Liberty Kenya in Kes1.1Bn PBT

Liberty Kenya Holdings Plc holders of Liberty Life Kenya and Heritage Insurance Kenya; has reported a pre-tax profit of Kshs 1.1 billion for the year ended December 31, 2017.

The insurer, which owns subsidiaries venturing in both short-term and long-term insurance businesses through Liberty Life Assurance Kenya Limited and Heritage Insurance Company Kenya Limited, witnessed its total income increase from Kshs 9 billion in 2016 to Kshs 9.6 billion last year.

“The Group delivered solid earnings despite the prevailing difficult operating environment occasioned by the prolonged electioneering period, continuing impact of interest capping as well as environmental factors such as drought,” said Liberty Kenya Holdings Chairman Susan Mboya.

She said the strong financial positon vindicates the insurer’s assertion that the group’s fundamentals are in place to deliver sustainable earnings.

“Our long-term business had a good year driven by improvement in quality of business, volume growth and by greater investment earnings following the recovery of the equity market,” she added.

Profit after tax increased from Kshs 627.8 million to Kshs 845.7 million, representing a 35 per cent growth, as the gross earned premium revenue also increased from Kshs 9.6 billion in 2016 to Kshs 9.7 billion last year.

Total assets increased from Kshs 34.9 billion in 2016 to Kshs 37.1 billion in 2018. Net assets also increased from Kshs 6.7 billion in 2016 to Kshs 7.4 billion last year.

The Group continues to be a key player in the insurance sector, both in Kenya and Tanzania. During the year, the Group sold a non- strategic subsidiary, specifically created to own a property in Naivasha.

The directors have recommend a first and final dividend of Kshs 0.5 per share. There was no dividend declared in 2016.

The insurer will hold its 13^th Annual General Meeting on 7th June 2018 in Nairobi.

About Liberty Kenya Holdings Plc

Liberty Kenya Holdings Limited is a subsidiary of the South African-based Liberty Holdings Limited, which is largely owned by Standard Bank Group of South Africa.

Even as Liberty Kenya is listed on the Nairobi Securities Exchange (NSE) its majority shareholders are listed on the Johannesburg Stock Exchange in South Africa.

Liberty Kenya owns subsidiaries venturing in both short-term and long-term insurance businesses. Through its two operating entities, Liberty Life Assurance Kenya Limited and Heritage Insurance Company Kenya Limited.

The Group continues to be a key player in the insurance sector, both in Kenya and Tanzania. The Group’s interest in Tanzania is through a 60 percent shareholding in Heritage Insurance Company Tanzania Limited.