2020 was a year in which Liberty truly lived its purpose. We reported results that reflect a balanced delivery for all our stakeholders in extraordinarily difficult times. We pivoted with the crisis and are aggressively investing in the simplification, competitiveness, and transformation of our business. We have not let the crisis divert us from the execution of our strategy.
David Munro
Group Chief Executive
Our Response to the COVID-19 Pandemic
Liberty's response required decisive action to protect the business, its employees, advisers, and clients, and was primarily aimed at fulfilling our purpose and driven by 3 simple leadership principles:
At half-year we created a
R3 billion pandemic reserve
To prudently recognise the financial impact of the pandemic and reassure our clients that we had adequately provided for the costs and claims which could arise should they be directly impacted by the crisis, in the form of loss of life or loss of income from retrenchment or other job losses.
We continued to operate our
business during lockdown
To protect the health and safety of our community, employees and advisers were equipped with the appropriate tools and technology enabling them to continue their roles from home.
We supported our
clients and advisers
We were able to offer clients relief from unexpected economic and cashflow hardships by mid-April 2020. The impact on advisers was simultaneously mitigated by appropriate relief measures.
We accelerated the
digital enablement of client
and adviser engagements
The rollout of digital adviser tools was accelerated with the delivery of AtWork to over 2000 advisers, the implementation of digital advice tools at record speed, and the provision of digital engagement tools including Microsoft Teams.
Capital strength allowed us to preserve our position when market volatility increased
No risk positions were closed out during these turbulent times, and the shareholder investment portfolio (SIP) therefore benefited from the subsequent rally in investment markets.
Our Response to the COVID-19 Pandemic
Liberty's response required decisive action to protect the business, its employees, adviser, and clients, and was primarily aimed at fulfilling or purpose and driven by 3 simple leadership principles:
At half-year we created a
To prudently recognise the financial impact of the pandemic and reassure our clients that we had adequately provided for the costs and claims which could arise should they be directly impacted by the crisis, in the form of loss of life or loss of income from retrenchment or other job losses.
We continued to operate our business during lockdown
To protect the health and safety of our community, employees and advisers were equipped with the appropriate tools and technology enabling them to continue their roles from home.
We supported our
We were able to offer clients relief from unexpected economic and cashflow hardships by mid-April 2020. The impact on advisers was simultaneously mitigated by appropriate relief measures.
We accelerated the digital enablement of client and adviser engagements
The rollout of digital adviser tools was accelerated with the delivery of AtWork to over 2000 advisers, the implementation of digital advice tools at record speed, and the provision of digital engagement tools including Microsoft Teams.
Capital strength allowed us to preserve our position when market volatility increased
No risk positions were closed out during these turbulent times, and the shareholder investment portfolio (SIP) therefore benefited from the subsequent rally in investment markets.