Net profit climbed to Sh422.51 million from Sh355.43 million. FILE PHOTO | NMG
Liberty Holdings Kenya has reported an 18.87 per cent growth in net earnings for six months ended June driven by increased investment income.
Net
profit climbed to Sh422.51 million from Sh355.43 million despite 2.16
per cent drop in net premiums to Sh2.76 billion. The earnings were
buoyed by a 16.08 per cent rise in investment income to Sh1.74 billion
due to improved performance of the Nairobi Securities Exchange after a
two-year bear run.
The change of methodology of
provisioning for liabilities by life insurers to gross premiums
valuation (GPV) rather than net premiums valuation (NPV) previously
resulted in savings of Sh37.63 million.
“The group
gross earned premiums increased by two per cent to Sh4.89 billion with
the Kenyan operations exceeding prior period in the first half of the
year compared to 2016,” Liberty said.
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