Kenya Reinsurance Corporation (Kenya Re) has announced a dividend payout of Kes 0.3 for the year ending December 2023, representing a 50% increase from Ksh 0.2 in 2022.
This follows a 53% increase in Profit Before Tax, amounting to Kes 7.03 billion for 2023 compared to Kes 5.78 billion realized in 2022.
This represents a 42 percent hike to Kes 8.19 billion, revealing the company’s investment drive to attract new business across Africa, the Middle East, and Asia.
The good performance was attributed to prudent underwriting practices for both premium and claims, diversification in strategic regions and product lines, and a favorable macroeconomic environment and product investment decisions.
“Our outstanding financial performance in 2023 reflects our commitment to delivering value to our shareholders and maintaining our position as a leading reinsurer in Africa. Our investors will receive one bonus share for every share held," Group Managing Director Dr Hillary Maina Wachinga said.
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Additionally, The Corporations asset base increased by 15 percent from Kes 57.45 billion in 2022 to Kes 65.98 billion in 2023, while its shareholder’s funds increased by 18 percent from Kes 40.9 billion in 2022 to Kes 48.17 billion in 2023.
The increase in the asset base was mainly attributable to the increase in investment in associates by Kes 2 billion, Increase in government securities by Kes 1.1 billion, and increase in deposits with financial institutions by Kes 4.35 billion.
The shareholders' funds grew due to an increase in retained earnings of Kes 4 billion and an increase in translation reserves of[ Kes 3 billion.
