Avior Financials | Liberty and Santam results | TymeBank Investor day | JSE FY '18 results
Liberty has executed a partial turnaround of the operating performance in FY'18 with Operating Earnings up 42% y/y. New business volumes in the life company remain flat and fully normalised core operating earnings fell 2% y/y. We remain optimistic on increased new business volumes from a better integration strategy with Standard Bank (SBK) due to David Munro's leadership and experience within the SBK Group. We summarise our call with management post results.Santam's FY'18 results are impressive with HEPS rising 47% y/y. We caution that Santam is exposed to higher frequency moderate claims events, which are more likely in 2019.
We highlight the key points from the TymeBank Investor Day. In our view, TymeBank is a threat to the largest incumbent players in terms of fees (shorter-term threat) and market share (longer-term threat).
The JSE released disappointing FY '18 results with diluted HEPS growth of 6%, below our expectation of 18% earnings growth. Revenue increased by 1% in line with our expectations. We expect the JSE to have a difficult FY '19f due to weak YTD cash equity trading activity (down 32.5% YoY).
Liberty Holdings is a holding company. Co. provides a range of products and services to help customers build and protect long-term wealth. These include life and healthrelated insurance, investment management and retirement income facilitation. Co. provides risk cover through insurance contracts to individuals and institutions that provides financial assistance to the customer in the event of death, sickness or disability and retrenchment; managing customer wealth through investment advice, active and passive asset management services; providing retirement financial assistance to pensioners; and administration and consulting services to health risk insurers.
Santam is an insurance group based in South Africa. Co. and its subsidiaries are primarily engaged in short-term insurance activities with a focus on corporate, commercial and personal markets. Insurance activities comprise commercial insurance, personal insurance and alternative risks. Co. operations are organized along two business segments: Insurance Activities and Investment Activities. Co.'s product offering includes four divisions: Personal; Commercial; Specialist; and Agriculture. Co. operates predominantly in South Africa and maintains business interests in Zimbabwe, Malawi, Uganda, Tanzania and Zambia.
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