]] |
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* Assets exceed [[South African Rand|R]]2 billion |
* Assets exceed [[South African Rand|R]]2 billion |
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| '''1981''' || |
| '''1981''' || |
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* Acquisition of controlling stake (29.6%) in Capital & Counties, a major retail property developer) |
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* Liberty Life is listed on the [[London Stock Exchange]] |
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* Liberty Life |
* Liberty Life was granted a listing on The Stock Exchange, London. TransAtlantic Holdings, in exchange for an issue of shares, acquired a 29.6% interest in Capital & Counties, a major United Kingdom property company involved in large-scale real estate development. |
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* Liberty Life introduced to South Africa the “Lifestyle Protector” — a unique policy designed to maintain the purchasing power of future premiums |
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| '''1980''' || |
| '''1980''' || |
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* TransAtlantic Holdings established in London as the vehicle for Liberty Life’s international development and acquired an important interest in Sun Life Assurance Society of the United Kingdom. This made TransAtlantic the largest and dominant shareholder in Sun Life |
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* Liberty International is established in [[London]] |
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*In South Africa, Liberty Life introduced the first share incentive scheme for employees which included all races. Employees were eligible to acquire a minimum of R 2 000 shares in the company |
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| '''1978''' || |
| '''1978''' || |
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* Following 20 years of exponential growth, control of The Liberty Life Group returned to South Africa when Liblife Controlling Corporation was formed by Liberty Life’s founders together with Standard Bank Investment Corporation to acquire a controlling interest in Liberty Holdings from The Guardian Royal Exchange (GRE) Group which retained and an 11 per cent interest. Guardian Assurance Holdings (now Liberty Holdings) and its holding company GRE, then, controlled assets of some R 700 million. The South African subsidiary represented around 10 per cent of the assets of the Life Fund of Guardian Royal Exchange or GRE (so named following the historical merger between the Royal Exchange Assurance and the Guardian.) |
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* Liblife Controlling Corporation is formed with [[Standard Bank]] |
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* At this point there were three Liberty Life Group companies: Guardian Assurance Holdings, Liberty Life, and Guardian Assurance S.A. (short-term arm). Gordon was chairman of all three. With the management buy-back from GRE he effectively reclaimed control of his creation |
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* The Liberty Life Group strategy to directly internationalise the business became priority |
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| '''1977''' || |
| '''1977''' || |
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* Liberty Life |
* Liberty Life gained control of First Union General Investment Trust, South Africa’s premier listed investment trust, thereby enabling Liberty Life to acquire large holdings of key South African industrial and financial equities |
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| '''1976''' || |
| '''1976''' || |
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* After long association with Liberty Life, Rapp & Maister, a leading listed property owning and development company, became a wholly-owned subsidiary of Liberty Life (Rapp & Maister had first approached Liberty Life earlier in the 70s to invest in Sandton City, a ground-breaking project and landmark shopping centre in Sandton, Johannesburg which birthed Liberty Properties. Today Sandton is called ‘the richest square mile in Africa’)<ref name="Sandton History">{{cite web|last=Sandton|title=Sandton|url=http://en.wikipedia.org/wiki/Sandton}}</ref> |
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* Liberty Life acquires entire issued share capital of Rapp & Maister Holdings (annual income exceeds [[South African Rand|R]]100 million) |
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| '''1975''' || |
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* LL acquisition of Clydesdale (Transvaal) Collieries |
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* Liberty Life enters the South African retail property investment market for the first time, |
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and grows business on regional shopping centres |
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| '''1974''' || |
| '''1974''' || |
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* Liberty Life |
* Liberty Life acquisition of the South African life insurance operations of Sun Life Assurance Company of Canada, thereby further substantially augmenting its asset base and career agency force |
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| '''1973''' || |
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* Liberty Life acquisition of the Real Estate Corporation, a major South African listed property company |
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| '''1972''' || |
| '''1972''' || |
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* |
*Liberty Life acquisition of the South African operations of Manufacturers Life of Canada which doubled the company’s size overnight (increasing its asset base to over R100 million) |
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| '''1971''' || |
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* Donald Gordon became the first foreign-based director of Guardian Royal Exchange (GRE in the United Kingdom) |
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* Liberty Life introduced the Liberty Property Bond series of policies which for the first time makes available effective linkage of policy benefits to the growth and hedge potential of major multi-million rand property investments owned by The Liberty Life Group |
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| '''1970''' || |
| '''1970''' || |
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* Guardbank |
