Liberty s earnings surge 38% as key businesses grow market share. Liberty performance demonstrates strong platform for growth

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1 Press Release Liberty s earnings surge 38% as key businesses grow market share Financial highlights 2012 BEE normalised headline earnings per share up 39% to cps BEE normalised group equity value per share up 15% to R Return on BEE normalised group equity value of 21% Group embedded value of long-term insurance new business up 69% to R691m Insurance indexed new business up 18% to R6bn Customer net cash inflows up more than 100% to R19bn Assets under management up 16% to R528 bn Liberty Group CAR 2.7 times the regulatory requirement Liberty performance demonstrates strong platform for growth Liberty Holdings has reported an impressive 38% increase in the BEE normalised headline earnings to R3.8bn for the year ended 31 December These earnings were generated on the back of good investment performance on the Group s shareholder capital and strong operating performances by the core Retail SA and STANLIB businesses. In particular, the value and quality of new business delivered across the group was pleasing, as was the Return on Equity of 25%. The gross return generated on the shareholder investment portfolio (SIP) managed by LibFin, amounted to 16% and was above benchmark. The business development cluster also achieved pleasing progress, with a positive contribution to earnings from Africa and good growth in the value generated by bancassurance. The group remains strongly capitalised at 2.7 times the regulatory requirement. In summary Liberty s 2012 financial performance had many highlights, resulting in the board being able to recommend not only a normal dividend increase of 10% reflecting the core earnings growth, but also a special dividend of 130c per ordinary share, which further reflects the overall success achieved in 2012.

2 Commenting on the results for the period, Liberty Holdings Chief Executive Bruce Hemphill said: In short, during 2012, the management team delivered good financial and operational performance, which also reflects the group s ability to leverage new and current capabilities across the different businesses through innovation, risk management and knowledge sharing. During 2012 management has been able to establish Retail SA as the dominant player in the traditional market, gain market share in the emerging consumer market, establish STANLIB as a top class asset manager, deliver a meaningful health offering, continue to entrench the world class risk management capabilities of Libfin, open up new opportunities in the Corporate market, further embed sustainable businesses in East and sub-saharan Africa; finalise its strategy for entering west Africa and expand its alternative sales channels and service capabilities through Direct Financial Services. This provides Liberty with a strong platform for future growth.. RETAIL SA Retail SA outperformed by delivering against its objectives of managing the core SA insurance operations within sustainable long-term assumption sets, whilst profitably capturing greater shares of both the existing and emerging markets. The key highlight of 2012 was growth in value of new business which was up 71% to R619m with an overall improvement in margin of 41% to 2.4% excluding STANLIB. Retail SA s headline earnings, after adjusting for assumption changes and new business strain, increased by 11% to R1.3bn. Cash flows were strong during the period at R6bn, underpinned by sales of premium investment products and good retention of maturity policies. The Retail business aims to drive quality growth and increased sales capacity through smarter recruitment, retention and sales force productivity. This is underpinned by quality management information, a leading financial advisor value proposition, strong cost control and focus on product development and innovation. Our investment in these areas saw indexed new business sales improve by 21% to R5,3bn. Innovation is a key component of the Retail SA growth strategy, and over the past 2 years the business has delivered leading new on-balance sheet products to serve the needs of the traditional market: Liberty is the largest writer of risk business in the retail affluent space and has the largest market share of life and disability sales. This dominant position in the risk market was further enhanced by the launch of the market-first capital disability and income protection products, which were key drivers of risk sales in Existing risk products were further enhanced by the addition of retrenchment benefits. The

