Kenya Reinsurance's net profit increased by nine percent to Kes 900 million in the six months ending June 2023 compared to a similar period last year.
The reinsurance company attributed the increase to improved income on investment.
In the six months to June 2023, investment income rose 16 percent to Kes 2.15 billion from Kes 1.86 billion.
This was in addition to the 29 percent decline in total outflows from Kes 10.48 billion to Kes 7.40 billion.
Kenya Reinsurance Group Managing Director(MD) Hillary Wachinga noted that the performance reflects the business's resilience and adaptability in an ever-evolving insurance landscape.
“This strength positions the Kenya Reinsurance Corporation as a reliable partner for insurers locally and across Africa, ensuring the security and continuity of their operations.”
Forex gains and prudent management of operating expenses reduced the reinsurer’s operating costs to Kes 300 million from Kes 1 billion.
“The Reinsurer is in the final phase of executing a five-year strategy built on key pillars that guide the business operations including sustainable growth goals and profitability yearly, reinvention approaches to provide unique product offerings in line with market needs.”
