Home Business Kenya-Re full year net profit up 15pc to Ksh 3.6B

Kenya-Re full year net profit up 15pc to Ksh 3.6B

The Kenya Reinsurance Corporation (Kenya Re) has reported a 15pc increase in profit after tax of Ksh 3.6 billion for the full year period to December 2022.

The profit surge from Ksh 3.2 billion reported a year earlier was driven by higher premiums the reinsurer reported during the period.

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Kenya Re reported a 16pc increase in net premiums which grew to Ksh 22.2 billion from Ksh 19 billion reported over the same period in 2021.

“These results are a clear demonstration of our remarkable success in executing our five-year strategic plan, where we outperformed’ our expectations in all the core measures. We have significantly scaled our business via strategic investments in new business lines and innovation with the key focus being Kenya and key countries with East, Southern and Northern Africa setting the stage for the next phase of our strategy,” said Michael Mbeshi, Kenya Re Acting Managing Director.

The reinsurer also realized a 15pc growth in total revenues which increased to Ksh26.7 billion which Mbeshi attributes to in investment income which increased by 2pc to Ksh 3.7 billion and gross written premiums which grew by 23pc to Ksh 25 billion.

“We are pleased to announce this improved financial performance. It is a testament of continued resilience in the face of risks in our operating environment, caused by local and international events, such as the general elections, drought, and post Covid-19 economic impact,” added Catherine Kimura, Kenya Re Board chairperson.

On the other hand, total assets increased to Ksh 70.1 billion last year compared to the previous year, representing a 26pc growth.

Debt impairment shrunk by 64pc to Ksh 329 million.

Kenya Re shareholders are also expected to get a dividend payout of 20 cents per share which is a 100pc increase.

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