Kenya Reinsurance Corporation (Kenya RE), a leading reinsurance company, for the period ended 30th June 2023, reported a 10.1% decrease in Gross Premiums Written to 9.9 billion KES.
Net Earned Premium decreased by 33.5% to 6.5 billion KES, while Net Claims decreased by 35.9% to 4.2 billion KES.
Operating expenses (OPEX) decreased by 29.5% to 7.5 billion KES.
In terms of profitability, Kenya RE reported an 8.7% increase in profit after tax (PAT) to 904 million KES.
Earnings per share (EPS) were reported as 0.32 KES, compared to 0.30 KES in 2022.
The Group’s Managing Director, Dr Hillary Maina Wachinga said they were pleased with the performance, which reflected the business’s resilience and adaptability in an ever-evolving insurance landscape.
“It also validates the relevance of our solutions to our insurers’ needs. 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.”
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.
The company did not declare an interim dividend.
