The Kenya Reinsurance Corporation (Kenya Re) reported a 15 per cent increase in profit after tax of Ksh 3.6 billion for the 2022 fiscal year, up from Ksh 3.2 billion a year earlier.
The profit was attributed to a 16 per cent increase in net premiums, which grew to Ksh 22.2 billion from Ksh 19 billion reported over the same period in 2021.
“These results demonstrate our remarkable success in executing our five-year strategic plan, where we outperformed’ our expectations in all the core measures,” said Michael Mbeshi, Kenya Re Acting Managing Director.
“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.”
During the period, it realized a 15 per cent growth in total revenues, which increased to Ksh26.7 billion, attributed to investment income, which increased by 2 per cent to Ksh3.7 billion, and gross written premiums, which grew by 23 per cent to Ksh 25 billion.
Total assets increased to Ksh 70.1 billion last year compared to the previous year, representing a 26 per cent growth. Debt impairment shrunk by 64pc to Ksh 329 million.
Kenya Re shareholders are also expected to get a dividend payout of 20 cents per share, a 100 per cent increase.