Liberty Kenya Holdings PLC has registered a 151 per cent jump in its profit for the year ended December 2023 to Ksh671.9 million.
This is from Ksh267.7 million the firm posted in a similar period the previous year.
Liberty Holdings has attributed the leap to general growth across its subsidiaries even as basic earnings per share increased 193 per cent on the back of improved insurance service results.
“In Kenya, the short-term business saw an 11 per cent increase in insurance revenue, with an improved claim ratio compared to the previous year. The introduction of a retail medical product in the last quarter is expected to address market gaps in that segment,” said Liberty Kenya Holdings in its financial results.
“In the long-term business, the group is pleased with the improvement in earnings and earned premium, albeit off a very low base. Management continues to implement the turnaround strategy and several new product launches are planned during 2024. Unpredictable investment markets unfortunately continue to constrain investment returns,” Liberty Holdings added.
For the trading period, assets increased 9.1 per cent to Ksh43.8 billion from Ksh42 billion in a similar period a year prior while insurance revenue grew 12.5 per cent to Ksh13.8 billion.
“The capital position of all the Group’s insurance license entities remains resilient, following active capital and risk management, and are above regulatory targeted levels.”
Liberty Kenya’s total liabilities for the trading period closed at Ksh34.1 billion as insurance service result climbed Ksh913.8 million from Ksh367.5 million the previous year.
“Due to the Group’s improved financial performance, the Directors are pleased to recommend to the shareholders to approve at the annual general meeting a dividend per ordinary share of KShs 0.373 (2022: Nil). Further details will be provided in the Notice of the Company’s Annual General Meeting,” noted Liberty Kenya Holdings.
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