Fitch affirms Liberty Group

Fitch Ratings said it affirmed Liberty Group Ltd.'s ratings at national insurer financial strength AA(zaf) and national long-term AA-(zaf), following the announcement of the planned capital reduction.

The outlook is stable.

At the same time, the agency said it has affirmed the national rating of A+(zaf) on Liberty's ZAR2 billion issue of subordinated unsecured secondary capital callable bonds.

As well as the strong capital position, Fitch said that Liberty's ratings also reflect its very strong business position in South Africa, strength and diversity of distribution, strong new business profit margins and very good operating performance.

Partially offsetting these positive factors, Fitch added it considers that the group faces a significant ongoing challenge to defend its very strong business position, in the context of the very competitive South African life insurance market.

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