Liberty Kenya Holdings has delivered a standout performance for 2024, with profits more than doubling to KShs 1.402 billion – a remarkable 108.5% surge from the previous year’s KShs 672 million.
The impressive growth story stems from multiple strategic wins across the business.
The company’s investment portfolio emerged as the star performer, with net investment income skyrocketing 233% to KShs 4.741 billion. This dramatic increase reflects Liberty’s sharp positioning to capitalize on recovering capital markets and favorable interest rate movements in the latter part of the year.
Equally noteworthy is the insurance division’s steady growth, where revenue climbed 27% to KShs 10.95 billion. What makes this achievement particularly impressive is that it came alongside a 1.1% reduction in insurance service expenses, demonstrating Liberty’s ability to grow its top line while maintaining cost discipline.
Shareholders have particular reason to celebrate, with earnings per share more than doubling to KShs 2.59 and the board proposing a generous dividend of KShs 1.00 per share – a 168% increase from 2023. This dividend recommendation, comprising both ordinary and special components, will be put to vote at the upcoming AGM on May 23, 2025.
CEO Kieran Godden attributes this success to the company’s “consistent focus on delivering sustainable growth while protecting and growing our clients’ wealth.”
He notes that despite operating in a complex macroeconomic environment, Liberty’s teams delivered exceptional results through prudent risk management and customer-centric innovation.
The company’s strategic repositioning continues with the ongoing sale of its Tanzanian subsidiary, Heritage Insurance, which has been classified as a discontinued operation. This move, expected to conclude in the first half of 2025, represents Liberty’s focus on optimizing its portfolio, though management emphasizes it won’t materially impact future earnings.
Looking ahead, Godden strikes a balanced tone: “While the exceptional investment gains seen in 2024 may not be replicated in 2025, we remain well positioned for sustainable profitability.” The company plans to maintain momentum through operational efficiency and strategic growth initiatives, even as it acknowledges potential headwinds in replicating this year’s extraordinary investment performance.
With total assets growing 10% to KShs 48.15 billion and a strengthened balance sheet, Liberty Kenya Holdings enters 2025 from a position of financial strength, ready to navigate market uncertainties while continuing its trajectory of value creation for stakeholders.
