Kenya Reinsurance Corporation Limited (Kenya Re) has today reported a Profit after Tax of Kshs 0.9 billion for the half-year period ended June 30, 2023, registering 9% growth as compared to a similar period last year.
The improved performance was achieved on the back of a 16% rise in investment income from KShs 1.86 billion as at June 2022 to KShs 2.15 billion as at June 2023. This is in addition to the 29% decline in total outflows from KShs 10.48 billion as at June 2022 to KShs 7.40 billion as at June 2023.
Commenting on the financial results, Group Managing Director, Dr. Hillary Maina Wachinga said: “We are pleased with this performance, which reflects our business resilience and adaptability in an ever-evolving insurance landscape. It also validates the relevance of our solutions to our insurers’ needs. This strength positions the Kenya Reinsurance Corporation as a reliable partner for insurers locally and across Africa, ensuring the security and continuity of their operations.”
Other Highlights include:
Operating Expenses
The reinsurers’ statutory operating expenses were down by 72% from Ksh 1 billion as at 30th June 2022 to Kshs 0.3 billion as at 30th June 2023. This is attributable to forex gains and prudent management of operating expenses.
Outlook
The Reinsurer is in the final phase of executing a five-year strategy built on key pillars that guide the business operations including sustainable growth goals and profitability yearly, reinvention approaches to provide unique product offerings in line with market needs.
The Corporation attributes its commendable performance to its continued commitment to delivering innovative reinsurance solutions as well as cutting-edge digital solutions which has enabled streamlined claim payment processes, enhanced risk assessment, and improved service delivery to customers – supporting the growth of the local and continental insurance.
Sustainability, ESG Lens
Additionally, as part of its sustainability and corporate social responsibility, the Corporation has undertaken various initiatives to contribute to environmental conservation and support the community among them an ambitious 10,000 tree seedling project at Lenana School, 100,000 avocado seedlings distribution to forest-edge communities around Kaptagat Forest ecosystem and a Sh1 million donation for rehabilitation of 400 Ha within Kaptagat’s five forest blocks.
Further, the Corporation has contributed funds towards the disbursement of scholarships for needy secondary school students through the Affecto Foundation. These initiatives highlight Kenya Re’s dedication to environmental preservation, social empowerment, and creating a sustainable future for the communities it serves.
