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Liberty swung to a loss in the year ended December, after posting a profit in the previous comparable period. Total death and disability claims paid during 2020 increased by 11.4 per cent. A pandemic reserve of R3 billion that was established last year, has been re-assessed, resulting in a marginal increase of R73 million before tax. Liberty CEO, David Munro joins CNBC Africa for more.

Liberty swings into loss amid COVID-19 hit

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The South African consumer faced many challenges in 2020. Pockets were under pressure due to decreased employment, pay cuts and business closures. There was a shift in credit demand; and spending habits and methods changed with faster growth in e-commerce. Joining CNBC Africa to discuss these trends is Tendani Mantshimuli, Consumer Economist at Liberty and Linah Maigurira, Head of Retail at Google South Africa.

SA consumer finances to remain under pressure in 2021

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The growing unemployment rate and yesterday’s budget announcement has many people worried about their personal finance, as the past 3 months have seen salary cuts, retrenchments and worrying markets for fearful investors. So what should you be asking your financial advisor during these trying times? Joining CNBC Africa for more is Sheila Ann Robey, Financial Advisor at Liberty.

This is what you should be asking your financial advisor amid COVID-19 crisis

Here’s what you should be asking your financial advisor amid COVID-19 crisis

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Lock-down restrictions in South Africa is being eased, so among other things we can go for dinner, go gambling and play contact less sports. It’s to try and get half a million workers back to work and President Ramaphosa said last night announced he was going to look to open up other sectors of the economy. What does all of this mean especially if no one has money right now? Tendani Mantshimuli, Channel Support, Liberty joins CNBC Africa for more.

COVID-19: Does SA have the political will to fix deepening unemployment crisis?

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Meanwhile Discovery says it will not appeal the High court ruling but remains still holds the view that Liberty’s use of its IP without its consent or payment, is morally questionable.

Discovery walks away from legal battle with Liberty after court ruling

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Liberty and intu&#8217;s founder Donald Gordon died yesterday at the age of 89. The financial services company he founded has described him as a visionary leader, entrepreneur and philanthropist who made an immense contribution to the industry and country. Gaby Magomola who rose to prominence during the apartheid years and knew Donald Gordon joins CNBC Africa for more.

Remembering Entrepreneur

Remembering Entrepreneur, Liberty founder Donald Gordon

Liberty Life founder and property entrepreneur Donald Gordon passed on yesterday at the age of 89. The financial services company described him as a visionary leader, entrepreneur and philanthropist who made an immense contribution to the industry and country.



Gordon through his philanthropy provided scholarships for several underprivileged scholars that allowed them to go on to study at universities around the country. 



The entrepreneur founded Liberty in 1957 on the &#8220;principles born of a deep belief in humanity and the desire to help people to leave a legacy for their families. Liberty will continue to honour his vision by pursuing our purpose of improving people&#8217;s lives by making their financial freedom possible&#8221;, the company said in a statement. 



Out of Liberty Life grew his property arm intu formed from mergers, acquisitions, investment and growth.

Liberty

Entrepreneur, Liberty founder Donald Gordon has passed on

JOHANNESBURG (Reuters) &#8211; Insurer Liberty Holdings faced questions from South Africa’s Information Regulator on Monday, a day after the company said it had become the victim of a cyber attack.
The regulator said it was concerned about the data breach and wanted to meet the insurer to get more details.
Liberty’s shares fell 5 percent on Monday, after the company said on Sunday that an external party claimed to have seized data from the firm and demanded payment.
Liberty said it made no concessions to the hackers and that there was no evidence that any of its customers had suffered any financial losses.
On Monday it said its IT specialists and security personnel had worked around the clock to ensure the protection of its customers and their details.
The regulator said it had written to Liberty’s Chief Executive David Munro requesting information on the extent of the data breach and security measures taken by the company.
“The Information Regulator has noted with concern various media reports regarding a material data breach at Liberty Holdings,” Pansy Tlakula, chairwoman of the regulator, said in a statement.
Shares in Liberty later pared some losses but still closed 4.03 percent lower at 119 rand, their worst daily fall since April 4.
Traders said the market had not panicked over the attack.
“The management did very well to come out and explain their side of the story,” said Cratos Capital trader Greg Davies.
“What they need to do now is assure the market that they’ve spent enough on their defences and that there won’t be a repeat of this.”
Liberty’s biggest shareholder Standard Bank, which has a 53 percent stake, said in an emailed response to questions it was supportive of the measures that Liberty has taken.
However, in neighbouring Namibia, Marieta le Roux, a Liberty Life client since 2011, told Reuters that she had not been informed of the data breach.
“I feel exposed because they have a lot of confidential information about me,” she said.
Additional reporting by Nyasha Nyaungwa in Windhoek; Editing by James Macharia and Susan Fenton

