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| Filename | 2023_11_Heritage-Kenya.pdf |
| Filesize | 173.33 KB |
| Version | paid report |
| Date added | November 8, 2023 |
| Category | Credit Rating Reports, Insurance |
| Tags | Kenya |
Liberty Kenya Holdings Plc (LKH or the group) is the immediate parent company of The Heritage Insurance Company Kenya Limited (Heritage Kenya), Liberty Life Assurance Kenya Limited (Liberty Life Kenya) and CFC Investments. Heritage Kenya owns 60% stake in The Heritage Insurance Company Tanzania Limited (Heritage Tanzania), with the balance owned by Tanzanian local shareholders. The group is listed on the Nairobi Securities Exchange and is majority owned (73,5%) by South African based Liberty Holdings Limited (LHL), with the Standard Bank Group being the ultimate parent.
The analytical method followed for the purpose of determining Heritage Kenya’s rating is a group approach, with the insurer’s credit strength equalised to that of the group. Heritage Kenya constituted c. 57% of the group’s gross premiums with insurance revenue subscription increasing to 81% when the performance of Heritage Tanzania is incorporated. Despite being non-core in terms of revenue contribution, Liberty Life Kenya, due to its strong participation in unit linked business, houses the majority of the group’s assets at 60% (2021: 63%) contribution.