NAIROBI, Kenya, Mar 28 – The Kenya Reinsurance Corporation (Kenya Re) has announced a Sh3.62 billion profit after tax for the year ending December 31, 2022, due to higher premiums.
Kenya Re’s profit improved from a Sh3.1 billion that was posted in a similar period in 2021, representing a 15 percent growth.
Increased income after the corporation’s gross written premiums grew 23 percent to Sh24.98 billion in the period compared to Sh19.04 billion.
It also attributed its better performance to continuous reinsurance portfolio performance, diversification, fast claims processing, among others.
“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,” this firm’s Acting Managing Director Michael Mbeshi said.
“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,” Mbeshi added.
In the period, its total revenues went up 15 percent to Sh26.68 billion, supported by growth in investment income and gross premiums written.
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.
“Looking ahead, I am confident that we are well placed to expand our business footprint, scale our reinsurance products in markets attractive for investment and make strategic steps to outperform the industry via unique product offerings,” stated Mbeshi.
