Liberty Kenya has registered Ksh. 265.1 million in net profit in the first six months of 2021. This is a decline from Ksh. 383.8 million posted in the first half of 2020.
The underwriter’s Total Income increased from Ksh. 4.5 billion in 2020 to Ksh. 5.6 billion in the first half of 2021.
Liberty Kenya Balance Sheet size grew to Ksh. 41.9 billion in the first half of 2020 from Ksh. 39 billion in H1 2020, while insurance contracts were worth Ksh. 6.9 Billion in H1 2020 to Ksh. 6.8 Billion in H1 2021.
Similarly, total Equity of Liberty Kenya increased from Ksh. 8.4 billion in H1 2020 to Ksh. 8.9 billion in H1 2021.
Net Premiums also declined from Ksh. 6 billion to Ksh. 5.4 billion, while Net Insurance Premiums fell to Ksh. 3.4 billion in H1, 2020 to Ksh. 3.2 billion in H1, 2021.
“In terms of capital adequacy, our businesses are well capitalized and above both the regulatory requirements and the group’s minimum target,” said the firm’s Board of Directors in a statement.
Last year, Liberty Insurance unveiled a critical illnesses and income protection cover to protect Kenyans against huge hospital bills, death, injuries and job losses. The Group also built a contactless business model and expanded its free-to-public financial literacy education sessions to Kenyans.
This year, the insurer won the coveted Life Insurer of the Year Award and topped in the most Customer Centric Underwriter – Life and the Training Awards at the Think Business Insurance Awards. It came second in the Technology Application Awards, Product Innovation, Risk Management, Fraud Detection and Prevention, Claims Settlement and in the Customer Satisfaction (Life) Awards. It also bagged third position in Product Distribution and Marketing, CSR, and Technology and Digital Applications Awards.