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Liberty Life has strengthened its acquisition war chest to ZAR1.3bn ($101.24m) as part of its ongoing strategy to expand in Africa.

By the end of 2015, the South African insurer aims to wrap up the takeover of a Nigerian insurer and an asset manager, reported iol.co.za.

Additionally, the company is considering starting a short-term insurance business in Botswana by November, while it has agreements to buy a similar business in Uganda.

Liberty chief executive Thabo Dloti was quoted by the website as saying that focusing on expansion across the continent remains a key focus area for the business and the investments that had been made in the past should start contributing to the bottom line.

Liberty, managed by Standard Bank, posted ZAR28m ($2.17m) in profit for the half year to June from its insurance units in east and southern Africa, excluding South Africa.

Liberty chief financial officer Casper Troskie was quoted by the website as saying: "Our rest of Africa business saw good growth in underwriting profit offset by lower shareholder investment income given lower investment markets in May and June.

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"Earnings in short-term business were also affected by the introduction of a new excise tax in Kenya. The value of new business for group arrangements was up strongly by 19 percent with the value of new business in the rest of Africa more than doubling."