Kenya Re net profit hits Sh1.6 bn amid stiff competition

Kenya Re managing director Jadiah Mwarania. PHOTO | SALATON NJAU | NMG 

By BD REPORTER

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Summary

• The reinsurer reported a net profit of Sh1.6 billion for the period to June 2017 compared to Sh1.56 billion last year.
• The firm attributed its performance to stiff competition in the sector and undercutting in the reinsurance market.
• The firm's earnings from investments grew marginally for the period under review

Kenya Re has posted a 3.7 per cent rise in half year after-tax profit as its gross written premiums and investment income grew marginally in the period under review.

The reinsurer, which offers covers to over 150 firms across the region, reported a net profit of Sh1.6 billion for the period to June 2017 compared to Sh1.56 billion last year.

Its gross written premiums went up to Sh7.5 billion, slightly higher than Sh7.09 billion reported in 2016.

The firm's earnings from investments also grew marginally to hit Sh3.6 billion this year compared to Sh3.55 billion in the previous period.

Kenya Re attributed its half year performance to stiff competition in the sector and undercutting in the reinsurance market.

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