18th August 2017
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Company Data
 
Liberty Kenya Holdings.
http://www.cfclife.co.ke/
Par Value:                  
Closing Price:           14.00
Total Shares Issued:          535707499.00
Market Capitalization:        7,499,904,986
EPS:             1.17
PE:                 11.966
 

FY Total assets 34.697831b vs. 34.533689b +0.475%
FY Insurance contract liabilities 11.939589b vs. 11.060752b +7.946%
FY Total equity 6.753641b vs. 6.233111b +8.351%
FY Gross earned premium revenue 9.623170b vs. 9.352567b +2.893%
FY Less outward reinsurance [4.049834b] vs. [3.826733b] +5.830%
FY Net insurance premium revenue 5.573336b vs. 5.525834b +0.860%
FY Commissions earned 872.058m vs. 794.679m +9.737%
FY Investment income 2.552561b vs. 1.833886b +39.189%
FY Total income 9.024873b vs. 8.271656b +9.106%
FY Claims and policyholder benefits [4.854412b] vs. [4.010655b] +21.038%
FY Amounts recoverable from reinsurers 1.756860b vs. 1.620588b +8.409%
FY Net insurance benefits and claims [3.952115b] vs. [3.126117b] +26.422%
FY Total expenses and commissions [4.130873b] vs. [4.191837b] -1.454%
FY Profit before income tax 941.885m vs. 953.702m -1.239%
FY Profit for the year 627.834m vs. 736.050m -14.702%
Basic and diluted EPS 1.17 vs. 1.37 -14.599%
Cash cash equivalents at the end of the year 4.936638b vs. 6.757174b -26.942%
No dividend

Company Commentary

challenging operating environment of 2016
Heritage Kenya a short term insurance company, produced a commendable set of results with core earnings, represented by underwriting profit doubling that in 2015.
Heritage Tanzania +28% in local currency
Liberty Life our long term assurance business had a difficult year higher claim levels and severe competition especially in group life products.


Conclusions

They are building a long term business and prepared to ride the short term ups and downs.

H1 Gross earned premium revenue 4.778366b vs. 4.281371b +11.608%
H1 Less outward reinsurance [1.959842b] vs. [1.721386b] +13.853%
H1 Net insurance premium revenue 2.818524b vs. 2.559985b +10.099%
H1 Investment income 1.497893b vs. 960.016m +56.028%
H1 Total income 4.705414b vs. 4.027410b +16.835%
H1 Claims and policyholder benefits payable [2.379676b] vs. [1.681014b] +41.562%
H1 Change in insurance contract liabilities [498.359m] vs. [517.051m] -3.615%
H1 Net insurance benefits and claims [2.110306b] vs. [1.54100009b] +36.943%
H1 Total expenses and commissions [2.104993b] vs. [1.974093b] +6.631%
H1 Other operating expenses [1.532874b] vs. [1.342160b] +14.209%
H1 Results of operating activities 490.115m vs. 512.308m -4.332%
H1 Profit for the period 355.431m vs. 419.893m -15.352%
EPS 0.66 vs. 0.78 -15.385%
Cash and cash equivalents 3.652264b vs. 5.572362b -34.458%

Company Commentary

Group Earnings reflective of the continued difficult trading environment experienced in the latter half of 2015.
Group investment income earnings rebounded to grow by a commendable +56%
Increase in expenses contained to 6.6%
The outlook for the remainder of 2016 will be influenced by an increasingly competitive market place, muted growth prospects and to some degree the uncertainty of the macro economic impact of the recent changed in banking legislation

Conclusions

Buy on dips its a conservative balance sheet and the Network effect yet to be felt meaningfully.

