The Kenya Reinsurance Corporation (Kenya Re) has announced a 15 per cent growth to Kes3.62 billion profit after tax for the year ending December 31, 2022, compared to Kes3.1 billion that was posted in a similar period in 2021.
The growth is attributed to higher premiums, continuous reinsurance portfolio performance, diversification, and fast claims processing, among others.
Further, increased income after the corporation’s gross written premiums grew 23 per cent to Kes24.98 billion in the period compared to Kes19.04 billion.
Kenya Reinsurance Acting Managing Director Michael Mbeshi noted that the results are a clear demonstration of the company’s remarkable success in executing our five-year strategic plan, where they overperformed.
“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 per cent to Kes26.68 billion, supported by growth in investment income and gross premiums written.
Meanwhile, Kenya Re’s five-year business strategy has continued to pay fruits with non-funded income rising and bolstered by significant development 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.