Kenya Reinsurance Corporation (Kenya Re) has announced a consolidated net profit of KES3.62bn ($27.5m) for the year ended 31 December 2022, 15% higher than the KES3.16bn posted for 2021.
The increase in net profit is attributed togross written premiums that jumped by 23% year on year or KES4.68bn in absolute terms to KES24.98bn in 2022.
Kenya Re also explained the improvement in financial performance to continuous reinsurance portfolio performance, diversification, and fast claims processing, among others.
The reinsurer’s acting managing director Michael Mbeshi said, “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.”
Additionally, Kenya Re’s five-year business strategy has seen non-funded income expanding and being reinforced by strong growth from fire and engineering classes of business.
Kenya Re says that investment income increased by 2% to KES3.74bn in 2022, due to the effects of the COVID-19 pandemic on the investment environment.
On the balance sheet side, the reinsurer’s asset base increased by 26% to KES70.13bn as of the end of 2022, compared to 12 months previously. Shareholders’ funds grew by 10% to KES40.77bn as of the end of 2022.
MEIR
