Kenya RE to Pay Shareholders Sh560M After Profit Rises 7%

Kenya Reinsurance Corporation (Kenya Re) will pay out Sh560 million to its shareholders after its profit after tax increased by 7% in the fiscal year that ended on December 31, 2022.

Each shareholder will receive a dividend payment of Sh0.20 per share, an increase from Sh0.10 at the same time period the year prior.

The large payout occurred after its net profit increased from Sh3.16 billion during the review period to Sh3.62 billion.

It owes its increased income, among other things, to intermediaries, a better reinsurance portfolio, and quick claims processing.

The company’s five-year business strategy, according to Kenya Re Managing Director Hillary Maina Wachinga, has continued to pay off, with non-funded income increasing and being strengthened by robust growth in the fire and engineering classes of business.

“The financial year under review has been momentous for Kenya Re in scaling its innovation and digital business, with close to 21% of all claims settled through our digitised process,” Wachinga said.

Gross written premiums increased by 23% to Sh24.98 billion because to increased market engagements and portfolio and market diversity, with a net earned premium of Sh22.15 billion.

Investment income increased by Sh3 billion to Sh3.74 billion, while claims incurred increased by Sh13.87 billion to Sh13.64 billion, a 30 percent increase.

The amount spent on operating expenses decreased by 16%, from Sh2.10 billion to Sh1.75 billion.