Kenya Re has declared a Sh 560 million dividend pay-out which is up 100% from KES 280 million paid out last year. Each shareholder will earn 0.20 dividend per share held up from 0.10 dividend per share paid out a year earlier.
The improved dividend payment was as a result of a rise in profitability with the corporation reporting a net profit of KES 3.62 billion for the year ended 31 December 2022. This represented a 15% growth compared to KES 3.16 billion reported in 2021.
The Corporation attributed its commendable performance to continued improvement in its reinsurance portfolio, enhanced customer-centricity, speedy processing of fully supported claims, positive culture in service delivery, enhanced partnership with cedants as well as intermediaries, market development and segmentation.
Profit before tax in 2022 was up 7% to KES 4.59 billion from KES 4.27 billion in 2021 while the asset base went up 26% to KES 70.13 billion in 2022 from KES 55.63 billion in 2021. The shareholders’ funds went up by 10% to KES 40.77 billion in 2022 from KES 37.10 billion in 2021.
Intensified market engagements, diversification of portfolios and markets saw gross written premiums rise by 23% to stand at KES 24.98 billion while net earned premiums of KES 22.15 billion grew by 16% compared to last year’s KES 19.04 billion.
Investment income rose from KES 3.66 billion in 2021 to KES3.74 billion in 2022 while claims incurred were up 30% in 2022 to KES 13.87 billion from KES10.64 billion in 2021 while cedant acquisitions rose 17% to KES 6.14 billion in 2022.
Operating expenses were down 16% from KES2.10 billion as at 31 December 2021 to KES1.75 billion as at 31st December 2022.
Managing Director Dr. Hillary Maina Wachinga adds that Kenya Re’s five-year business strategy has continued to reap dividends with non-funded income expanding and reinforced by strong growth from fire and engineering classes of business. “The financial year under review has been momentous for Kenya Re in scaling its innovation and digital business, with close to 21% of all claims settled through our digitised process.”
The corporation declared a Sh 560 million dividend pay-out up 100% from KES 280 million paid out last year. Each shareholder will earn 0.20 dividend per share held up from 0.10 dividend per share paid out a year earlier.