Nairobi, Kenya – In a remarkable display of financial resilience and strategic execution, Liberty Kenya Holdings Plc reported headline earnings that more than doubled in FY 2024, posting a profit after tax of KShs 1.402 billion—a 108.5% increase from KShs 672 million in 2023.
The strong performance was driven by robust investment gains, rising insurance earnings, and enhanced cost management. Key financial highlights include:
- Earnings Per Share: Increased by 112% to KShs 2.59, up from KShs 1.22 last year.
- Net Investment Income: Soared by 233% to KShs 4.741 billion, buoyed by a recovery in capital markets and favorable interest rate trends.
- Insurance Revenue: Climbed to KShs 10.95 billion, while service expenses were contained at KShs 8.53 billion, leading to an improved insurance service result of KShs 1.004 billion.
- Asset Growth: Total assets expanded by 10% to reach KShs 48.15 billion, up from KShs 43.76 billion.
Kieran Godden, Group Chief Executive Officer, highlighted the significance of these results:
“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.”
In a strategic move to streamline its portfolio, the Group is in the process of divesting its 60% stake in Heritage Insurance Tanzania—a deal classified as a discontinued operation under IFRS guidelines. This sale, which is expected to conclude in the first half of 2025 pending regulatory approvals, is not anticipated to materially affect future earnings.
Looking ahead, Liberty Kenya remains cautiously optimistic. While the exceptional investment gains of 2024 may be challenging to replicate, the company is confident in its ability to maintain sustainable profitability through continued operational efficiency and strategic initiatives.
Reflecting its strong performance, the Board has proposed a final dividend of KShs 1 per share (split equally between ordinary and special dividends), significantly up from KShs 0.373 per share in 2023. This dividend proposal will be put to shareholders at the Annual General Meeting scheduled for 23 May 2025.
With its resilient strategy and impressive financial execution, Liberty Kenya continues to underscore its commitment to delivering long-term value to its stakeholders while navigating an ever-evolving economic landscape.
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