Under STANLIB, asset management had an 11% dip in earnings to R267 million due to continued market volatility and market growth that was lower than expected. Liberty Corporate produced solid earnings of R88 million, with a 2% rise in new business and a 13% increase in recurring premium sales. Earnings for Liberty Africa Insurance were lower at R11 million, whilst Liberty Health recorded a loss of R11 million, reflecting an improvement from a R22 million loss. Liberty Health is being strategically repositioned to focus on providing solutions to employers and employees. Meanwhile, the commercial bancassurance joint venture with Standard Bank, which applies to all the group’s asset management and insurance operations, continues to make a significant contribution to earnings and new business volumes.