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By Phyllis Muchoki
Publicly listed Kenya Reinsurance Corporation (Kenya Re) has announced a profit before tax of Ksh 7.03 billion, a 53% rise compared to Ksh 4.59 billion it reported a year before.
Shareholders funds increased by 18% from KShs 40.9 billion in 2022 to KShs 48.17 billion in 2023, while dividend per share increased by 50% from 0.2 per share in 2022 to 0.3 per share in 2023.
Net investment and insurance result rose from Kshs 5.78 billion realised in 2022, being a 42 percent hike to stand at Kshs 8.19 billion revealing the company’s investment drive to attract new business across Africa, Middle East and Asia.
The firm attributed the improved performance to prudent underwriting (practices for both premium and claims, diversification in strategic regions and product lines and favourable macro – economic environment and product investment decisions.
Group Managing Director, Dr Hillary Maina Wachinga said that Kenya Re’s strategic focus during the next financial year will revolve around customer centricity leveraging technology to enhance operational efficiency, expanding footprint in emerging markets, and deepening the commitment to conduct sustainable business practices.
The financial year under review saw the formation and activation of Kenya Re Academy, a platform for training and sharpening the skills of young insurance professionals on emerging trends in the sector.
During the past year, the listed reinsurer also opened Kenya Re Uganda offices which enhances Kenya Re’s capacity to tap into new reinsurance and investment-related businesses in Uganda and the region.
“As part of our growth trajectory, we are exploring innovative risk management solutions and product offerings to cater to the evolving client as well as the use of technology in enhancing customer satisfaction and relationships,” adds Dr Wachinga.