Liberty Kenya Holdings PLC has recorded a drop in its half year earning by 30.9 percent to record Ksh.265 million.
It is a wide loss compared to Ksh.383 million loss that was recorded in a similar period last year.
In terms of assets, the underwriter increased from Ksh.39 million to Ksh.41 million.
The performance has been attributed due to the coronavirus-imposed restrictions when the government mitigated measures to contain the virus.
The company has set up reserves to cater for COVID-19 related exposures and the cost of guarantees due to an expected adverse market impact.
The updated provision of Ksh.72 million is based on assumptions of the future experience as informed by the country and entity specific COVID-19 experience and the vaccination rollout outlook in Kenya.
To steer financial growth in the long run, the company said it has adopted new ways of working from which most of their collaboration, team and customer centered initiatives have arisen.
“This change in how we work, which is intended to make our businesses more agile and responsive to client needs, will continue to be an area of significant focus, investment and learning for all of us in 2021 and beyond,” said the underwriter in a statement.
With the continued recovery of the global economic environment recover in the first half of 2021, the company said the move will have a positive impact on both global and Kenyan financial market conditions which has contributed positively to corporate earnings.
Its basic earnings per share registered another drop from Ksh.067 to Ksh.047.