3 introduction of the first South African finger prick HIV and urine cotinine tests, have significantly enhanced the customer experience and reduced related costs. The investment proposition was further strengthened by the launch of a flexible annuity which allows retirees to share in mortality profits, and the market first Evolve Growth Share single premium product, which achieved sales exceeding R850million within three months of its launch in October A further key product development was the launch of the Own your Life Rewards programme which is demonstrating early success in being utilised to sell across the life, investment and health businesses. Meanwhile, in the Emerging Consumer Market (ECM), indexed premiums increased 46% at improved margins with encouraging market share gains in this segment of the market. Under the bancassurance agreement with Standard Bank, credit life sales in South Africa were up 33%. LIBFIN Libfin, established to better manage market volatility and the risks inherent in the products we sell, as well as position the business for changes in the regulatory landscape, continues to make a significant contribution to the business. The SIP, managed by Libfin Investments, delivered earnings of R1,9bn, representing a gross return on the portfolio of 16% which is ahead of benchmark. Libfin Markets continued to demonstrate its ability to manage the group s asset liability mismatches effectively. The key objective is to steadily increase net earnings through its credit business and improve the competitiveness of the policyholder investment product proposition. This capability and the establishment of a sustainable earnings base has been recognised in the group equity value at 31 December 2012, contributing R500m of value uplift. STANLIB The majority of funds under Stanlib s management reflect significantly improved investment performance across most investment horizons, reflective of the success of implementing a multi-specialist franchise operating model. This was further evidenced by Stanlib s achievement of winning 5 Raging Bull Awards and two individual Morningstar Awards. Stanlib attracted substantial net inflows of R20,3bn during the year and grew total assets under management to R473bn. Stanlib s headline earnings increased 12% to R489bn, a good result, considering the significant costs associated with the establishment of the new alternative asset class capabilities. LIBERTY CORPORATE Headline earnings increased by 79% to R75m, a function of better risk claims experience and premium income which has grown by 15%.

4 Improved operational efficiencies and the launch of a competitive new market offering, places the corporate business in a strong position for future growth in the large fund market. LIBERTY PROPERTIES Liberty Properties, which comprises property management and development, has benefited from growth in property management fees supported by increases in rental areas at the flagship shopping centres. However, delays in securing development mandates have resulted in reduced development fee income. The team maintained its 29 year history of double digit returns on the Liberty Balanced Property Portfolio, delivering an actual return of 10.3%. BUSINESS DEVELOPMENT Liberty s business development cluster is intended to develop alternative revenue streams and to identify longer-term growth opportunities: Africa Insurance: Liberty s strategy of diversifying distribution channels is progressing well. Liberty Africa had a good year, highlighted by a three-fold increase in Liberty s share of earnings to R69m and 24% increase in indexed new business from the life operations. Improved investment market conditions in Kenya as well as the inclusion of CfC for a full year, as opposed to nine months last year, contributed to this outcome. In addition, the short term insurance business reported improved claims loss ratios. Both CfC and UFI in Namibia are now performing ahead of business case. Liberty Health: The operational improvements in Liberty Health contributed to a reduced loss in 2012 with all business indicators moving in the right direction. A number of strategic imperatives were achieved over the last year that will positively impact growth in this business in 2013 and beyond. In the African business, the medical claims loss ratio has improved. In South Africa, the introduction of new products, an enhanced value proposition, strong service performance and a focus on distribution resulted in a record number of applications in Q Bancassurance: The group has a sizeable footprint in Africa and a partner in Standard Bank off which to grow embedded, corporate, asset management and health businesses, in both SA and across the continent. Indexed sales of insurance products from bancassurance channels increased by 21% over In South Africa, the embedded sales channel has continued to deliver above expectation. The initiatives embarked on outside of South Africa during 2012 have delivered positive results with stronger collaboration between the Liberty and Standard Bank teams in country and an increase in leads in the specialist sales channel. Direct Financial Services: The Direct Financial Services business in South Africa has continued to grow, with two affinities utilising this platform. Sales from these ventures have met sales targets.

5 CONCLUSION Hemphill concludes: The strong 2012 performance highlights the integrity of the group s strategic plan and focused delivery on today s business, while building the Liberty of the future. Our strategy of value creation, primarily through strengthening and growing our insurance and investment operations, optimising our balance sheet management and diversifying revenue streams for longer-term growth, is reaping rewards. Significantly, all the business units are beginning to perform in line with, or ahead of expectation. The 2012 performance also reflects the group s ability to leverage new and current capabilities across the different businesses through innovation, risk management and knowledge sharing.

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