Liberty Kenya Holdings PLC’s net earnings surged 152% to KSh 671.9 million in 2023, compared to KSh 267.7 million in 2022.
According to the financial reports, its basic earnings per share jumped 193% to KSh 1.22, reflecting improved insurance services.
The groups’ insurance revenue grew 12% to KSh 13.8 billion in 2023, up from KSh 12.3 billion in 2022.
The Group’s balance sheet expanded 9% to KSh 43.8 billion in 2023, compared to KSh 40.1 billion in 2022.
However, the weakening Kenyan Shilling increased insurance expenses, particularly for imported car parts, medicine, and medical equipment.
Liberty Kenya Holdings Plc’s FY’2023 Results
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Liberty Kenya Holdings Income Statement |
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| Item (All figures in Bns) | FY’2022 | FY’2023 | y/y change |
| Insurance revenue | 12.3 | 13.8 | 12.5% |
| Insurance service expense | (9.9) | (12.5) | 27.1% |
| Net expense from reinsurance contracts held | (2.1) | (0.4) | (81.6%) |
| Net Insurance Income | 0.4 | 0.9 | 148.6% |
| Net Investment Income | 1.4 | 1.6 | 8.9% |
| Net Insurance and Finance expenses | (0.6) | (0.3) | (41.6%) |
| Other Income | 0.1 | 0.1 | 16.0% |
| Other operating expenses | (0.9) | (1.2) | 37.1% |
| Profit Before Tax | 0.5 | 1.1 | 118.8% |
| Profit After Tax | 0.3 | 0.7 | 151.0% |
Business Performance
During the fiscal year, Kenya’s short-term insurance business saw an 11% revenue rise and an improved claim ratio.
In addition, Tanzanian operations remained stable, with a large single-claim event having minimal impact due to reinsurance.
The Board recommends a dividend of KSh 0.373 per share compared to none in 2022.
The Group’s Annual General Meeting (AGM) is scheduled for May 24, 2024.
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