The Kenya Reinsurance Corporation (Kenya-Re) has reported a profit after tax of Sh3.62bn for the year ended December 31, 2022, representing a 15% growth compared to 2021 full year results of Sh3.16bn.
The corporation’s gross written premiums grew by 23% to Sh24.98bn while net earned premiums of Sh22.15bn grew by 16% compared to last year’s Sh19.04bn.
The growth has largely been attributed to the reinsurer’s continued improvement in the reinsurance portfolio, enhancing customer-centricity, intensified market engagements to improve visibility and diversification of the portfolios and markets.
Other factors include speedy processing of fully supported claims, inculcating a positive culture to support service delivery, enhanced partnership with cedants and intermediaries and market development and segmentation.
Speaking during the release of the financial results, Kenya-Re’s Board Chairman Catherine Kimura said that total revenues also went up 15% to Sh26.68 billion, supported by growth in investment income and gross premiums written.
Additionally, Kenya-Re’s five-year business strategy has also continued to reap dividends with non-funded income expanding and reinforced by strong growth from fire and engineering classes of business.
“We are pleased to announce this improved financial performance. It is a testament of continued resilience in the face of risks in our operating environment, caused by local and international events, such as the general elections, drought, and post Covid-19 economic impact,” Ms Kimura said.
Acting managing director Michael Mbeshi said that the improved results were a clear demonstration of the corporation’s remarkable success in executing its five-year strategic plan.
“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,” Mr Mbeshi said.
