Liberty Kenya Holdings Plc posted a record 108.5% jump in full-year 2024 profit after tax to Sh1.402 billion ($12.7 million), fueled by soaring investment income and disciplined cost management.
The insurer’s board has proposed a final dividend of Sh1 per share, including a Sh0.5 special payouts, marking a sharp increase from Sh0.373 in 2023, subject to shareholder approval at its May 2025 Annual General Meeting (AGM).
Earnings per share more than doubled to Sh2.59, up 112% from Sh1.22 in 2023, while total assets expanded 10% to Sh48.15 billion from Sh43.8 billion reported in 2023. The stellar performance was anchored by a 233% surge in net investment income to Sh4.7 billion, buoyed by capital market recovery and favorable interest rate movements.
Kieran Godden, the Liberty Kenya Holdings Group Chief Executive Officer said the strong 2024 performance reflects the insurer’s consistent focus on delivering sustainable growth while protecting and growing the 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,” Godden said, adding: “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.”
In the year under review, core insurance revenue edged up to Sh10.95 billion, while service expenses declined 1.1% to Sh8.53 billion compared to Sh8.6 billion in 2023, reflecting a focus on cost efficiency. Consequently, the Group reported an insurance service result of Sh1.004 billion, representing a 5.6% growth over the Sh951 million achieved in 2023.
However, the insurer is exiting its 60% stake in Heritage Insurance Tanzania, which has been classified as a discontinued operation in its 2024 results.
While Godden acknowledged that last year’s exceptional investment gains may not recur, he said Liberty aims to sustain profitability through operational efficiency and strategic growth initiatives.
