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Liberty Kenya 1H13 PAT up 50% on cost and claims containment
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mibbz
#11 Posted : Monday, August 26, 2013 7:49:42 PM
Rank: Member

Joined: 2/18/2011
Posts: 448
mwekez@ji wrote:
mibbz wrote:
How about an analysis on Liberty Kenya vs Pan Africa especially in terms of growth prospects and expected FY 2013 by the wazua members?

PS: This is on the background of major shareholders of both companies coming from South Africa


Panafric wins. None of the insurance companies have been able to match it.



Thanks. Am currently focusing on companies in Insurance sector that seem to be 'ripe' for takeover as evidenced by majority shareholding by an entity. Already in Pan Africa,been accumulating Liberty in bits....awaiting to see where Britam lands in the financial ladder.....anything associated with James Mwangi tends to invite a lot of accolades and interest. eg Equity with Helios....
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murchr
#12 Posted : Monday, August 26, 2013 10:43:58 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
mwekez@ji wrote:
Net Insurance Premium Revenue, down 7.7%
Other Incomes, down 6.9%
Total Incomes, down 7.4%
Net Insurance benefits and claims, down 16%
Total Expenses and Commissions, down 10.7%
Profit before tax, up 41.3%
Profit After Tax, up 50.1%
EPS, up 49%


smile
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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mlennyma
#13 Posted : Tuesday, August 27, 2013 8:17:04 AM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Iam happy about cfci at the moment,it has not let me down may be in future.
"Don't let the fear of losing be greater than the excitement of winning."
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the deal
#14 Posted : Tuesday, August 27, 2013 10:26:31 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Good results...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....
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mwekez@ji
#15 Posted : Tuesday, August 27, 2013 10:50:16 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray
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the deal
#16 Posted : Tuesday, August 27, 2013 11:06:35 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
mwekez@ji wrote:
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray

I wouldnt call it risk aversion...theyre investments are generating a lot of cash which is good...real estate?...very few properties offering yields of 13%...thats what Jammi bora was offering on its latest bond...also real estate is illiquid...theyre in the business of writing risk...a claim can come anytime...if you dont pay on time...your reputation suffers...so you have to match your liabilities to your assets...well Pan Africa & Britam...I will just tell you...theyre earnings are too volatile for my liking....I like Liberty theyre building a predictable robust business...they just had to do some cleaning...I'm looking at those results & seeing some serious cleaning...before Liberty took over CFCI had a loan of Ksh500mn from NIC Bank...while generating billions in cash...
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  | | Edit by user: Tuesday, August 27, 2013 11:09 AM | Reason: Not specified
mwekez@ji
#17 Posted : Tuesday, August 27, 2013 11:11:44 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
the deal wrote:
mwekez@ji wrote:
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray

I wouldnt call it risk aversion...theyre investments are generating a lot of cash which is good...real estate?...very few properties offering yields of 13%...thats what Jammi bora was offering on its latest bond...well Pan Africa & Britam...I will just tell you...theyre earnings are too volatile for my liking....I like Liberty theyre building a predictable robust business...they just had to do some cleaning...I'm looking at those results & seeing some serious cleaning...before Liberty took over CFCI had a loan of Ksh500mn from NIC Bank...while generating billions in cash...


By real estate am specifically refering to the developing of properties for sale. Very good money being made there. Far above what conservative investors in bill/bonds are getting.
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the deal
#18 Posted : Tuesday, August 27, 2013 11:25:25 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
mwekez@ji wrote:
the deal wrote:
mwekez@ji wrote:
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray

I wouldnt call it risk aversion...theyre investments are generating a lot of cash which is good...real estate?...very few properties offering yields of 13%...thats what Jammi bora was offering on its latest bond...well Pan Africa & Britam...I will just tell you...theyre earnings are too volatile for my liking....I like Liberty theyre building a predictable robust business...they just had to do some cleaning...I'm looking at those results & seeing some serious cleaning...before Liberty took over CFCI had a loan of Ksh500mn from NIC Bank...while generating billions in cash...


