Kenya-Re posts Kes3.62Bn in net profit for FY ‘22
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The Kenya Reinsurance Corporation (Kenya-Re) Tuesday announced a 15 percent growth in profit after tax of Sh Sh3.62 Billion for the full year ended December 2022, on improved business environment and ICT adoption.
Read: New-disclosure-standards-good-for-the-insurance-industry/
This compared to Sh 3.16Billion in net earnings the re-insurer announced for full year 2021.
It also attributed to the reinsurance portfolio, enhancing customer-centricity, intensified market engagements to improve visibility, diversification of the portfolios and markets, speedy processing of fully supported claims, inculcating positive culture to support service delivery, an enhanced partnership with cedants and intermediaries and market development and segmentation.
The Corporation’s gross written premiums grew by 23% to a record KES24.98 billion while net earned premiums of KES22.15 billion grew by 16% compared to last year’s KES19.04 billion.
The firm’s total revenues went up 15% to KES26.68 billion, supported by growth in investment income and gross premiums were written.
“These results are a clear demonstration of our remarkable success in executing our five-year strategic plan, where we outperformed’ our expectations in all the core measures.
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,” noted Michael Mbeshi – Kenya –Re’s acting MD while announcing the results.
The Reinsurer’s operating expenses lessened by 16 percent majorly driven by the decrease in foreign exchange losses.
The Reinsurance total capital adequacy ratio closed the year at 875 percent and liquidity reserve position at 731 percent against regulatory limits of 200 percent.