Liberty Kenya Holdings Limited
 | |
| Company type | Public Company KN: CFCI |
|---|---|
| Industry | Insurance |
| Founded | 1964 |
| Headquarters | Liberty House Mamlaka Road Nairobi, Kenya |
Key people | Mike du Toit Managing Director Dr. Susan Mboya Chairman |
| Products | Insurance |
| Revenue |  KES: 8.30 billion (2014)[1] |
| KES: 1.15 billion (2014) | |
| Total equity | KES: 6.16 billion (2014) |
| Website | Homepage |
Liberty Kenya Holdings Limited is a major Insurance group of East Africa
Overview
Liberty Kenya Holdings Limited is a member of the Liberty Holdings Limited, a Pan-African financial services company, with headquarters in Johannesburg, South Africa.
The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya and Tanzania.[2] The flagship company of the group is CFC Life, with headquarters in the CFC House along Mamlaka Road in Nairobi, Kenya's capital and largest city.
History
The group was founded in Kenya in 1964 as the Kenya American Insurance Company Limited as part of the AIG Group of companies. In 1987, the organization changed its name to American Life Insurance Company (Kenya) Limited – ALICO Kenya. CfC Bank holdings acquired ALICO Kenya in 2004 and changed its name to CfC Life Assurance Company Ltd. In 2008, CfC Bank holdings merged with Stanbic bank forming CFC Stanbic Bank Holding which was now a subsidiary of the Standard Bank Group. This Converged CfC Life into a new international & dynamic group with Heritage Insurance.
In 2011, Liberty Holdings Limited became the strategic investor in CfC Life and Heritage with the listing of CfC Insurance Holdings on the Nairobi Securities Exchange through introduction.[3] This was a form of demerger from CFC Stanbic Holdings which separated the banking and insurance business of the group.[4] Existing CFC Stanbic Holdings Shareholders were allocated shares in the newly listed company.[5] This was the first time a company was span off using the NSE
In 2012, The company changed its name from CFC Insurance Holdings to Liberty Kenya Holdings Limited [6] as a step of aligning the group to the Liberty Group corporate brand.
In 2014, Liberty Kenya Holdings made history again by being the first listed firm in Kenya to have a scrip issue.[7] This was a cash-retention strategy by the firm. The group announced that its life insurance subsidiary, CfC Life Assurance Company was re-branding to Liberty Life Assurance Kenya Limited with effect from October 28, 2014.[8]
Principal subsidiaries
Liberty Kenya Holdings Limited consists of the following companies:[1]
- Liberty Life Assurance Kenya Limited - Life insurance - Nairobi, Kenya
100% Shareholding - A Insurance company in Kenya offering long term life insurance and assurance services. This is the flagship company of the group. - Heritage Insurance Company Kenya Limited - General insurance - Nairobi, Kenya 100% Shareholding - A Insurance company in Kenya offering short-term and general insurance services.[9]
- Heritage Insurance Company of Tanzania - General insurance - Dar es Salaam, Tanzania
60% - A Insurance company in Tanzania offering short-term and general insurance services. This entity is held by the group through Heritage Insurance Company Kenya Limited. - CfC Investments Limited - Investments - Nairobi, Kenya 100% Shareholding - Offers investment services.
- Azali Limited - Dormant - Nairobi, Kenya 100% Shareholding - This entity is held by the group through Heritage Insurance Company Kenya Limited.
The group has one associate company which is:[1]
- Strategis Insurance Tanzania Limited - General insurance - Dar es Salaam, Tanzania 43% - An Insurance company in Tanzania offering corporate and group medical insurance services. This entity is held by the group through Heritage Insurance Company Tanzania Limited. On May 1, 2014, the group announced that it was in talks with its co-investors in Strategis that could see the Group take a majority stake or acquire all of Strategis’ shares.[10]
Ownership
The shares of Liberty Kenya Holdings Limited are listed on the Nairobi Stock Exchange (NSE), where they trade under the symbol CFCI. The shareholding of Liberty Kenya Holdings is as follows:[11]
| Liberty Kenya Holdings Limited Stock Ownership | ||||||||||||||||||||||||||||||||||||
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Governance
Liberty Kenya Holdings Limited is governed by a five-person Board of Directors with Dr. Susan Mboya as the chairperson an Mike du Toit as the Managing Director.[12]
See also
References
- ^ a b c "Liberty Kenya Holdings 2014 Annual Report" (PDF). Liberty Kenya Holdings. 31 December 2014. Retrieved 29 January 2016.
- ^ Liberty Kenya Group Structure
- ^ History of Liberty Holdings
- ^ CFC insurance shares trade at NSE
- ^ CFC Insurance shares rise 127 per cent on debut
- ^ CfC Holdings shareholders approve name change
- ^ Liberty offers investors rare option of cash or bonus shares
- ^ "CFC Life to rebrand, change logo". Business Daily. Nation Media Group. 25 October 2014. Retrieved 25 October 2014.
- ^ About Heritage Insurance Company
- ^ Liberty eyes buyout of Tanzania insurance company
- ^ Liberty Kenya Holdings Limited 2012 Annual Report Pg. 83
- ^ "Liberty Kenya Holdings Limited → Board of Directors". Liberty Kenya 2014. Liberty Kenya Holdings Limited. Retrieved 22 November 2014.