Liberty Kenya Holdings Plc has recorded a remarkable 108.5% increase in Profit after Tax (PAT) for the financial year ended 31st December 2024, posting KShs 1.402 billion compared to KShs 672 million in 2023. This significant growth is attributed to strong investment gains, higher insurance earnings, improved claims experience, and disciplined cost management across its Kenyan operations.
The Group’s insurance revenue rose to KShs 10.95 billion in 2024, while insurance service expenses declined slightly by 1.1% to KShs 8.53 billion from KShs 8.62 billion in 2023. Consequently, the Group achieved an insurance service result of KShs 1.004 billion, reflecting a 5.6% increase from the KShs 951 million recorded in the previous year.
A major driver of Liberty Kenya’s impressive performance was its net investment income, which soared to KShs 4.741 billion, more than tripling the KShs 1.424 billion reported in 2023. This surge was largely fueled by a recovery in capital markets and favourable interest rate movements towards the end of the year.
Earnings per share more than doubled, rising by 112% to KShs 2.59 in 2024 from KShs 1.22 in 2023, underscoring the Group’s robust profitability and commitment to delivering value to its shareholders. The company’s total assets grew by 10% to close the year at KShs 48.15 billion, up from KShs 43.76 billion in 2023, highlighting its financial strength and ability to meet future obligations.
Commenting on the results, Liberty Kenya Holdings Group Chief Executive Officer Kieran Godden stated, “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. 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 a strategic move, Liberty Kenya Holdings has made progress in streamlining its portfolio. The sale of its 60% stake in Heritage Insurance Tanzania is in advanced stages and has been classified as a discontinued operation in the 2024 financial results in line with IFRS requirements. The transaction is expected to be finalised in the first half of 2025, pending regulatory approvals, and is not anticipated to have a material impact on the Group’s future earnings.
Looking ahead, Liberty Kenya remains cautiously optimistic about 2025. “While the exceptional investment gains seen in 2024 may not be replicated in 2025, we remain well positioned for sustainable profitability through operational efficiency and strategic growth initiatives,” Godden noted.
As a result of the strong financial performance, the Board has recommended a final dividend of KShs 1 per share (comprising KShs 0.5 ordinary and KShs 0.5 special), a significant increase from the KShs 0.373 paid in 2023. The proposed dividend is subject to shareholder approval at the Annual General Meeting scheduled for 23rd May 2025.
Liberty Kenya’s strong performance reaffirms its commitment to sustainable growth, financial stability, and enhanced shareholder value as it navigates the evolving economic landscape.
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