Liberty Holdings Ltd. (LBH), the insurer controlled by Standard Bank Group Ltd. (SBK), agreed to sell its 50 percent stake in a real-estate administration business to Redefine Properties Ltd. (RDF) for 330 million rand ($39 million).
The book value of the stake in Fountainhead Property Trust Management Ltd. and Evening Star Trading 768 (Pty) Ltd. is about 203 million rand, the Johannesburg-based insurer said in a statement today. Liberty bought the 50 percent holding for 186 million rand in March 2008.
First-quarter sales rose and assets under management increased, Liberty said in the same statement, with single premium new business increasing 36 percent to 3.27 billion rand. Assets under management at Stanlib, Liberty’s money management unit, climbed more than 3 percent while the company’s total assets under management climbed to 469 billion rand from 455 billion rand at the end of December.
Liberty began in 2011 to widen its range of products and train more financial advisers to boost sales, particularly to individual consumers. Liberty, along with parent company Standard Bank, has also been targeting African expansion as growth in its domestic market slows. The insurer bought control of Kenya’s CFC Insurance Holding Ltd. (CFCI) last year to give it a foothold in East Africa.
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