Kenya Reinsurance Corporation has posted a profit of KSh4.97 billion in the financial year ended December 2023 up from KSh3.5 billion posted in 2022.
This has been realized as a result of net investment and insurance results that rose by 42 per cent to KSh8.19 billion, up from KSh5.78 billion in the previous year.
This remarkable profits, according to the firm, was a result of strategic diversification, prudent underwriting practices, and favourable macro-economic conditions.
Kenya Re Group Managing Director Hillary Wachinga said, “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.”
READ ALSO:
The firm’s asset base increased by 15 per cent to KSh65.98 billion, as a result of increased investments in government securities, associates and deposits with financial institutions.
Shareholders’ funds increased by 18 per cent to KSh48.17 billion, assisted by higher retained earnings and translation reserves.
Total comprehensive income increased twice to KSh7.7 billion, compared to KSh3.9 billion the previous year.
Insurance results and net investment increased by 42 per cent, hitting KSh8.19 billion from KSh5.78 billion in 2022.
The asset surged by 15 per cent, from KSh57.45 billion to KSh65.98 billion.
Shareholders’ funds also rose by 18 per cent rise, to KSh48.17 billion from KSh40.9 billion in the previous year.
And the dividend a share rose by 50 per cent, from KSh0.2 in 2022 to KSh0.3 last year.
By our reporter
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
