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Principles and Practices of Financial Management

16 Feb 2017

The Principles and Practices of Financial Management (PPFM) are set in accordance with the Financial Services Board (FSB) directive 147 of the following types of business:

  • Conventional reversionary bonus business
  • Smoothed bonus business
  • With-profit annuities

The purpose of the PPFM is to document how Liberty will manage its discretionary participation products (DPP). In managing business with discretionary participation features, insurers rely on their ability to use discretion, particularly with regards to the investment strategy adopted, and the bonus smoothing policies used.

The purpose of Liberty’s PPFM is therefore to:-

  • explain the nature and extent of the discretion available; and
  • show how competing or conflicting interests or expectations of different groups and generations of policyholders, and policyholders and shareholders are managed so that policyholders and shareholders are treated fairly.

Users of the PPFM should note that the purpose of this document is to explain the management of the DPP business, and not to give advice as to the benefits of a discretionary participation product.

Liberty is committed to providing open and honest communication and we believe that the PPFM will assist with that aim. The DPP of Liberty are managed in accordance with these Principles and Practices. Within each section of the PPFM, the Principles are shown first, followed by the corresponding Practices.

Click here view the PPFM Liberty Group Limited document.

There are also PPFMs available for other types of business not covered by this PPFM as follows:

The PPFM document/s may be updated from time to time and policyholders are encouraged to check the Liberty website for any such changes.

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+27 21 657 2300 +27 21 657 2300

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