Kenya Reinsurance Corporation (Kenya RE), announced a stellar financial performance for 2023, with profit before tax surging 53% to Ksh 7.03 billion (USD 56.2 million).
This strong showing was driven by a combination of factors which include diversification, prudent underwriting and a strong asset base.
Its net investment and insurance income jumped 42% to Ksh 8.19 billion (USD 65.5 million), highlighting the effectiveness of Kenya Re’s strategy to expand its business across Africa, the Middle East, and Asia.
The reinsurance company improved its underwriting practices and claims management resulted in an 18% decrease in claims expenses (Ksh 18.21 billion, USD 145.7 million).
The company’s asset base and shareholder funds grew by 15% and 18% respectively, reaching Ksh 65.98 billion (USD 528.2 million) and Ksh 48.17 billion (USD 385.4 million).
Technology, Expansion, and Sustainability
Kenya Re outlined its strategic roadmap for the future where it plans to leverage technology to enhance operational efficiency and improve customer satisfaction by developing innovative risk management solutions and customer-centric products.
In addition, Kenya Re will focus on expanding its footprint in emerging markets and deepen its commitment to conducting sustainable business practices. The recently opened Kenya Re Uganda office exemplifies this commitment.
“As part of our growth trajectory, we are exploring innovative risk management solutions and product offerings to cater to the evolving client as well as the use of technology in enhancing customer satisfaction and relationships,” Group Managing Director, Dr Hillary Maina Wachinga said in an emailed statement.
Kenya Re aspires to become a modern, holistic reinsurance service provider. This will involve leveraging its competitive advantages across African markets, building a resilient business with strong capital and liquidity, and fostering a culture of innovation and employee well-being.