* Guardbank established in conjunction with Barclays National Bank, (now First National Bank (FNB) in South Africa |
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| '''1969''' || |
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* The South African stock market crashed (JSE )<ref name="JSE history">{{cite news|title=Johannesburg Stock Exchange history|url=http://www.property24.com/articles/johannesburg-stock-exchange-history/16977|newspaper=Property 24|date=17 January 2013}}</ref> |
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* Liberty Asset Management (Libam), the investment management arm of The Liberty Life Group, was launched |
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*One of the founders, Louis Shill, left Liberty Life to lead the Sage Holdings financial services group |
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| '''1968''' || |
| '''1968''' || |
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* Liberty Holdings |
* Liberty Holdings (formerly Guardian Assurance Holdings, South Africa) formed to consolidate the South African interests of The Guardian Royal Exchange Assurance Group (GRE) through acquisition of the entire issued share capital of Guardian Assurance Company of South Africa and 75% of the issued share capital of Liberty Life. |
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* Liberty Holdings listed on the [[Johannesburg Stock Exchange]] (JSE) in December 1968 following record public subscription |
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| '''1967''' || |
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* Total assets R 10 million<ref name=www.libertyholdings.co.za /> |
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* Liberty Life introduced the variable investment participation (VIP) principle which established a direct link between policyholders’ benefits and the investment portfolio of the company, allowing Liberty Life to relate its policyholders’ benefits directly to the potential of its own investment portfolio, particularly in relation to equities to protect against inflation |
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| '''1965''' || |
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* Liberty Life, in partnership with two other South African financial institutions , launched South Africa’s first mutual fund and introduced the concept of life insurance policy benefits linked directly to mutual funds |
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| '''1964''' || |
| '''1964''' || |
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* Liberty Life was listed on the Johannesburg Stock Exchange (JSE), the first life insurance company to be listed (at R2.70 per share) |
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* Premium income exceeds [[South African Rand|R]]1 million |
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* Total assets exceeded R 1 million (a tenfold increase over the original capital base in three years) |
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* African Life acquired 23 per cent interest in Liberty Life for R 300 000 (paying R10 per share, a near fourfold increase on the opening listing price within six months of listing) |
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* Donald Gordon co-founded Abbey Life in the U.K. (this was to become the largest listed insurance company formed in the UK since WWII). |
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| ''' |
| '''1960''' || |
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* Liberty Life introduced the first retirement annuity products to the South African life insurance market (RAs) |
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* Assets Exceed [[South African Rand|R]]1 million |
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* [[Johannesburg Stock Exchange]] (JSE) Listing |
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| '''1958''' || |
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* Leading role in forming Abbey Life in the UK |
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* Liberty Life was registered as a life assurer on 22 August 1958, South Africa with a capital of R 100 000 |
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* The first policy was issued on 1 October 1958 |
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* By 19 December 1958, Liberty Life had 106 policies on its books (£765 000 sum assured)<ref name=www.libertyholdings.co.za /> |
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| '''1957''' || |
| '''1957''' || |
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* Liberty Life is registered ([[South African Rand|R]]84,000 capital){{ |
* Liberty Life is registered ([[South African Rand|R]]84,000 capital)<ref name=www.libertyholdings.co.za>{{cite web|last="Liberty Fact Sheet"|title=www.libertyholdings.co.za|url=http://www.libertyholdings.co.za/aboutus/Pages/prior-history.aspx}}</ref> |
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* Liberty Life Association of Africa Limited was incorporated on 10 September 1957<ref name="Donald Gordon">{{cite web|last=Donald Gordon Foundation|title=Sir Donald Gordon|url=http://www.donaldgordon.org/cv/MrDonaldGordon.htm}}</ref> . |
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* Donald Gordon (at 27 years old) was the key founding member who created Liberty Life with raised capital of £50 000 |
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* The first board meeting was held on 8 October 1957 (there were only two board members, Donald Gordon and Sydney Lipworth and three staff members)<ref name="Donald Gordon">{{cite web|last=Ken|first=Romain|title=Larger than Life Donald Gordon and the Liberty Life|publisher=Jonathan Ball Publishers|year=1989}}</ref> |
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Revision as of 11:43, 7 April 2014
![]() | This article contains content that is written like an advertisement. (March 2011) |
![]() | |
Company type | Public |
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Founded | 1957 |
Key people | Saki Macozoma (Chairman since 2007) Thabo Dloti[1] (Group Chief Executive, appointed 2014) Steven Braudo (Deputy Chief Executive, appointed 2014)[2] [1] |
Total assets | R566 billion (2014) |
Number of employees | ћ (2014) incl. tied agents |
Liberty Group Limited Liberty Group limited is a Pan-African financial services company based in Johannesburg, south Africa. Founded in South Africa by entrepreneur and philanthropist, Sir Donald Gordon, in 1957, the company has since grown to hold assets under management of approximately R566 billion (2014).
