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Liberty Kenya Group recorded net earnings of KSh 671.9 Million for the financial year ended 31st December 2023 compared to KSh 267.7 Million over the same period in 2022. Liberty Kenya’s insurance revenue increased to KSh 13.8 billion in 2023 from KSh 12.3 billion in 2022.
Liberty Kenya Group recorded net earnings of KSh 671.9 Million for the financial year ended 31st December 2023 compared to KSh 267.7 Million over the same period in 2022. Liberty Kenya’s insurance revenue increased to KSh 13.8 billion in 2023 from KSh 12.3 billion in 2022.
The Group’s balance sheet size grew to KSh 43.8 billion in 2023 from KSh 40.1 billion in 2022. Directors of Liberty Kenya Holdings said the depreciation of the Kenya Shilling exchange rate for the better part of 2023 had the effect of raising insurance expenses, especially for motor and medical covers as mart vehicle parts, medicines, and medical equipment, are imported.
Basic earnings per share, a parameter that measures profitability, increased by 193% from KSh 0.42 to KSh 1.22 primarily because of improved insurance service results.
In Kenya, the short-term business saw an 11% increase in insurance revenue, with an improved claim ratio compared to the previous year. The introduction of a retail medical product in the last quarter is expected to address market gaps in that segment.
The Tanzanian operations have operated at similar levels to 2022. A large single-insured event in Tanzania has resulted in a significant increase in claims, however, as this exposure is largely re-insured it did not have a significant net impact on the operational result.
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Directors of Liberty Kenya recommend to the shareholders to approve at the annual general meeting a dividend per ordinary share of KSh 0.373 compared to nil in 2022. The Company will hold its Annual General Meeting(AGM) on 24 May 2024.
