Liberty Kenya Holdings Limited is a major

Kenyan ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

Insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

that is a subsidiary of the South African

Liberty Holdings Limited Liberty Holdings Limited (JSE: LBH) is a financial services and property holding company with registered head office situated in Johannesburg, South Africa at Liberty Centre, 1 Ameshoff St., Braamfontein. The company was founded in South Afr ...

, a Pan-African financial services company. The group's headquarters are located in

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

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, with subsidiaries in

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and

Tanzania Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands and ...

. The flagship company of the group is CFC Life, with headquarters in the CFC House along Mamlaka Road in

, 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 American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

Group of companies. In 1987, the organization changed its name to American Life Insurance Company (Kenya) Limited –

ALICO Alico may refer to: * Alico Arena, an athletics facility at Florida Gulf Coast University donated by * Alico (company) * ALICO Building, in Waco, Texas * American Life Insurance Company, now part of MetLife * Platani (river) The Platani ( scn, Pl� ...

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 Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. History ...

. In 2011,

became the strategic investor in CfC Life and Heritage with the listing of CfC Insurance Holdings on the Nairobi Securities Exchange through introduction. This was a form of

demerger A demerger is a form of corporate restructuring in which the entity's business operations are segregated into one or more components. It is the converse of a merger or acquisition. A demerger can take place through a spin-off by distributed or ...

from CFC Stanbic Holdings which separated the banking and insurance business of the group. Existing CFC Stanbic Holdings Shareholders were allocated shares in the newly listed company. This was the first company spin-off on the NSE In 2012, The company changed its name from CFC Insurance Holdings to Liberty Kenya Holdings Limited to align 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 In corporate finance, a scrip issue, also known as capitalisation issue or bonus issue, is the process of creating new shares which are given free of charge to existing shareholders. It is a form of secondary issue where a company's cash reserves ...

. 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 28 October 2014.

Principal subsidiaries

Liberty Kenya Holdings Limited consists of the following companies: # Liberty Life Assurance Kenya Limited - ''

Life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

'' -

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100% Shareholding - A

Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

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 General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...

'' -

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100% Shareholding - A

company in Kenya offering short-term and general insurance services. #Heritage Insurance Company of Tanzania - ''

'' -

Dar es Salaam Dar es Salaam (; from ar, دَار السَّلَام, Dâr es-Selâm, lit=Abode of Peace) or commonly known as Dar, is the largest city and financial hub of Tanzania. It is also the capital of Dar es Salaam Region. With a population of over s ...

60% - A

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 Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

'' -

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100% Shareholding - Offers investment services. #Azali Limited - '' Dormant'' -

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100% Shareholding - This entity is held by the group through Heritage Insurance Company Kenya Limited. The group has one associate company which is: *Strategis Insurance Tanzania Limited - ''

'' -

43% - An

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.

Ownership

The shares of Liberty Kenya Holdings Limited are listed on the

Nairobi Stock Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...

(NSE), where they trade under the symbol CFCI. The shareholding of Liberty Kenya Holdings is as follows:

Governance

Liberty Kenya Holdings Limited is governed by a five-person Board of Directors with Philip Odera as the chairperson an Mike du Toit as the Managing Director.

References

{{reflist

External links

CFC Stanbic Bank, Kenya official site

Liberty Holdings official Site
Financial services companies established in 1964 Insurance companies of Kenya Companies listed on the Nairobi Securities Exchange Kenyan companies established in 1964

History

Principal subsidiaries

Ownership

Governance

See also

References

External links