Liberty quarter 1

Liberty Group CE, Myles Ruck on the first three months of the 2004 financial year.

• Total new business premiums increased by more than 30%;
• On an indexed basis new business premiums increased by 20%;
• New business margins were maintained at around 20%;
• Net cash flows from insurance operations were positive at R1.1bn;
• Management expenses per policy were contained within the actuarial inflation assumption of 5.5% per annum.

He added that the performance for the first quarter of 2004 was encouraging as far as profitability is concerned.