Nairobi Securities Exchange Listed Insurance firm, Liberty Kenya has reported a decline of 1.2% in profit before tax to Ksh 942 Million compared to Ksh 954 Million in the previous year.
Profit After Tax also fell by 15% to Ksh 628 Million from Ksh 736 Million with net insurance premium revenue posting a slight growth to Ksh 5.57 Billion from Ksh 5.53 Billion.
“Liberty Life Kenya, our long term assurance business, however had a more difficult year with higher claim levels and severe competition especially in group life products.” said he company in a statement.
The Company’s total income increased 9.1% to Ksh 9.02 Billion from Ksh 8.3 Billion driven on the back of a 60% increase in investment income.
Its asset base was unchanged while shareholders funds climbed by 8.4% to Ksh 6.75 Billion from Ksh 6.23 Billion.
The company did not declare any dividends saying it will be withholding cash in preparation of changes in regulatory environment requiring subsidiaries to hold higher capital.