Why regulator wants answers from South African insurer Liberty following cyber attack

Boitumelo Mothoagae | Liberty
Do you feel uncomfortable when you hear the terms, ‘investment portfolio’, ‘inflation’ and ‘insurance’? Are you filled with doubt and intimidation at the thought of signing a new investment contract?
Fortunately, you are not alone. Statistics show that 50% of credit active consumers have a negative financial status &#8211; they are failing to meet their financial responsibilities to creditors. Amongst the major contributing factors to this is poor understanding of financial basics.
According to a survey of 1000 financially active South Africans conducted by research company Columinate, 47% said they have a fair understanding of their personal finances, 67% spend only one to two hours per week on their finances. Only 32% set financial goals for themselves, and 55% do not even bother to track what they spend their money on.
Boitumelo Mothoagae – Financial Adviser at Liberty, says National Savings Month presents us with a great opportunity to check in on our financial knowledge as a country. “The on-going stats that reflect that we are not a nation that saves a lot shouldn’t deter South African’s from seeking knowledge about finances. More times than not, it is the jargon that can stop people from saving.”
Mothoagae adds, “when you understand your financial needs you are in a better position to make informed decisions and have a better chance at attaining financial freedom.”
Connecting with an accredited Financial Adviser also allows you an opportunity to ask the right questions, understand the meaning behind the jargon, and essentially demystify some of the myths that may be stopping one from saving.”
Mothoagae also gives five simple steps to improve your financial literacy: 
Step 1: Take a closer look at your bank statements 
Print out three months of your bank statements and look at your spending habits. Highlight any transactions that you are unsure of. Once you have done this, call the bank and ask them what the transactions are for. This will give you a better understanding of the fees you’re paying and help you identify circumstances where you are paying too much towards your creditors.
Step 2: Listen to financial news and read investment papers
You’ll discover an exciting world of financial knowledge. If at first you don’t understand the terms and complex jargon in the news, don’t be despondent. Instead, make a concerted effort to find the answers to your questions.
Step 3: Make a list of financial terms you don’t understand 
In your research, make a list of all the complex terms and words you can’t understand. Once you have this list, use the technology at your disposal to find the meaning of the words. The internet is a great resource that can help you discover the answers you are looking for.
Step 4: Speak to a financial adviser 
At Liberty, we encourage all our financial advisers to debunk the mysteries of financial jargon for our clients. So use this opportunity to get the information you require first hand. If at first you don’t understand, keep asking the financial adviser to explain your products and services in more detail. This will help you know exactly what you need, to make better financial decisions.
Step 5: Put what you’ve learnt into action 
There’s no point in learning all the financial terms if you don’t put your knowledge into action. Your knowledge around budgeting, saving, investing and insurance will continue to grow and evolve. Tackle one financial task at a time so that you can maintain full control of your learning process.
“Financial literacy is not something you gain in a split second; it takes time to understand the important elements. Financial Institutions need to make it a priority to improve financial literacy not only for youth but for all consumers,” concludes Mothoagae.

Is scary finance jargon keeping you from saving?

