The Kenya Reinsurance Corporation (Kenya Re) has reported a profit after Tax of 3.62 billion shillings for the year ended 31 December 2022, representing a 15 percent growth compared to 2021 full-year results of 3.16 billion shillings.
The Corporation’s gross written premiums grew by 23 percent to stand at 24.98 billion shillings while net earned premiums of 22.15 billion shillings grew by 16 percent compared to last year’s 19.04 billion shillings.
The commendable performance is largely driven by the Reinsurer’s continued improvement in 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.
Total revenues went up 15 percent to 26.68 billion shillings, supported by growth in investment income and gross premiums were written. Additionally, Kenya Re’s five-year business strategy has continued to reap dividends with non-funded income expanding and reinforced by strong growth from the fire and engineering classes of business.
Speaking about the financial results, Kenya Re’s Board Chairman Catherine Kimura said: “We are pleased to announce this improved financial performance. It is a testament to continued resilience in the face of risks in our operating environment, caused by local and international events, such as the general elections, drought, and post-Covid-19 economic impact.”
Acting Managing Director Michael Mbeshi said: “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.”
The financial year under review has been momentous for the reinsurer in scaling its innovation and digital business, with close to 21% of all claims settled through our digitized process. “Looking ahead, I am confident that we are well placed to expand our business footprint, scale our reinsurance products in markets attractive for investment and make strategic steps to outperform the industry via unique product offerings,“ adds Mr. Mbeshi.