Liberty Life To Buy Out STANLIB |
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December 2 - Liberty Life was in danger of losing ground to the other South African life insurance giants, Old Mutual and Sanlam, by not owning an asset management business outright. Until this week Liberty only owned 62.6% of asset managers STANLIB but all that has now changed with news of a full buy out. STANLIB has performed extremely well but Liberty Life were not deriving the full value from that growth. The move to purchase 100% of STANLIB also matches what their rivals can offer - moving away from products like retirement annuities and towards investment vehicles such as unit trusts. Meanwhile the Pension Fund Adjudicator continues to go after big name insurance companies and the latest ruling has found in favour of the "little guy" and against Old Mutual. The latter have been ordered by the PFA to pay out in excess of eleven-thousand rand to an indiviodual investor in another watershed decision that will influence withdrawal benefits are calculated for the entire insurance industry. There is still uncertainty as to whether or not Vuyani Ngalwana, the PFA himself, is going to leave his post or not. He has frequently complained that he is unable to do his job effectively, and the big corporations may well have something to with that. They will be relieved if he does quit, that's for sure. Related Insurance Articles: * Why Travel Insurance is so Important * Medical Insurance In South Africa And Why You Need It * Lower Insurance Premiums Vs Your No-Claims Bonus * South African Car And Home Sales Start To Slow Down * Blue Financial Services Maiden Earnings Up 225% * Lloyds Investors Lose Insurance Regulation Lawsuit * Insurance Stats Prove Crime Rate In South Africa Is Rising * Old Mutual Wins Judgment In Life Insurance Court Case 
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| 3/14/2010 7:06:25 AM | |||||||||||||||||||||
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