New Wealth just released ‘South Africa 2017 Wealth Report’, in it the global wealth intelligence and market research company. rated the 10 greatest business men and woman in South Africa&#8217;s history based on: 
• Impact on South Africa and the world. 
• Innovation. 
• Jobs created. 
• Ability to overcome obstacles.
Below is the list.
1. Sol Kerzner 
Sol Kerzner’s impact on South Africa has been massive. Most of the top luxury hotels and resorts in the country were built by him. Some notables include: Sun City, the Lost City, Sandton Sun, the Beverley Hills Hotel, the Elangeni and the Beacon Island Hotel.
What is interesting about these hotels is not so much their success, but rather the impact they have had on the surrounding areas.
For instance, when the Beverley Hills Hotel was built in 1964, Umhlanga was a tiny resort town that most people had never heard of. However, the hotel’s success drew large numbers of wealthy people to the area and Umhlanga eventually became the main holiday hotspot for wealthy Joburgers in the 1970s, 1980s and 1990s. Then in the 2000s, Umhlanga overtook Durban to become the top prime area in Kwazulu Natal for wealthy people to live and work.
The Beacon Island in Plettenberg Bay (“Plett”) is a similar story. When the hotel was built in 1972, Plett was still a small village. However, after its success the town took off and Plett now ranks as the top second home hotspot for the super-rich in South Africa.
Last, but not least, is ofcourse Sun City. The resort, which was built by Sol Kerzner in 1979, set the benchmark for casino and golf resorts worldwide. The resort includes the spectacular Lost City, which was added in the 1990s.
Since his success in South Africa, Sol Kerzner has built several successful hotels worldwide including: Atlantis Bahamas, Atlantis Dubai, the One &amp; Only Mexico, the One &amp; Only Australia, the One &amp; Only Mauritius and the One &amp; Only Bahamas.
2. Donald Gordon 
As the founder of Liberty Life, Donald Gordon will always be remembered for what surely remains his greatest achievement &#8211; the shopping centre that set the benchmark for luxury and class worldwide. The shopping centre that the greatest city in Africa is now built around. The Monolith. Sandton City.
3. Richard Maponya 
Despite the many obstacles of the Apartheid government, Richard Maponya became a beacon of hope to the people of Soweto, starting several successful business in the area (predominantly in the retail and property space). He recently helped to develop Maponya Mall, which is one of the largest shopping centers in the country.
4. Harry Oppenheimer 
Harry Oppenheimer led South Africa’s two biggest companies (De Beers and Anglo America) through their most successful years and created more jobs than any other South African businessman in history.
Harry Oppenheimer and his wife Bridget were also keen horse breeders. They bred Horse Chestnut, which is arguably the most exceptional race horse ever bred in South Africa. Horse Chestnut was known for winning races his by large margins – he won the J&amp;B Met by over 8 lengths.
5. Pam Golding 
Pam Golding formed Pam Golding Properties in 1976 and turned it into the largest estate agency in the country. Her company has since gone onto transform the luxury residential landscape in South Africa, especially in Cape Town’s Atlantic Seaboard.
6. Adrian Gore 
Adrian Gore founded Discovery Health in 1992. His company went onto change the health insurance space in SA forever with innovative products such as Vitality. Many insurance companies overseas have now begun to copy the Discovery model and Discovery themselves have taken their products abroad with good success.
7. Nthato Motlana 
Dr. Nthato Motlana is ‘the renaissance man’ of South Africa, with successful careers in politics, medicine and business. He was the founder of NAIL and a mentor to many of the top business leaders in South Africa today. He is considered by many to be the father of economic empowerment in South Africa.
8. Patrice Motsepe 
After a successful career as a lawyer at Bowman Gilfillan, Motsepe founded ARM (African Rainbow Minerals) in 1997 and turned it into one of the largest mining and mineral groups in the world. He has since diversified into a number of other key sectors.
9. Anton Rupert 
Dr. Anton Rupert founded the Rembrandt Group in the 1940s. After initially focusing on the tobacco industry (Peter Stuyvesant), his company soon moved into industrials and luxury goods. Rembrandt has since been split into Remgro (an investment company with financial, mining and industrial interests) and Richemont (a Swiss-based luxury goods group).
Rupert was also a founding member of the WWF (World Wildlife Fund) in the 1960s.
His son Johan has since turned Richemont into one of the largest luxury goods companies in the world.
10. Douw Steyn 
Douw Steyn founded Auto General Insurance in 1985 and turned it into one of the largest insurance companies in South Africa. He has since started similarly successful businesses in the UK (Compare the Market, Budget Insurance). He recently helped to develop Steyn City in Johannesburg, which is one of the most impressive residential estates in the world.