FY Gross earned premium revenue 9.352567b vs. 8.036914b +16.370%
FY Less Outward reinsurance [3.826733b] vs. [3.344429b] +14.421%
FY Net insurance premium revenue 5.525834b vs. 4.692485b +17.759%
FY Commissions earned 794.679m vs. 668.577m +18.861%
FY Investment income 1.833886b vs. 2.968254b -38.217%
FY Total income 8.271656b vs. 8.302552b -0.372%
FY Net insurance benefits and claims [3.126117b] vs. [3.456461b] -9.557%
FY Commissions payable [1.181061b] vs. [0.921303b] +28.195%
FY Other operating expenses [3.010776b] vs. [2.588137b] +16.330%
FY Results of operating activities 0.953702b vs. 1.336651b -28.650%
FY Profit before income tax 0.953702b vs. 1.346569b -29.175%
FY Profit for the period 0.736050b vs. 1.148985b -35.939%
EPS 1.37 vs. 2.14 -35.981%
Cash and cash equivalents at 31st December 6.757174b vs. 6.251762b +8.084%
Dividends vs. 0.50

Company Commentary

maintained consistent growth in revenues and net assets for the Year
Both long term and short term lines of business in Kenya and Tanzania registered positive growth in core insurance earnings
This Years performance was delivered against the backdrop of an increasingly challenging operating environment characterised by intense competition from traditional and non traditional Players
Value of investments in both listed equities and bonds across the East African market experienced a significant decline
No Dividend

Conclusions

It was a difficult Year from a Mark to Market Basis.
This is a well managed Franchise.
buy on dips.

H1 Total Assets 34.809387b vs. 31.804691b +9.4%
H1 Gross earned premium revenue 4.669406b vs. 3.898215b +19.8%
H1 Less - Outward Reinsurance [1.721386b] vs. [1.771451b] -2.8%
H1 Net Insurance Premium Revenue 2.948020b vs. 2.126765b +38.6%
H1 Investment Income 0.649782b vs. 1.233956b -47.3%
H1 Total Income 4.123678b vs. 3.748252b +10.0%
H1 Net Insurance benefits and claims [1.759071b] vs. [1.465762b] +20.0%
H1 Commissions Payable [634.312m] vs. [485.059m] +30.8%
H1 Other operating expenses [1.219970b] vs. [1.234707b] -1.2%
H1 Profit before Income Tax 510.325m vs. 562.724m -9.3%
H1 Profit After Tax 419.893m vs. 460.974m -8.9%
H1 Earnings Per Share 0.78 vs. 0.89 -12.4%

Company Commentary

Gross earned premiums grew by 20% over prior year as result of increased depth in channel engagements
Medical and group life lines of business were major growth contributors
Total Income +10% despite a 47% reduction in investment income as result of the significant reduction in mark to market values
Groups core business is expected to show encouraging revenue performance
Efforts to contain the impact of the declining value of the shilling against the Dollar rising inflation and expected challenging market conditions for the investment portfolios will continue to impact on business performance

Conclusions

Its a well managed and well organised Franchise. Clearly mark to market values crimped First Half

Full Year Earnings through 31st December 2014 versus 31st December 2013
FY Gross Earned premium Revenue 8.036914b versus 7.397982b +8.6%
FY Net Insurance Premium Revenue 4.692485b versus 4.067128b
FY Total Income 8.302552b versus 7.378610b
FY Net Insurance benefits and Claims [3.456461b] versus [3.076841b] +12.3%
FY Total Expenses and commissions [3.509440b] versus [2.995520b]
FY Profit before Tax 1.346569b versus 1.298862b
Full Year Profit after Tax 1.148985b versus 1.105920b +3.894%
Full Year EPS 2.14 versus 2.15
Final Dividend 50cents a share

Company Commentary

Investment Income +12.9%
Total Asset base +6.00%

Conclusions

Seriously solid and well managed.
No surprises type Operation.

First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Total Assets 31.835816b versus 29.215173b +9.00%
First Half Gross earned premium income 3.898215b versus 3.546840b
First Half Less Outward Reinsurance [1.771451b] versus [1.650951b]
First Half Net Insurance premium revenue 2.126765b versus 1.895889b
First Half Investment Income 1.233956b versus 0.975249b +27%
First Half Total Income 3.748252b versus 3.213777b
First Half Net Insurance benefits and claims [1.465762b] versus
[1.256537b] +16.65%
First Half Other operating expenses [1.234707b] versus [1.043239b]
18.35%
First Half Profit before Income Tax 562.724m versus 481.540m +16.859%
First Half Profit after Tax 460.974m versus 378.276m +21.862%
First Half Earnings Per share 0.89 versus 0.73 +21.917%

Conclusions

Strong results and an attractively priced share.
Liberty Kenya Holdings Ltd, a leading insurer in Kenya, has been operational since 1964.

