Par Value:
Closing Price: 7.80
Total Shares Issued: 535707499.00
Market Capitalization: 4,178,518,492
EPS: 1.23
PE: 6.341
Liberty Kenya reports H1 2021 Earnings versus H1 2020
H1 2021 Total Assets 41.927497b versus 39.007664b
H1 Financial Investments 23.295183b versus 22.265339b
H1 2021 Net Insurance Premiums 3.230097b versus 3.425219b
HY 2021 Revenue from contracts with Customers 638.802m versus 643.889m
HY Investment Income 65.320m versus 58.564m
HY Investment income on Financial Assets using effective interest rate method 288.768m versus 231.125m
HY Fair Value adjustments to assets held at fair value through Profit and Loss 1.346969b versus 161.455m
HY Total Income 5.569956b versus 4.520252b
HY Claims and PolicyHolder benefits under insurance contracts [4.060900b] versus [3.727567b]
HY Insurance claims recovered from reinsurers 1.282078b versus 0.959757b
HY Change in long term policyholder assets and Liabilities 355.295m versus 947.598m
HY Fair value adjustment to long term policyholder liabilities under investment contracts [536.694m] versus [25.746m]
HY Acquisition Costs [768.107m] versus [744.144m]
HY General Marketing and Admin Expenses [1.411504b] versus [1.566740b]
HY PBT 423.708m versus 366.838m
HY PAT 265.105m versus 383.858m
HY EPS 0.47 versus 0.67
Total comprehensive Income 255.993m versus 414.592m
Commentary
The global economic environment continued to recover in the first half of 2021. This has positively impacted global and Kenyan financial market conditions and contributed positively to corporate earnings.
Liberty Kenya Holdings H1 2021 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1431115487845437446?s=20
Total assets Ksh 41.9B
Net insurance premiums down 5.7%
Claims & policy benefits up 8.9%
EPS Ksh 0.47 [2020: Ksh 0.67]
PAT down 30.9% to Ksh 265M
Conclusions
Actually PBT expanded +15.5% but a previous Tax Credit in H1 2020 blurred the EPS number
Its well managed and actuarially sound
FY Total Assets 39.301229b versus 38.221854b
FY Revenue Insurance premiums 11.176458b versus 10.957417b
FY Reinsurance premiums [4.490596b] versus [4.048265b]
FY Net Insurance premiums 6.685862b versus 6.909152b
FY Revenue from Contracts with Customers 1.110002b versus 1.112411b
FY Interest Income on Financial assets using the effective interest rate method 0.506922b versus 0.350840b
FY Fair value adjustments to assets held at fair value through Profit and Loss 1.423735b versus 3.078216b
FY Total Income 9.857724b versus 11.525721b
FY Claims and policyholder benefits under insurance contracts [6.792094b] versus [6.820897b]
FY Insurance Claims recovered from reinsurers 1.840201b versus 1.676359b
FY Change in long term policyholder assets and liabilities 1.263759b versus 0.297567b
Liabilities under insurance contracts 330.352m versus [576.965m]
Investment contracts with discretionary participation features 960.793m versus 971.319m
Fair value adjustment to long term policyholder liabilities under investment contracts [520.967m] versus [877.070m]
FY Acquisition costs [1.669611b] versus [1.613708b]
FY General marketing and administration expenses [2.922819b] versus [3.047868b]
FY Profit before taxation 1.043897b versus 1.126832b
FY Profit after Taxation 675.946m versus 689.615m
FY Items that may be reclassified subsequently to profit and Loss 47.081m versus [5.618m]
FY Total comprehensive Income 723.071m versus 683.997m
FY EPS 1.23 versus 1.21
FY Dividend 0.
Commentary
The results demonstrate the group’s resilience amid the unprecedented global crisis brought about by the spread of the coronavirus (COVID 19).
Liberty Kenya Holdings Plc Audited Results of the Group for the Year Ended 31st December 2020. @tradingroomke
https://twitter.com/tradingroomke/status/1382933824938651654?s=20
Conclusions
Resilient and actuarially sharp.