The group’s principal operating business Liberty is the third largest life insurer in South Africa, while 100% subsidiary STANLIB is the second largest investment manager in South Africa, and its largest unit trust (mutual fund) company. Liberty Holdings is 53% owned by the Standard Bank Group, the largest African bank by total assets. Represented in 15 African countries, the group covers assets management,life insurance, short-term insurance and property.
African operations (Liberty Africa Insurance)
In 2008, Liberty Africa Insurance was established to enable Liberty Holdings’ expansion into Africa and manage operations outside South Africa. There are two product pillars, Life and Short-term Insurance. While Liberty Holdings is represented in 15 African countries, Liberty Africa Insurance is operative in six: Botswana, Kenya, Namibia, Swaziland, Tanzania, and Uganda[3] (2014).
The Life businesses were established as green field operations, leveraging on Standard Bank’s infrastructure and brand. In 2011, the group acquired Liberty Kenya Holdings, consisting of CfC Life (Life insurance) and Heritage Insurance (short–term insurance) in Kenya.
A dedicated team of actuaries, operational experts, project managers, and other professionals based in South Africa ensure that appropriate foundations (processes, pricing, and risk management solutions) are set up.
Development highlights
Liberty Life Association of Africa Ltd was founded in 1957 by life insurance and property development entrepreneur Sir Donald Gordon. The company listed on the Johannesburg Stock Exchange in 1962. This was the first listing of a life insurance company in the history of the (JSE). Liberty Group Ltd in 1999-the same year that Standard Bank acquired control of the Liberty group. Ten years later, in 2009, Liberty Holdings became the sole listed entry-point for investors when Liberty Group Ltd was delisted.
From the late 1950s Liberty rapidly and organically grew its business on retirement annuities (from 1960), regional shopping centres ( from 1975)₃, universal life products (from 1983), and fully underwritten medical insurance (from 1991).
Further growth and expansion happened through acquisitions including: South African interests of international assurers Manufacturer’s Life of Canada (1972), Sun Life of Canada (1974), the South African interests of UK’s Prudential Assurance Company (1986), Charter Life (1988), and Capital Alliance and Rentmeester (2003).
During the 1981’s and 1990’s, Liberty developed its international property portfolio – notably in UK shopping centres – through TransAtlantic Holdings (subsequently renamed and now London-listed Liberty International) which listed in The London stock exchange(LSE) in 1981₂.
Liberty Holdings History
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External links
- ^ a b Jones, Gullian (27 February 2014). "Liberty announces executive shake-up". BDLive. Retrieved 3 April 2014.
{{cite web}}
: CS1 maint: date and year (link) - ^ Cite error: The named reference
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was invoked but never defined (see the help page). - ^ "Liberty Life Assurance Uganda". ジェトロ・アジア経済研究所. N/A. Retrieved 3 April 2014.
{{cite web}}
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(help)CS1 maint: year (link) - ^ Jones, Gillian (2014). "Liberty's 2013 results 'one of best in group's history'". Business dayLive online.
- ^ Sandton Tourism Association (2013). "Sandton city celebrates its 40th birthday in style".
- ^ Liberty Holdings Annual Report (2008). "Liberty Africa".
- ^ Staff Reporter (2004). "Liberty Group announces BEE deal". Mail and Guardian.
- ^ Mail and Guardian (2004). "Liberty Group Announces BEE deal". Mail and Guardian online.
- ^ "Liberty to grab all of Stanlib". Fin24 archives.
- ^ Sandton. "Sandton".
- ^ "Johannesburg Stock Exchange history". Property 24. 17 January 2013.
- ^ a b c "Liberty Fact Sheet". "www.libertyholdings.co.za".
- ^ a b Donald Gordon Foundation. "Sir Donald Gordon". Cite error: The named reference "Donald Gordon" was defined multiple times with different content (see the help page).