Liberty Kenya Holdings Limited

Liberty Kenya Holdings Limited
Public Company
KN: CFCI
Industry Insurance
Founded 1964
Headquarters CFC House
Mamlaka Road
Nairobi, Kenya
Key people

Mike du Toit
Managing Director

Dr. Susan Mboya Chairman
Products Insurance
Revenue Increase KES: 8.30 billion (2014)[1]
Increase KES: 1.15 billion (2014)
Total equity Increase 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]

  1. Liberty Life Assurance Kenya Limited - Life insurance - Nairobi, Kenya Kenya 100% Shareholding - A Insurance company in Kenya offering long term life insurance and assurance services. This is the flagship company of the group.
  2. Heritage Insurance Company Kenya Limited - General insurance - Nairobi, Kenya Kenya 100% Shareholding - A Insurance company in Kenya offering short-term and general insurance services.[9]
  3. Heritage Insurance Company of Tanzania - General insurance - Dar es Salaam, Tanzania 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.
  4. CfC Investments Limited - Investments - Nairobi, Kenya Kenya 100% Shareholding - Offers investment services.
  5. Azali Limited - Dormant - Nairobi, Kenya 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]

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
Rank Name of OwnerPercentage Ownership
1 Liberty Holdings Limited 56.82
2 African Liaison and Consultants Services Limited 30.29
3 Sovereign Trust Limited 2.80
4 Archer and Wilcock Nominees Limited 1.19
5 Kingsway Nominees Limited 1.01
6 Government of Kenya 0.84
7 Jani, uday Prahlad 0.68
8 Feneast Nominees Limited 0.65
9 Beechwood Overseas Limited 0.52
10 Others via Nairobi Securities Exchange 5.20
Total100.00

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

External links

This article is issued from Wikipedia - version of the Friday, January 29, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.