Liberty reports HY 2020 Earnings
HY Revenue 6.012711b versus 5.385253b
HY Net Insurance Premiums 3.425219b versus 3.386559b
HY Revenue from contracts with Customers 554.968m versus 508.328m
HY Interest Income from Financial Assets 231.125m versus 221.442m
HY Fair Value adjustment to Assets at Fair value 154.687m versus 1.5956586b
HY Total Income 4.431331b versus 5.770346b
HY Claims and Policy Holders [3.4699856b] versus [2.830808b]
HY Insurance Claims recovered from Reinsurers 959.757m versus 438.783m
HY Change in Long Term Policy Holders Assets and Liabilities 776.769m versus 97.019m
HY Other Operating Expenses [1.556740b] versus [1.612368b]
HY Profit Before Tax 294.298m versus 628.837m
HY Profit After Tax 333.080m versus 392.162m
HY EPS 0.58 versus 0.70
Company speaks of pandemic reserves
Conclusions
Conservatively managed and resilient however note the boost from Change in Long Term Policy Holders Assets and Liabilities
Liberty Kenya Holdings PLC FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Gross earned premium revenue 10.771164b vs. 10.217603b +5.418%
FY Less outward reinsurance [4.048265b] vs. [3.908377b] +3.579%
FY Net insurance premium revenue 6.722899b vs. 6.309226b +6.557%
FY Commissions earned 829.724m vs. 844.015m -1.693%
FY Investment income 1.998250b vs. 2.207107b -9.463%
FY Fair value gain on financial investments 1.155068b vs. [522.459m] +321.083%
FY Total income 11.085993b vs. 9.312050b +19.050%
FY Claims and policyholder benefits [8.045879b] vs. [5.306021b] +51.637%
FY Change in insurance contract liabilities 1.157747b vs. [689.723m] +267.857%
FY Amounts recoverable from reinsurers 1.676359b vs. 1.802243b -6.985%
FY Commissions payable [1.386268b] vs. [1.166084b] +18.882%
FY Other operating expenses [3.275308b] vs. [3.027509b] +8.185%
FY Claims and expenses [9.886621b] vs. [8.387094b] +17.879%
FY Profit before income tax 1.199372b vs. 924.956m +29.668%
FY Profit for the year 740.393m vs. 549.526m +34.733%
Basic and diluted EPS 1.31 vs. 0.92 +42.391%
Cash and cash equivalents at the end of the year 4.493680b vs. 6.240923b -27.997%
FY Total equity 8.032892b vs. 7.619139b +5.430%
FY Financial investments 25.634927b vs. 22.456803b +14.152%
FY Insurance contract liabilities 11.692204 vs. 9.892067b +18.198%
Dividend vs. 0.50 -100.000%
Liberty Kenya Holdings Limited H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Gross earned premium revenue 5.236407b vs. 5.041735b +3.861%
H1 Outward reinsurance [1.998694b] vs. [1.910637b] +4.609%
H1 Net insurance premium revenue 3.237713b vs. 3.131098b +3.405%
H1 Investment income and fair value adjustment on financial investments 1.865490b vs. 1.529060b +22.002%
H1 Total income 5.544377b vs. 5.118075b +8.329%
H1 Net policyholder benefits [2.594561b] vs. [2.606492b] -0.458%
H1 Claims and expenses [4.915540b] vs. [4.633683b] +6.083%
H1 Profit before income tax 628.837m vs. 484.392m +29.820%
H1 Profit after income tax for the period 392.162m vs. 288.893m +35.746%
Basic and diluted EPS 0.70 vs. 0.48 +45.833%
Cash & cash equivalents at the end of the period 4.433946b vs. 2.463048b +80.019%
Total Equity 8.012203b vs. 7.649306b +4.744%
Total Assets 38.218992b vs. 38.487180b -0.697%
Conclusions
well and conservatively managed Franchise.
Need to see some Follow through however.
