The Kenya Reinsurance Corporation (Kenya Re) has today reported a profit after Tax of Sh3.62 billion for the year ended 31 December 2022.
This is a 15 percent growth compared to Sh3.16 billion in the previous financial year.
The growth in profits has seen the re insurer declare a 100 percent increase in dividend per share to Sh0.20 equivalents to Sh560 million.
The Corporation’s gross written premiums grew by 23percent to stand at Sh24.98 billion while net earned premiums of Sh22.15 billion grew by 16 percent compared to last year’s Sh19.04billion.
In the period under review total revenues went up 15 percent to Sh26.68 billion, supported by growth in investment income and gross premiums written.
Kenya Re Board Chairman Catherine Kimura attributed the performance to improvement in the reinsurance portfolio.
"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,” said Kimura.
Additionally, Kenya Re’s five-year business strategy has continued to reap dividends with non-funded income expanding and reinforced by strong growth from fire and engineering classes of business.
The Reinsurer’s statutory operating expenses decreased by 16 percent majorly driven by the decrease in foreign exchange losses, decrease in amortization cost of non-tangible assets and a decrease in corporate and other sundry expenses.
This led to a cost-to-income ratio of 83 percent freeing up capital for reinvestment and future growth.
“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,” Kenya Re Acting Managing Director Michael Mbeshi said.
