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A bit of both

30 November 2005 Angelo Coppola

On the positive side, South African equity markets have performed strongly for the year to date, while on the negative side the uncertainty regarding continued Pension Fund Adjudicator rulings against the industry continues.

Liberty Life, along with the rest of the industry, is working towards a solution for the way forward.

The results for the nine months ended 30 September 2005 reflect similar trends as for the half-year ended 30 June 2005 on a like for like basis:

* New business growth remained firm (up 15% on an indexed basis).

* The new business embedded value margin was maintained within the medium-term target range of 18% to 22%.

* Net cash inflows from insurance operations remained strong at R4 434 million compared with R2 184 million in 2004.

* Stanlib's net cash flows amounted to R10.4bn compared to the 9.7bn in the previous 9 month period.

* Total group management expenses increased in line with actuarial assumptions.

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