Liberty Holdings' Profit After Tax Jumps to KES 671.9M in FY2023

Liberty Kenya Holdings Limited reported an impressive 2.5-fold increase in profit after tax to KES 671.9 million for the year ended December 2023, solidifying their position in the Kenyan and regional insurance landscape.

The company’s strong financial performance was further bolstered by a 9.1% year-on-year increase in its asset base, reaching KES 43.8 billion, and a 12.5% rise in insurance revenue to KES 13.8 billion. This success reflects the effectiveness of their sales plan and overall financial management.

To reward shareholders, the Board of Directors recommended an initial and final dividend of KES 0.373 per share. Earnings per share also saw a significant increase of 190.5% to KES 1.22.

The company’s results comply with the new international standard for insurance contracts, IFRS 17.

Liberty Kenya Holdings has successfully restated its FY2022 results to ensure they are in line with this rule.

IFRS 17 is an accounting standard for insurance contracts issued by the International Accounting Standards Board (IASB) in May 2017.

It applies to insurance contracts issued, reinsurance contracts held, and investment contracts with discretionary participation features issued.

It is effective for annual reporting periods beginning on or after January 1, 2023.

IFRS 17 introduces a general measurement model that uses a risk-adjusted present value of future cash flows to provide relevant information about future cash flows.

It requires companies to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts. This requirement will provide transparent reporting about a company’s financial position and risk.

IFRS 17 substantially retains the existing definitions of insurance contracts, reinsurance contracts, and investment contracts with discretionary participation features.

Liberty Kenya Holdings is distinguished by its comprehensive range of insurance and financial services, catering to retail and corporate clients across Kenya and Africa. The Company’s offerings include a range of life assurance, superannuation, property and casualty coverage options and financial solutions.

In addition, liberty holdings kenya offers asset management and property development services, making it a one-stop shop for clients’ investment needs.

Their subsidiaries, Liberty Life Assurance Kenya Limited and the Heritage Insurance Company Kenya Limited, play a key role in delivering these comprehensive solutions. Both boast a strong presence within the Kenyan market, with Heritage Insurance Company Kenya Limited being a leading provider of life and non-life insurance in East Africa.

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Liberty Kenya Holdings’ commitment to excellence has been recognized through various awards. This includes the FKE Employer of the Year Award 2023, Best Insurance Company in Sustainable Corporate Social Responsibility, Claims Settlement Award – Life Insurance, and Best Insurance Company in Product Innovation.

These accolades highlight the company’s dedication to superior customer service, innovation, and social responsibility, solidifying its reputation as a leader within the Kenyan insurance industry.

Looking for a career with a leading Kenyan insurer? Liberty Kenya Holdings is a major player in the market. Consider exploring liberty holdings kenya vacancies (you can find them on their website) and see if there’s a perfect fit for your skills and experience.

Need to get in touch with liberty kenya holdings? Their contact information is readily available. You can reach them through the liberty kenya contacts at +254 (20) 286 6000 or +254 711 028 000.

Are you interested in learning more about liberty life assurance products? You can visit the liberty life kenya portal to explore their insurance options.

 

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