Liberty Holdings Limited Analyst day – 10 April 2019
Agenda 12:00 – Session 1: The why and what, defined and measured 15:00 – Break David Munro, Liberty Holdings Ltd, CEO • Refreshments will be served • Welcome and introductions • Strategy Visualisation and the way forward 15:15 – Session 4: Fulfilling our investment promise Johan Minnie, Managing Executive: Client and Adviser Derrick Msibi, STANLIB CEO Experience • STANLIB's strategic journey • Client and Adviser centricity principles that support our purpose Giles Heeger, Executive: Asset Management Yuresh Maharaj, Group FD • STANLIB's investment strategy and philosophy • Financial metrics and targets 13:35 – Session 2: How Liberty is changing the ways of working 16:15 – Session 5: Regulatory update Philip Harrison, Chief Risk Officer Benjamin Marais, CIO / Sunil Nagar, Executive Retail Operations • Prudential regulatory regime SAM • Liberty's digital journey 14:45 – Session 3: Understanding the SIP 16:30 – Closing comments Brian Kipps, Executive: LibFin Yuresh Maharaj, Group FD • The Shareholder Investment Portfolio (SIP) 2
Strategic overview (The why?) David Munro, Johan Minnie and Yuresh Maharaj
4
Strategy visualisation 5
Client and Adviser centricity principles that support our purpose We understand our clients We are people obsessed and and their unique responses to will differentiate everything we life events do through our touch of humanity Clients Financial We build partnerships to the benefit of our clients in Advisers We deliver solutions tailored pursuit of making their to their life journeys financial freedom possible Employees We empower our employees, We use smart technology as advisers and partners to a seamless and intuitive deliver exceptional and enabler intuitive human experiences We will build trust by doing the right things, first time, every time, with a can-do attitude 6
Advice philosophy 7
Our advice philosophy is centered around you Wherever you are in your life, we meet you in your reality Guiding you through life’s moments, holding your dreams as if they were our own Empowering you to achieve your goals and live your best life “MAKING YOU THE AUTHOR OF YOUR OWN LIFE STORY” 8
Strategy visualisation 9
Our Exco goals are aligned to our strategic delivery 10
Liberty strategic value driver model The metrics are seeking to measure client, financial adviser and employee experience to deliver the desired financial outcome. 11
Strategic value driver model: Metrics used to measure value Client and Adviser Employee Engagement Risk and Conduct Financial Outcome 1 SEE impact Experience • Employee net promoter score • LGL Capital coverage • Policy maturities and surrenders • Client Net promoter score • 1 Normalised operating earnings • Staff turnover • Group operational losses • Claims paid (death and disability) • Client satisfaction Index • 1 Normalised Return on Equity • Employee equity • Annuity payments • STANLIB SA investment • 1 VoNB performance • Group skills development spend • 1 Margin • IFA Net Promoter Score • Unclaimed benefits • 1 Sales production • IFA Satisfaction Score • 1 Indexed new business (Rm) • Long term insurance net • 1 RoGEV customer cash flows • SA Retail gross VoNB • Asset management net customer • SA Retail acquisition costs cash flows • Management expenses • IT system stability 12 1 References to Liberty Holdings Ltd consolidated financial results
Measures of progress on financial outcomes 1 2 3 4 Value of Robust capital Return on Return new business margin at upper end of range Group Equity Value on equity 0.9% 1.87 times 3.8% 10.1% Dec 2017: 0.5% Dec 2017: * Dec 2017: 1.1% Dec 2017: 12.3% Improved earnings from Stringent cost Improved variances and + + + + Robust balance sheet SA Retail and STANLIB management basis changes South Africa Improving value of new + business Product and margin Strong risk management Stringent cost + + + initiatives capability management Investment variances, - economic basis changes Improved sales volume Low investment market Low investment market - - + + Dividend maintained in second half 2018 returns returns 1% - 1.5% target range 1.5 - 2.0x target range RoGEV >12% 15 - 18% target range 13 * 2017 comparative not applicable due to the new prudential regulatory regime effective 1 July 2018
Setting and delivering towards strategy is a continuous process 14
Our Exco goals aligned to our strategic delivery Session 4 Session 2 15
Questions
Liberty’s digital journey Benjamin Marais
Liberty’s information technology strategy - 2019 Key focus areas Client and Adviser Centricity • Partner with our clients through their life journey, and in so doing to differentiate Liberty in terms of advice, trust, smart technology, strategic partners and empowered advisers and employees Digitalisation • Provide access to reliable and relevant information and services, to our clients, advisers and employees, any time and any place they want it 18
The data and analytics journey Lay foundation Drive outcomes 4 3 Ways of working • Generate value Capability build roadmaps Data ownership Capacity and skills 2 WE ARE Setting direction HERE! Refreshed data and analytics strategy Objectives 1 Principles 1 Stocktake What we have banked Stocktake of data and analytics initiatives Rationalise list of initiatives for delivery 19
Digital transformational framework FROM A product centric organisation Transformed Future ready Integrated experience • Both innovative and low cost • Customer gains a • Great customer experience (simulated) experience Products Channel Operations • Modular and agile despite complex operations Liberty • Data is a strategic asset • Strong design and UX Corporate Services • Ecosystems ready • Rich mobile experiences Customer experience including purchasing Information Technology Increasing NPS products Silos and Spaghetti Liberty Industrialised Traditional • Product driven • Plug and play products • Complex landscape /services TO of processes, • Service enabled ‘crown systems and data jewels’ A digital insurer, centred • Perform via heroics • One best way to do each around the client and key task adviser Client and • Single source of truth Adviser Advice Traditional Transformed Solutions Operational efficiency Source: MIT CISR Improving operating margins Operations Enablement Horizons 2 and 3 Horizon 1 20
Cloud journey 21
Building enabling capabilities • Integration management capability through MuleSoft enables feature teams to deliver faster by removing the complexity of integration into legacy systems • MuleSoft allows for faster integration with third parties (e.g. atWORK) while managing security and usage – “bring your own software” • Partnered with Standard Bank to leverage learnings and fast track the creation of a robotics process automation capability 22
Implementing foundational IT capabilities New Ways of Work Always On and Always Always Secure - Information Available Security and Cyber Resilience (IT and Business Collaboration) • Provide available and reliable tools • Gain the trust of our clients, advisers, • Develop and implement the approach and systems, at the right time for our employees and 3rd parties as it and structures that will enable the clients, advisers and employees most efficient way for IT and pertains to the security of our business Business to collaboratively drive the platforms and the security of the same outcomes information they share with us Simplification Data and Analytics (Simplicity for Clients, Advisers IT Employee Engagement and Employees) • Establish data as an asset to the • Create an environment that is • Develop and implement a simplified organisation by making data inclusive, values diversity and allows architecture and principles guiding all services, which are used to create staff to realise their true potential simplification efforts value for clients and advisers easily whilst meaningfully participating in • Simplicity in all solutions developed for accessible living out our vision use by clients, advisers and employees, making engagement with the organisation easy • Eliminate redundant, duplicated and fragmented capabilities, encourage reuse of developed capabilities 23
Customer experience Sunil Nagar
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