Liberty Kenya Holdings’ Profit More Than Doubles to KShs 1.4 Billion in 2024
Liberty Kenya Holdings Plc has reported a remarkable 108.5 percent urge in its Profit After Tax (PAT) to KShs 1.402 billion for the financial year ended December 31, 2024, up from KShs 672 million in 2023. The impressive growth is attributed to strong investment gains, increased insurance earnings, improved claims experience, and disciplined cost management across its Kenyan operations.
The Group’s insurance revenue climbed to KShs 10.95 billion in 2024, while insurance service expenses declined marginally by 1.1percent to KShs 8.53 billion, compared to KShs 8.62 billion in the previous year. This resulted in an insurance service profit of KShs 1.004 billion, marking a 5.6 percent increase from the KShs 951 million recorded in 2023.
Liberty Kenya’s net investment income saw an exceptional surge, more than tripling to KShs 4.741 billion from KShs 1.424 billion in 2023. This growth was primarily driven by a recovery in capital markets and favorable interest rate movements towards the end of the year.
The Group’s strong financial performance also reflected in earnings per share (EPS), which more than doubled, rising by 112 percent to KShs 2.59 in 2024 from KShs 1.22 in 2023. Total assets grew by 10 Percent to KShs 48.15 billion, up from KShs 43.76 billion, reinforcing Liberty’s financial strength and resilience.
Liberty Kenya Holdings Group Chief Executive Officer, Kieran Godden, credited the strong performance to a combination of prudent risk management, customer-centric innovation, and robust investment returns.
“Despite operating in a complex macroeconomic environment, our teams delivered exceptional results. We remain committed to making financial freedom possible for all our customers while creating long-term value for stakeholders,” he said.
In a strategic move, the Group has initiated the sale of its 60 percent stake in Heritage Insurance Tanzania, classifying it as a discontinued operation in its 2024 financial results. The transaction is expected to be finalized in the first half of 2025, pending regulatory approvals, and is not anticipated to significantly impact future earnings.
Looking ahead, Liberty Kenya remains cautiously optimistic.
“While the extraordinary investment gains of 2024 may not be replicated in 2025, we are well-positioned for sustainable profitability through operational efficiency and strategic growth initiatives,” Godden noted.
In light of its strong financial performance, the Board has recommended a final dividend of KShs 1 per share (comprising KShs 0.5 ordinary and KShs 0.5 special), a substantial increase from KShs 0.373 in 2023. The proposed dividend is subject to shareholder approval at the Annual General Meeting scheduled for May 23, 2025.
This robust performance underscores Liberty Kenya Holdings’ resilience and strategic focus on delivering value to shareholders while reinforcing its position as a key player in the insurance and investment sector.