S.A’s 10 greatest business leaders

“For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others” Nelson Mandela.
The consequences of South Africa’s self-inflicted, morally corrosive malady of not respecting the separation of powers and blatantly undermining the rule of law (as witness the fact that others are above the law) is manifesting itself dramatically. When others appear exempt from the judicial process, the message sent to career criminals is that if crimes committed by those who hold public office are condoned, there may not be anything morally deterrent or reprehensible about pursuing criminal objectives.
Those of us who subscribe to an articulated vision of a country that all would be proud of are concerned that the essence of a non-racial South Africa is being forgotten in another less noble struggle.  A struggle to utilise political power to do what the apartheid regime did. To illegitimately take property from people and to deprive them of the rights they should enjoy in a “democratic and open society in which government is based on the will of the people and every citizen is equally protected by law” as promised by our constitution.
Many of us subscribe to the vision so eloquently described by Martin Luther King Jr. when he said, “I have a dream that my four little children will one day live in a nation where they will not be judged by the colour of their skin, but by the content of their character.” We also took note of his warning: “But there is something that I must say to my people&#8230;In the process of gaining our rightful place, we must not be guilty of wrongful deeds. Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred.”
The word “freedom” has unfortunately been interpreted in various ways. In the sense in which most of us understand the word, it means individual liberty. However, to others it means freedom from want, imposing obligations on others to supply whatever is needed. A free society can only exist if we interpret “freedom” to mean individual liberty.
Liberty requires the observance of a single moral imperative, which is intrinsic in human nature, that in pursuit of our ends, our endeavours should not involve force or fraud. All human interaction in a free society should be governed by this principle as underscored by F A Hayek, the late Austrian economist, &#8220;It is only because we are free in the choice of our means that we are also free in the choice of our ends&#8221;.
What evidence is there that South Africa is going astray?
We find young medical graduates being commandeered to work in places that are not of their choosing, while other graduates are not. These people are being deprived of legitimate choices to achieve their ends.
Firms are instructed as to whom they may employ, who their business partners should be, at what prices they may sell their products, and, increasingly, their choices are being limited. We have mass unemployment because the unemployed have been deprived of freedom of contract; they are not entitled to enter into any agreement they wish with employers – it is forbidden.
What kind of society are we creating for future generations? Do we not want a warm, generous, affluent and peaceful nation? If we do, we must choose liberty as the most important human right. In this mission, we must subject to rigorous scrutiny all erroneous assumptions about human rights.
By lowering the barriers to all economic activities and enacting policies that will make South Africa globally competitive in terms of being an attractive destination for investors, the effect would be that of a rising tide that floats ALL ships. The overall impact would be economic growth that would result in the upliftment from poverty of the greatest number of people in the shortest time possible.
Finally, the rule of law, as opposed to the rule of man, means equality before law and contracts being legally enforceable. It also means a fiercely independent judiciary, the precondition of which is a clear separation of executive, legislative and judicial powers.
I know that I have incurred the wrath of some, so be it. My comfort is in the words of an earlier Martin Luther who, in defiance of prevailing religious dogma during his era, uttered the words, “Here I stand, I cannot do otherwise”.
 
Temba A. Nolutshungu is a director of the Free Market Foundation. The views expressed in the article are the author’s and are not necessarily shared by the members of the Free Market Foundation.﻿

Liberty

Liberty swings into loss amid COVID-19 hit

SA consumer finances to remain under pressure in 2021

Here’s what you should be asking your financial advisor amid COVID-19 crisis

COVID-19: Does SA have the political will to fix deepening unemployment crisis?

Discovery walks away from legal battle with Liberty after court ruling

Remembering Entrepreneur, Liberty founder Donald Gordon

Entrepreneur, Liberty founder Donald Gordon has passed on

Why regulator wants answers from South African insurer Liberty following cyber attack

Is scary finance jargon keeping you from saving?

S.A’s 10 greatest business leaders

Op-Ed: The inviolable sanctity of individual liberty

News Tips

Advertise With Us

Liberty

Liberty swings into loss amid COVID-19 hit

SA consumer finances to remain under pressure in 2021

Here’s what you should be asking your financial advisor amid COVID-19 crisis

COVID-19: Does SA have the political will to fix deepening unemployment crisis?

Discovery walks away from legal battle with Liberty after court ruling

Remembering Entrepreneur, Liberty founder Donald Gordon

Entrepreneur, Liberty founder Donald Gordon has passed on

Why regulator wants answers from South African insurer Liberty following cyber attack

Is scary finance jargon keeping you from saving?

S.A’s 10 greatest business leaders

Op-Ed: The inviolable sanctity of individual liberty

News Tips

Advertise With Us

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