Liberty incurred a normalised operating loss for the year ended 31 December 2020 of R1 599 million compared to normalised operating earnings of R2 201 million for the year ended 31 December 2019. The normalised operating loss includes the R2 227 million net after tax cost of establishing the pandemic reserve which, if excluded from the result, would reflect normalised operating earnings for the year of R628 million.
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