South Africa's Liberty Group outlook raised to positive - Fitch |
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Published
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Mon, 26 Nov 2007 16:14
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MUMBAI (Thomson Financial) - Fitch Ratings said it has revised South Africa-based Liberty Group Ltd's national long-term and national insurer financial strength ratings' (IFSR) outlook to positive from stable, reflecting its well-established business position, strong and diversified distribution network, relatively competitive new business margins, and steady operating performance.Fitch also affirmed the financial services group's 'AA-(zaf)' national long-term and 'AA(zaf)' national insurer financial strength ratings.Fitch said it considers the strength and diversity of Liberty's distribution network and success in bancassurance with the Standard Bank group as a key rating driver, as 31 pct of Liberty's new business volumes came through this channel and Standard Bank Group Ltd effectively owns 32 pct of Liberty.TFN.newsdesk@thomson.comans/jroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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