LBY Liberty Group

RNS Number:7631E
Liberty Group Ld
06 December 2002

LIBERTY GROUP LIMITED

   Registration number 1957/002788/06

   Alpha Code LGL

   Issuer Code LIBU

   ISIN Code ZAE000024543

   Incorporated in the Republic of South Africa

LIBERTY HOLDINGS LIMITED

   Registration number 1968/002095/06

   Alpha Code LBH

   ISIN Code ZAE000004032

   Incorporated in the Republic of South Africa

MARKET UPDATE

   The strong operational performance of Liberty Group Limited reflected in the
results for the six months ended 30 June 2002 has been maintained, with new
business sales and margins at similar rates of increase and levels to those
shown at the half-year stage, supported by robust net insurance cash flows.
Expenses remain well managed within the actuarial assumptions, while lapse and
surrender experience continues to show the improvements that emerged during the
first half of 2002. The company is well capitalised with capital in excess of
three times the regulatory Capital Adequacy Requirement.

   As regards investment performance, the interim results announcement included
a notification that, since the half-year-end, markets were still weakening and
that this would have a negative impact on earnings should these conditions
prevail to the end of the year. Notwithstanding that information on the
performance of investment markets and the impact of the strengthening of the
Rand on foreign portfolios is in the public domain, the directors consider it
appropriate to update shareholders on the Liberty Group position in this regard.

   Despite good relative investment performance delivered by STANLIB Asset
Management, the weighted average investment return on policyholder portfolios in
which shareholders participate has further weakened from -0,4% at 30 June 2002
to -6,2% at 30 November 2002. Comparatively, investment markets increased
substantially during December 2001, with the weighted average portfolio return
for the whole of 2001, reaching 25,3%. The prospects of investment markets
recovering by year-end to the level achieved in 2001 or exceeding that level,
now appear remote. If current conditions persist to 31 December 2002, headline
earnings will reflect a greater reduction than the -5% recorded for the first
half of 2002 as a result of the impact of the market on the life fund operating
surplus.

   Embedded Value at 30 June 2002 amounted to R56,68 per share. It is
anticipated that the Embedded Value at the end of the year will not be
materially impacted, as the effect of the negative investment returns on both
policyholder and shareholder funds has been largely offset by strong operational
performance.

Date: 6 December 2002

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   Liberty Holdings Limited is the holding company of Liberty Group Limited and
has no other investments and carries on no other business other than that
related to its investment in Liberty Group Limited.  Consequently, Liberty
Holdings Limited shareholders are referred to the comments made above in respect
of Liberty Group Limited.

The preliminary results for Liberty Group Limited and Liberty Holdings Limited
for the year ending 31 December 2002 will be published on or before 4 March
2003.

   Information contained in this announcement has not been audited.

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SPONSOR

Merrill Lynch South Africa (Proprietary) Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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