Liberty Kenya headline earnings for the full year 2024
Earnings per share increased by 112% to Kshs 2.59
Net investment income grew by 233% to Kshs 4.7 billion.
Nairobi, Kenya: Liberty Kenya Holdings Plc posted a 108.5% increase in Profit after Tax to Kshs 1.402 billion for the financial year ended 31st December 2024, up from KShs 672 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 KShs. 10.95 billion in 2024. Insurance service expenses declined slightly by 1.1% to KShs 8.53 billion, compared to KShs 8.62 billion in 2023. Consequently, the Group reported an insurance service result of KShs 1.004 billion, representing a 5.6% growth over the KShs 951 million achieved in 2023.
Net investment income surged significantly to KShs 4.741 billion, more than tripling the KShs 1.424 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 KShs 2.59 in 2024 from KShs 1.22 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 KShs 48.15 billion, up from KShs 43.76 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 KShs 1 per share (KShs 0.5 ordinary and KShs 0.5 special), up from KShs 0.373 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.
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