FY Earnings through 31st December 2013 versus 12 months through Dec 2012
FY Gross earned premium Revenue 7.397981b versus 6.953842b +6.386%
FY Less outward reinsurance [3.330854b] versus [2.971456b]
FY Net Insurance premium Revenue 4.067128b versus 3.982386b
FY Commissions earned 657.492m versus 660.441m
FY Investment Income 2.629519b versus 3.180431b
FY Total Income 7.378610b versus 8.049399b
FY Net Insurance benefits and claims [3.076841b] versus [3.761475b] -18.2%
FY Total expenses and commissions [2.995520b] versus [3.137549b]
FY Profit before Tax 1.298862b versus 1.174079b +10.628%
FY Profit after Tax 1.105920b versus 857.849m +28.91%
FY Earnings Per Share 2.15 versus 1.66 +29.518%

Company Commentary

liberty Kenyas performance in 2013 was reassuringly sound across our main business activities

Conclusions

Well organised, strong insurance skills as evidenced in a 18.2% reduction in FY Net Insurance benefits and claims, expanding off a Low base. Has headroom.

H1 2013 Earnings through June 2013 versus June 2012
H1 Gross Earned premium revenue 3.546840b versus 3.450426b
H1 Net Insurance Premium revenue 1.895889b versus 2.053139b
H1 Commissions earned 333.572m versus 401.747m
H1 Total Income 3.213777b versus 3.468831b
H1 Amounts recoverable from Reinsurers 1.166464b versus 460.081m
H1 Net Insurance benefits and claims [1.256537b] versus [1.495605b]
H1 Total Expenses and Commissions [1.475700b] versus [1.651758b]
H1 Other Operating expenses [1.043239b] versus [1.108350b]
H1 PBT 481.540m versus 340.747m +41.3189%
H1 PAT 378.276m versus 252.097m +50.051%
H1 EPS 0.73 versus 0.49 +48.979%

Gain on Fair Revaluation of available for sale investments 309.579m versus 437.321m

Conclusions

Its a cheap share. Evidently some good risk management so a higher Re Insurance Pay Out Ratio.

FY 2012 versus FY 2011
Gross Earned Premium Revenue 6.953842b versus 6.389035b
Net Insurance Premium Revenue 3.982386b versus 4.237933b
Investment Income 2.591896b versus 1.640630b
Total Income 7.460864b versus 6.433255b
Net Insurance Benefits and Claims [3.108922b] versus [2.482494b]
Other Operating Expenses [2.185477b] versus [1.863626b]
FY PBT 1.202901b versus 1.012215b +18.83848%
FY PAT 886.671m versus 950.418m
FY EPS 1.72 versus 1.84

Conclusions

Cheap on a PE Basis

H1 2012 versus H1 2011
Gross Earned Premium Revenue 3.450426b versus 3.100427b +11.2887%
Total Income 3.468831b versus 3.323801b
Total Expenses and Commissions 1.6571758b versus 1.479038b +12.044%
Profit Before Tax 340.747m versus 441.805m -29.6557%
Profit After Tax 252.097m versus 334.507m -24.636%
Earnings Per Share 0.49 versus 0.65 versus 1.84 FY -24.615%
Gains on Available for Sale Securities 437.321m versus -0.958856b Big Turnaround

Conclusions

Company confident about H2 Rebound.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 17 Aug 2017
 
Downloads
 
  28-JUL-2017 ::  Proposed Sale of Azali Limited by Heritage Insurance Company Kenya Limited.
  Proposed Sale of Azali Limited by Heritage Insurance Company Kenya Limited.

Download N.S.E Announcement
   
  08-JUN-2017 ::  AGM Resolutions
  Resolutions of Annual General Meeting 2017.

Download N.S.E Announcement
   
  16-MAY-2017 ::  AGM Notice
  Notice of Annual General Meeting.

Download N.S.E Announcement
   
  16-MAR-2017 ::  Full Year Results
  Audited Financial Statements for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
  07-DEC-2016 ::  Appointment of a Non-Executive Director
  Appointment of a Non-Executive Director

Download N.S.E Announcement
   
  05-SEP-2016 ::  HALF YEAR RESULTS
  Unaudited Results of the Group for the Six Months Ended 30th June 2016.

Download N.S.E Announcement
   
 
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