NSE Kenya listed Insurance firm Liberty Holdings half year 2016 profit after tax fell by a 15.3 per cent drop as a result of a 41.5% increase in claims from policyholders to Sh2.3 billion. Operating expenses for the period also grew by 14.2 percent to Sh1.5 billion.
The company’s revenue for the period fell to Sh355.4 million from Sh419.8 million reported in a similar period a year last year.
Gross premiums increased 11.6 percent to Sh4.7 billion while income from investment activities grew 56 percent to Sh1.4 billion.
Related; Jubilee Insurance profit surges 10.2% to Ksh 1.972billion
Second Half Outlook
Liberty expects the second half of 2016 to be influenced by an increasingly competitive market place, muted growth prospects and, to some degree, the uncertainty of the macroeconomic impact of the recent changes in banking legislation.
