Kenya Reinsurance Corporation Limited (Kenya Re ) has bounced back to profitability, recording a Sh600 million profit in the first half of 2024.
This is a significant turnaround from the Sh200 million loss reported in the same period last year.
The improved performance was driven by a 20% increase in insurance revenue and better results from operations in Cote d’Ivoire and Uganda.
However, Kenya Re ‘s profit after tax declined by 10% due to lower investment income and increased operating expenses.
Despite the challenges, Kenya Re’s asset base remains strong, and the company has secured a listing on the MSCI small-cap index, enhancing its visibility to global investors.
The insurer navigates a complex operating environment marked by foreign exchange volatility and rising costs. While the company has progressed in recovering profitability, ongoing challenges require careful management.
“Our performance in the first half of 2024 reflects the insurance sector’s trust in Kenya Re and prudent risk management,” Kenya Re Group Managing Director Hillary Maina Wachinga said.
“We commit to continue offering solutions to our clients in Africa, the Middle East and Asia while responding to changes in our operating environment in a timely manner,” Wachinga added.
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