Kenya’s Listed Insurers Show Mixed Financial Performance in 2024
Kenya’s insurance sector, represented by listed companies on the Nairobi Securities Exchange (NSE), showed a blend of resilience and mixed results across key financial indicators in 2024. The performance of six major insurers — Britam Holdings, Jubilee Holdings, CIC Insurance Group, Kenya Re, Liberty Kenya, and Sanlam Kenya — highlighted both strategic wins and operational challenges.
Financial Performance Overview
| Company | Insurance Revenue (KSh M) | PBT 2024 (KSh M) | PBT Growth | PAT 2024 (KSh M) | EPS (KSh) |
|---|---|---|---|---|---|
| Britam Holdings | 37,557 | 7,330 | +52% | 5,033 | 1.98 |
| Jubilee Holdings | 22,676 | 6,225 | +125% | 4,722 | 65.0 |
| Kenya Re | 14,151 | 5,648 | -20% | 4,973 | 0.79 |
| CIC Insurance | 26,349 | 3,994 | +57% | 2,855 | 1.04 |
| Liberty Kenya | 10,950 | 2,091 | +194% | 1,162 | 2.59 |
| Sanlam Kenya | 7,359 | 1,661 | +586% | 1,370 | 6.67 |
Balance Sheet Summary
| Company | Total Assets (KSh B) | YoY Asset Growth | Total Liabilities (KSh B) | Equity (KSh B) | Equity Ratio | ROE (%) |
|---|---|---|---|---|---|---|
| Britam Holdings | 208.5 | +20% | 179.1 | 29.5 | 14.1% | 17.1% |
| Jubilee Holdings | 213.6 | +12% | 162.4 | 51.2 | 24.0% | 9.2% |
| Liberty Kenya | 48.1 | +10% | 37.5 | 10.65 | 22.1% | 10.9% |
| Kenya Re | 66.8 | +1% | 17.1 | 49.7 | 74.4% | 8.9% |
| CIC Insurance | 61.9 | +23% | 50.9 | 11.0 | 17.8% | 25.9% |
| Sanlam Kenya | 39.2 | +11% | 37.3 | 1.9 | 4.9% | 54.5% |
Company Highlights
1. Britam Holdings PLC
- Profit before tax rose to KSh 7.3 billion, driven by a 163% increase in investment income.
- Despite profitability, the company could not declare dividends due to negative retained earnings.
- Maintains dominance in life insurance (25% market share), though general insurance underperformed.
2. Jubilee Holdings Ltd
- Asset base grew to KSh 213.6 billion, affirming its industry scale leadership.
- Paid out the highest dividend in the sector at KSh 12.50 per share.
- Currency-related losses impacted its regional subsidiaries.
3. CIC Insurance Group
- Achieved the sector’s highest ROE at 25.9%, with a KSh 2.9 billion net profit.
- Strong investment income growth (202%) contributed over half of total revenue.
- Announced a KSh 0.13 dividend and a 1:10 bonus issue.
4. Kenya Re
- Maintains the strongest capital position with a 74.4% equity ratio.
- Conservative approach resulted in modest growth but strong underwriting results.
- Declared a KSh 0.15 dividend, reflecting a focus on capital retention.
5. Liberty Kenya Holdings
- Profit before tax surged by 194% due to major investment gains.
- Despite high growth, core return on equity remains modest.
- Declared a KSh 0.55 dividend amid improved balance sheet fundamentals.
6. Sanlam Kenya PLC
- Turned around from a loss in 2023 to post a KSh 1 billion profit in 2024.
- Notable ROE of 54.5% stems from a very small equity base.
- Faces regulatory pressure to recapitalize through a rights issue.