Fitch rates Liberty Group IFSR AA(zaf), long-term AA-(zaf)

Fitch Ratings said it assigned Liberty Group Ltd. a national Insurer Financial Strength Rating of AA(zaf) and a national long-term rating of AA-(zaf). The outlook is stable.

Fitch said Liberty Life's ratings reflect its very strong business position in South Africa, strength and diversity of distribution, strong new business profit margins and very good operating performance.

The ratings also reflect Liberty Life's strong capital position, although regulatory capital cover has reduced significantly over the last few years, due to a deliberate strategy to reduce the perceived level of overcapitalization, the rating agency noted.

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