Kenya Reinsurance Corporation (Kenya Re) has today announced a profit after tax of Ksh 1.756 billion for half year ended 30th June 2018 compared to 2.294 billion over the same period in 2017. This is a 23% decrease as compared to the same period last year.
The decline was blamed by entrants in the market, a drop in premium growth rates and foreign exchange losses.
Gross premiums dropped 16% to to Ksh. 6.332 billion from Ksh. 7.504 billion in 2017. Investment income on the other hand grew by 14% to Ksh 1.940 billion from Ksh. 1.716 billion. Their asset base also went up by 2% to stand at Ksh 43.614 compared to Ksh 42.74 1billion in 2017. Shareholders’ funds went up to Ksh 28.14 billion from Ksh 27.20 billion in the previous period.
Kenya Re is the oldest reinsurer in Eastern and Central Africa and serves over 265 insurances companies in 62 countries across Africa, the Middle East and Asia. Over 50 percent of its revenue is generated from foreign markets. The company provides reinsurance products to both life and general insurance and is listed on the Nairobi Securities Exchange.