Kenya Re has today reported a 9% growth in net profit to Kshs 900 Million for the half-year period ended June 30, 2023.
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.
Net claims incurred as at June 2023 decreased by 36% to KShs 4.2 billion from KShs 6.5 billion in June 2022. Net cedant acquisition costs decreased by 12% from KShs. 2.7 billion in June 2022 to KShs. 2.4 billion in June 2023. Operating expenses decreased by 72% from KShs. 1 billion as at June 2022 to KShs 0.3 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.
Kenya Re 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.”