Liberty Kenya Holdings PLC FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Gross earned premium revenue 10.217603b vs. 10.493560b -2.630%
FY Less outward reinsurance [3.908377b] vs. [4.162811b] -6.112%
FY Net insurance premium revenue 6.309226b vs. 6.330749b -0.340%
FY Commissions earned 844.015m vs. 965.459m -12.579%
FY Investment income 125.156m vs. 2.434872b -94.860%
FY Fair value [loss]/ gain on financial investments 1.602263b vs. 520.621m +207.760%
FY Total income 9.312050b vs. 10.423492b -10.663%
FY Claims and policyholder benefits [5.306021b] vs. [6.091026b] -12.888%
FY Amounts recoverable from reinsurers 1.802243b vs. 1.711564b +5.298%
FY Commissions payable [1.166084b] vs. [1.171902b] -0.496%
FY Other operating expenses [3.027509b] vs. [3.164611b] -4.332%
FY Claims and expenses [8.387094b] vs. [9.319222b] -10.002%
FY Profit before income tax 924.956m vs. 1.104270b -16.238%
FY Profit for the year 608.422m vs. 674.573m -9.806%
Basic and diluted EPS 1.03 vs. 1.22 -15.574%
Cash cash equivalents at the end of the year 6.240923b vs. 3.689506b +69.153%
FY Total equity 7.678036b vs. 7.202015b +6.610%
FY Financial investments 22.456803b vs. 24.983002b -10.112%
FY Insurance contract liabilities 9.892067b vs. 8.926121b +10.806%
Operating Results
Overall, Group earnings after tax were 9% below 2017 on a re stated basis. The operating businesses however showed great resilience under a difficult operating environment characterised by stunted premium growth in Kenya and Tanzania.
Third quarter Insurance Regulatory Authority (IRA) statistics indicated that the insurance industry in Kenya grew by only 1.79% while in the half year report by Tanzania Insurance regulatory authority indicated a premium growth of 3.9% in Tanzania.
During the year, the equity market was on a downtrend trend, with NASI, NSE 25 and NSE 20 declining by 18.0%, 17.1% and 23.7% respectively. Similarly, the yields in Government securities both in Kenya and Tanzania reflected a declining trend, impacting investment earnings.
The Group managed operating and business acquisition costs to similar levels recorded in 2017 in line with flat growth in premium income. The claims costs, however, declined on account of lower policy terminations.
Outlook
The Group continues to review the business operational process to create efficiencies and improved effectiveness in service delivery to our customers through an update of the Policy Administration Systems, and other data automation management processes. In addition, in preparation for International Reporting Standard IFRS 17 that takes effect from reporting period 2022 following IASB due process, the Group has set up a project team to manage
the transition.
Dividends
The Directors will consider a first and final & dividend which shall be included in the Notice of Annual General Meeting in due course.
Conclusions
Its a conservatively managed Franchise and evidently played defence in FY 18.
Liberty Kenya Holdings Limited H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Gross earned premium revenue 4.751907b vs. 4.895741b -2.938%
H1 Outward reinsurance [1.910637b] vs. [2.138128b] -10.640%
H1 Net insurance premium revenue 2.841270b vs. 2.757613b +3.034%
H1 Investment income 1.529060b vs. 1.738716b -12.058%
H1 Total income 4.828247b vs. 5.042940b -4.257%
H1 Claims and policyholder benefits payable [2.827794b] vs. [3.053411b] -7.389%
H1 Total claims and expenses [4.343855b] vs. [4.495953b] -3.383%
H1 Profit before income tax 484.392m vs. 546.987m -11.444%
H1 Profit after income tax 386.869m vs. 422.508m -8.435%
Basic and diluted EPS 0.72 vs. 0.79 -8.861%
Cash and cash equivalents at the end of the period 2.463048b vs. 4.629182b -46.793%
Total Equity 7.591964b vs. 7.031845b +7.965%
Total Assets 38.346798b vs. 36.605457b +4.757%
Insurance contract liabilities 13.763479b vs. 13.060746b +5.380%
Commentary
results from the long term arm of the business reflected improvement over prior year despite sluggish returns from the equity markets and reducing yields on Government securities.
Our short term business had a good start in Tanzania.
The Kenyan short term business had a challenging six months due to reduced premium flows with an increase in claims
Conclusions
Conservatively managed. Trailing PE of 8.323. Its a Buy on reverses.
