Liberty Kenya, one of Kenya’s top insurers, posted a 2% growth in gross premiums to KSh11.2 billion in 2020. The firm’s total income from net insurance premiums, investments, interest payments, and fair value adjustments fell to KSh9.9 billion in 2020 from KSh11.5 billion in 2019.
Liberty Kenya is a subsidiary of South Africa based Liberty Holdings which owns 57.7% of the Kenyan insurance company. In March this year, Liberty Holdings applied to the Capital Markets Authority seeking to increase its ownership in Liberty Kenya to 73.5% through a private transaction.
The Kenyan company reported a 2% dip in net profit for the year 2020 to KSh676 million from KSh690 million in 2019. Its assets increased to KSh39.3 billion at the end of 2020, compared to KSh38.2 billion at the end of 2019, a 3% jump.
Liberty insurance generated KSh1.5 billion cash from operating activities in the period under review. The company used KSh166 million in investing activities.
The firm’s directors did not recommend a dividend for the year 2020. “Taking into consideration the prevailing uncertain economic and market-related circumstances, the directors do not recommend any dividend,” said Liberty Kenya in its financial report.
