Liberty Kenya Holdings CEO Kieran Godden has outlined the company’s strategy to strengthen its core underwriting business following a year of exceptional investment returns, emphasizing the importance of sustainable earnings growth.
Speaking in an interview with Business Daily, Godden noted that while Liberty’s net investment income surged 3.3 times to Sh4.74 billion in 2024, the company remains focused on its fundamental role. “Underwriting is what we do. Our job is to manage risks,” he said.
The CEO explained that sustainable profitability comes from the company’s insurance operations rather than investment yields. “Investment returns are great and decent to shareholders, but the real returns added to shareholders are in underwriting results,” Godden stated in the interview.
Liberty has identified significant growth opportunities in emerging insurance sectors. The company is seeing increased interest in marine and cyber insurance as digitalization accelerates across sectors, while health and wellness-related coverage, including mental health products, are gaining traction following the pandemic.
Addressing Kenya’s low insurance penetration of below three percent of GDP, Godden pointed to two primary challenges: “It is largely a combination of two factors. It is lack of trust coupled with lack of understanding.”
The company has strengthened its anti-fraud measures, particularly in health and motor insurance, by investing in data analytics and machine learning tools. Liberty has also enhanced collaboration with other insurers and regulators to share intelligence on fraudulent activities.