By real estate am specifically refering to the developing of properties for sale. Very good money being made there. Far above what conservative investors in bill/bonds are getting.

It depends on the cost of land...your selling price....I dont see property prices rising by double digits going forward...alot of buyers are already outpriced...if its real estate development then just buy Home Afrika...I think they have a better land bank than Pan Africa...property sales is also non recurring revenue..so it solely depend on how big your land bank is....now how big is Pan Africa's Runda land bank?
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  | | Edit by user: Tuesday, August 27, 2013 11:27 AM | Reason: Not specified
mwekez@ji
#19 Posted : Tuesday, August 27, 2013 12:01:34 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
the deal wrote:
mwekez@ji wrote:
the deal wrote:
mwekez@ji wrote:
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray

I wouldnt call it risk aversion...theyre investments are generating a lot of cash which is good...real estate?...very few properties offering yields of 13%...thats what Jammi bora was offering on its latest bond...well Pan Africa & Britam...I will just tell you...theyre earnings are too volatile for my liking....I like Liberty theyre building a predictable robust business...they just had to do some cleaning...I'm looking at those results & seeing some serious cleaning...before Liberty took over CFCI had a loan of Ksh500mn from NIC Bank...while generating billions in cash...


By real estate am specifically refering to the developing of properties for sale. Very good money being made there. Far above what conservative investors in bill/bonds are getting.

It depends on the cost of land...your selling price....I dont see property prices rising by double digits going forward...alot of buyers are already outpriced...if its real estate development then just buy Home Afrika...I think they have a better land bank than Pan Africa...property sales is also non recurring revenue..so it solely depend on how big your land bank is....now how big is Pan Africa's Runda land bank?


Here, we are after an insurer that is utilizing the float to the maximum. I still see real estate yielding double digit return per annum for long. The industry is very far from maturity. Pan Africa Runda land bank is big enough and am sure the think tanks in the company have a plan for more #Watch the space
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the deal
#20 Posted : Tuesday, August 27, 2013 12:25:12 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
mwekez@ji wrote:
the deal wrote:
mwekez@ji wrote:
the deal wrote:
mwekez@ji wrote:
the deal wrote:
...theyre holding too much cash though...probably waiting for interest rates to go up...they have been in ascendancy in Q3...could probably spiral out of control in Q4 if eurobond fails to launch....with the cash they can sterilise their bond book or buy bargains....


More risk aversion > investment in bill and bonds. Cant they do better. Like Panafric and Britam real estate foray

I wouldnt call it risk aversion...theyre investments are generating a lot of cash which is good...real estate?...very few properties offering yields of 13%...thats what Jammi bora was offering on its latest bond...well Pan Africa & Britam...I will just tell you...theyre earnings are too volatile for my liking....I like Liberty theyre building a predictable robust business...they just had to do some cleaning...I'm looking at those results & seeing some serious cleaning...before Liberty took over CFCI had a loan of Ksh500mn from NIC Bank...while generating billions in cash...


By real estate am specifically refering to the developing of properties for sale. Very good money being made there. Far above what conservative investors in bill/bonds are getting.

It depends on the cost of land...your selling price....I dont see property prices rising by double digits going forward...alot of buyers are already outpriced...if its real estate development then just buy Home Afrika...I think they have a better land bank than Pan Africa...property sales is also non recurring revenue..so it solely depend on how big your land bank is....now how big is Pan Africa's Runda land bank?


Here, we are after an insurer that is utilizing the float to the maximum. I still see real estate yielding double digit return per annum for long. The industry is very far from maturity. Pan Africa Runda land bank is big enough and am sure the think tanks in the company have a plan for more #Watch the space

Pan Africa is a speculative play...they will do well this year...but in 2014...they could issue a profit warning...I respect Sanlam but theyre not good at life insurance...
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