The Kenyan insurance sector demonstrated resilience and growth in 2024, with listed companies showing varied performance across different metrics.
This comprehensive analysis compares the financial results of all NSE-listed insurance firms, including Britam Holdings, Jubilee Insurance, Kenya Re, CIC Insurance, Liberty Kenya, and Sanlam Kenya.
Financial Performance
Profitability Metrics (KSh millions)
| Company | Insurance Revenue | PBT 2024 | PBT Growth | PAT 2024 | EPS 2024 |
|---|---|---|---|---|---|
| Britam Holdings | 37,557 | 7,330 | +52% | 5,033 | 1.98 |
| Jubilee Holdings | 22,676 | 6,225 | +125% | 4,722 | 65.0 |
| Kenya Re | 14,151 | 5,648 | -20% | 4,973 | 0.79 |
| CIC Insurance | 26,349 | 3,994 | +57% | 2,855 | 1.04 |
| Liberty Kenya | 10,950 | 2,091 | +194% | 1,162 | 2.59 |
| Sanlam Kenya | 7,359 | 1,661 | +586% | 1,370 | 6.67 |
Balance Sheet Strength (KSh billions)
| Company | Total Assets | Assets Growth YoY% | Total Liabilities | Equity | Equity Ratio | ROE (%) |
|---|---|---|---|---|---|---|
| Britam Holdings | 208.5 | +20% ▲ | 179.1 | 29.5 | 14.1% | 17.1% |
| Jubilee Holdings | 213.6 | +12% ▲ | 162.4 | 51.2 | 24.0% | 9.2% |
| Liberty Kenya | 48.1 | +10% ▲ | 37.5 | 10.65 | 22.1% | 10.9% |
| Kenya Re | 66.8 | +1% ▲ | 17.1 | 49.7 | 74.4% | 8.9% |
| CIC Insurance | 61.9 | +23% ▲ | 50.9 | 11.0 | 17.8% | 25.9% |
| Sanlam Kenya | 39.2 | +11% ▲ | 37.3 | 1.9 | 4.9% | 54.5% |
Detailed Company Analysis
1. Britam Holdings PLC
- •Recorded KSh 7.3B PBT (+52% YoY) driven by KSh 30.6B investment income (+163%), though ROE of 17.1% trails CIC due to higher leverage (KSh 179.1B liabilities, 86% of assets)
- •Equity ratio of 14.1% reflects aggressive growth strategy, with retained earnings at KSh -2.39B legally preventing dividends despite profit surge
- •Life insurance dominance (25% market share) offsets weaker general insurance performance (KSh 32M PAT)
2. Jubilee Holdings Ltd
- •Maintained scale leadership with KSh 213.6B assets (+12%), generating KSh 6.2B PBT (+125%) but modest ROE of 9.2% due to capital-intensive model
- •Paid sector-high KSh 12.50/share dividend (2.4% yield) supported by KSh 51.2B net assets, though currency translation losses (KSh 1.3B) impacted regional ops
- •Gross premiums grew 34% to KSh 53.0B, but insurance revenue only +14% due to reinsurance costs
3. CIC Insurance Group
- •Delivered best-in-class ROE of 25.9% through KSh 2.9B PAT (+98%) and lean operations (KSh 50.9B liabilities vs KSh 61.9B assets)
- •Investment income surged 202%, contributing 53% of total revenue, while maintaining 25.9% equity ratio
- •Declared KSh 0.13 dividend + 1:10 bonus despite KSh 5.1B inventory buildup (up from zero in 2023)
4. Kenya Re
- •Most conservative balance sheet with 74.4% equity ratio (KSh 49.7B equity) but lowest asset growth (+1%), limiting ROE to 8.9%
- •Insurance service result jumped 336% to KSh 2.95B on disciplined underwriting (combined ratio: 81%)
- •Dividend of KSh 0.15/share reflects focus on capital preservation (679% adequacy ratio)
5. Liberty Kenya Holdings
- •PBT skyrocketed 194% to KSh 3.1B powered by KSh 5.7B investment gains (+1490%), though core ROE remains low at 10.9%
- •Balance sheet strengthened with KSh 20.2B net assets (+13%) and 42% equity ratio, enabling 47% dividend hike to KSh 0.55
- •Tanzania exit costs suppressed overall returns despite AA+ credit rating
6. Sanlam Kenya PLC
- •Reported KSh 1.0B PAT vs KSh -126M loss in 2023, but 54.5% ROE is distorted by tiny equity base (KSh 1.9B, just 4.9% of assets)
- •Life insurance PAT grew 158%, while general insurance stagnated (KSh 32M PAT)
- •Rights issue imperative to address KSh 37.3B liabilities and meet regulatory capital requirements
