The performance of JSE-listed life insurer, Liberty Holdings, continued to reflect the benefits of product innovation and related positive momentum in insurance new business sales with relatively stable customer behaviour in the 10 months to October, it said on Friday.

Liberty Holdings is the fourth biggest JSE-listed life insurer after it was toppled from the third spot when Metropolitan and Momentum merged to form MMI Holdings in 2010.

It said retail insurance segment indexed new business grew by 9 percent to R5.3 billion ($482.7 million) for the period.

Single premium new business is up 29 percent to R18.9 billion ($1.7 billion) gross inflow.

“The investment new business increase continues to be driven by strong ongoing support of our Evolve product range,” it said in a trading update.

“Recurring premium investment and risk business is marginally up compared to the equivalent 2013 period,” it added.
Net cash inflows for the Retail insurance segment were up R3.6 billion for the period under review following the continued good growth in single premium investment business and ongoing good retention of customer business.

Stability of the group’s experienced advisers has been a significant contributor to this result.