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Liberty Holdings

Deliver sustainable financial results

Capital adequacy cover

The capital adequacy cover of Liberty Group Limited remained strong at 2,95 times the statutory requirement (31 December 2015: 3,03 times). The group remains well capitalised at the upper end of its target range in respect of the current capital regime and in respect of capital requirements under the impending Solvency Assessment and Management (SAM) regime. All other group subsidiary life licences were adequately capitalised.

Capital adequacy requirements in South Africa are set at the higher of the “termination” (TCAR) basis or “ordinary” (OCAR) basis. Both 31 December 2016 and 2015 reflected OCAR as the higher amount. The board remains confident of the group’s ability to support its dividend policy.

Dividends

The group’s 2016 declared interim dividend of 276 cents and final ordinary dividend of 415 cents total 691 cents per ordinary share, which is unchanged from the 2015 total dividend. The ordinary dividend is in line with the group’s dividend policy. The 2013 dividend per ordinary share was supplemented by a special dividend of 130 cents per ordinary share.

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Share price and normalised group equity value per share (GEVps)


 

Sustainability

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