Kenya Re has reported a 14.6 percent increase in net profit to Sh3.62 billion for the
year ended December 2022, on the back of increased premiums and investment income.The company announced a final dividend of Sh0.2 per share or Sh559.9 million for the year.
The reinsurer’s net premiums rose to Sh22.1 billion in the period under review up from Sh19 billion posted the year before.
“Growth in premiums and investment income has contributed to the earnings, as well as reduced expenses,” said Mr Michael Mbeshi, Kenya Re acting MD.
Kenya Re posted an increase in gross written premiums of Sh24.9 billion from Sh23.1 billion posted the year in December 2021. Net earned premiums rose 16 per cent to Sh22.1 billion in December 2022.
The company said the improvement was on the back of a diversified portfolio, intensified market engagement and investment in government securities.
The firm’s investment income rose to Sh3.7 billion from Sh3.66 billion in the review period.
The firm recorded higher claim expenses and others accruing to Sh22.1 billion up from Sh18.9 billion in the previous year. Operating expenses decreased by 16 per cent to Sh1.75 billion from Sh2.1 billion in 2021.
Provision for doubtful debt decreased 176.4 per cent from Sh909.4 million to Sh329 million in the year under review.
Kenya Re’s total assets stood at 70.1 billion in December 2022 from Sh55.6 billion, a 6 per cent increase.
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