Liberty Kenya Holdings PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Gross earned premium revenue 9.762719b vs. 9.623170b +1.450%
FY Less outward reinsurance [4.162811b] vs. [4.049834b] +2.790%
FY Net insurance premium revenue 5.599908b vs. 5.573336b +0.477%
FY Commissions earned 965.459m vs. 872.058m +10.710%
FY Investment income 3.082879b vs. 2.552561b +20.776%
FY Total income 9.685580b vs. 9.024873b +7.321%
FY Claims and policyholder benefits [5.354815b] vs. [5.230211b] +2.382%
FY Amounts recoverable from reinsurers 1.771564b vs. 1.756860b +0.837%
FY Net insurance benefits and claims [4.264498b] vs. [3.952115b] +7.904%
FY Total expenses and commissions [4.336513b] vs. [4.130873b] +4.978%
FY Commissions payable [1.171902b] vs. [1.176507b] -0.391%
FY Other operating expenses [3.164611b] vs. [2.954366b] +7.116%
FY Results of operating activities 1.102569b vs. 941.885m +17.060%
FY Profit before income tax 1.102569b vs. 941.885m +17.060%
FY Profit for the year 845.707m vs. 627.834m +34.702%
Basic and diluted EPS 1.58 vs. 1.17 +35.043%
Dividend per share 0.5 vs. 0.0
Cash cash equivalents at the end of the year 3.689506b vs. 4.936638b -25.263%
FY Total equity 7.428571b vs. 6.753641b +9.994%
FY Financial investments 24.983002b vs. 21.896541b +14.096%
FY Insurance contract liabilities 12.808215b vs. 11.939589b +7.275%
Conclusions
Strong Results plain and simple. Did not chase Headline Growth but seemingly sweated the business effectively.
Dividend of 50 cents is a subtle yet muscular message.
Liberty Kenya Holdings H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Gross earned premium revenue 4.895741b vs. 4.778366b +2.456%
H1 Less outward reinsurance [2.138128b] vs. [1.959842b] +9.097%
H1 Net insurance premium revenue 2.757613b vs. 2.818524b -2.161%
H1 Investment income 1.738716b vs. 1.497893b +16.077%
H1 Other income 26.498m vs. [29.162m] +190.865%
H1 Total income 5.042940b vs. 4.705414b +7.173%
H1 Claims and policyholder benefits payable [3.053411b] vs. [2.379677b] +28.312%
H1 Change in insurance contract liabilities [460.731m] vs. [498.359m] -7.550%
H1 Amounts recoverable from reinsurers 1.213956b vs. 767.730m +58.123%
H1 Net insurance benefits and claims [2.300186b] vs. [2.110306b] +8.998%
H1 Total expenses and commissions [2.195767b] vs. [2.104993b] +4.312%
H1 Other operating expenses [1.536146b] vs. [1.532874b] +0.213%
H1 Results of operating activities 546.987m vs. 490.115m +11.604%
H1 Profit for the period 422.508m vs. 355.431m +18.872%
Basic and diluted EPS 0.79 vs. 0.66 +19.697%
Cash and cash equivalents 4.629182b vs. 3.652264b +26.748%
Total equity 7.031845b vs. 6.451954b +8.988%
Financial investments 23.287367b vs. 22.991458b +1.287%
Total assets 36.605457b vs. 35.108136b +4.265%
Insurance contract liabilities 13.060746b vs. 11.625990b +12.341%
Company Commentary
The Group gross earned premiums increased by 2% with the Kenyan operations exceeding prior period in the first Half of the year compared to 2016. Tanzania business however faced a challenging beginning to the year due to a continued difficult trading environment, further aggravated by competitive pressures. The Outlook for the remainder of 2017 remains positive barring any unexpected fundamental changes in legislative and macro economic environment.
H1 PAT +19%
H1 Investment Income +16%
H1 EPS +19%
Groups earnings after tax improved by 19% compared to last year buoyed by improved investment returns and modest increase in earned premiums. Business fundamentals are sound with claims increases within range and operating expenses flat on prior year despite inflationary pressures.
Conclusions
Investment Income up strong.
+28.32% increase in Claims and policyholder benefits payable.
Well and conservatively managed balance sheet with a further uplift in investment income and Mark to Market gains expected
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. |
