Liberty Kenya Holdings Limited

Liberty Kenya Holdings Limited
Public Company
KN: CFCI
Industry Insurance
Founded 1964
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 East African insurer and subsidiary of Liberty Holdings Limited with headquarters in Johannesburg, South Africa.

Developments

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.

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.[2] This was a form of demerger from CFC Stanbic Holdings which separated the banking and insurance business of the group.[3] Existing CFC Stanbic Holdings Shareholders were allocated shares in the newly-listed company.[4] 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 [5] 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.[6] 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.[7]

See also

References

  1. ↑ "Liberty Kenya Holdings 2014 Annual Report" (PDF). Liberty Kenya Holdings. 2014-12-31. Retrieved 2016-01-29.
  2. ↑ History of Liberty Holdings
  3. ↑ CFC insurance shares trade at NSE
  4. ↑ "CIH shares rise 127 p.c. on debut". Business Daily. Retrieved 2017-08-23.
  5. ↑ "CFC Holdings Shareholders Approve Name Change | Abacus Online Investing". Abacus Online Investing. 2012-06-27. Retrieved 2017-08-23.
  6. ↑ "Liberty offers investors rare option of cash or bonus shares". Business Daily. Retrieved 2017-08-23.
  7. ↑ "CFC Life to rebrand, change logo". Business Daily. Nation Media Group. 25 October 2014. Retrieved 25 October 2014.
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