Liberty Holdings, a South Africa-based insurance company, has signed an agreement to divest its technology platform to Standard Bank Group for ZAR145m ($10.45m).
The technology platform supports Liberty’s short-term insurance business, and enables its financial advisers to offer a more comprehensive product offering that supports clients on their life journey.
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Standard Insurance, a wholly owned subsidiary of Standard Bank Group, underwrites these short-term products which enable customers to pro-actively manage their short-term risk by using an enhanced digital capability.
In a statement, Liberty said: “The transaction provides Liberty Holdings with the opportunity to reduce future capital requirements and de-risk its business.”
The proceeds will be used to support Liberty’s existing business and to provide numerous initiatives under its turnaround strategy.
Liberty said for the financial period ended 31 December 2018, the recorded loss attributable to the business from costs incurred in establishing the technology platform was ZAR51m ($3.68m) and the capitalised expenditure incurred up to 31 December 2018 was ZAR94m ($6.73m).
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