Liberty Kenya Holdings Plc posted a 108.5% increase in Profit after Tax to shs1.402 billion for the financial year ended 31st December 2024, up from Shs672 million in 2023.
This growth is attributable to strong investment gains, increased insurance earnings, improved claims experience, and disciplined cost management across its Kenyan operations.
The Group’s insurance revenue rose to Shs10.95 billion in 2024. Insurance service expenses declined slightly by 1.1% to Shs8.53 billion, compared to Shs8.62 billion in 2023. Consequently, the Group reported an insurance service result of Shs1.004 billion, representing a 5.6% growth over the Shs951 million achieved in 2023.
Net investment income surged significantly to Shs4.741 billion, more than tripling the Shs1.424 billion recorded in 2023. This was largely driven by a recovery in capital markets and favorable interest rate movements towards the end of the year.
Earnings per share more than doubled, climbing 112% to Shs2.59 in 2024 from Shs1.22 in 2023, reflecting the Group’s strong profitability and commitment to delivering value to its shareholders.
The Group’s total assets grew by 10% to close the year at Shs48.15 billion, up from Shs43.76 billion in 2023. This asset growth is a testament to Liberty’s financial strength and its ability to meet obligations and future liabilities.
“Our strong 2024 performance reflects our consistent focus on delivering sustainable growth while protecting and growing our clients’ wealth. Despite operating in a complex macroeconomic environment, our teams delivered exceptional results by combining prudent risk management, customer-centric innovation, and strong investment returns. We are confident that our strategy will continue to make financial freedom possible for all our customers, and create long-term value for all our stakeholders,” said Kieran Godden, Liberty Kenya Holdings Group Chief Executive Officer.
During the year, Liberty Kenya Holdings made strategic progress in streamlining its portfolio. The sale of its 60% stake in Heritage Insurance Tanzania is well underway and has been classified as a discontinued operation in the 2024 results, in line with IFRS requirements. The transaction is expected to conclude in the first half of 2025, pending regulatory approvals. The divestiture of the Tanzanian subsidiary is not expected to materially affect the Group’s future earnings.
Looking ahead, the Group is cautiously optimistic. “While the exceptional investment gains seen in 2024 may not be replicated in 2025, we remain well positioned for sustainable profitability through operational efficiency and strategic growth initiatives,” said Kieran Godden.
Thanks to the strong performance, the Board has recommended a final dividend of Shs1 per share (KShs0.5 ordinary and Shs0.5 special), up from Shs0.373 in 2023, marking a significant increase in returns to shareholders. The proposed dividend will be subject to shareholder approval during the Annual General Meeting slated for 23rd May 2025.
