Kenya Reinsurance Corporation (Kenya Re), has reported a 388% increase in insurance service results from a loss of Ksh. 0.2 billion to a profit of Ksh. 0.6 billion in June 2024. This is against a 20% growth in its insurance revenue from Ksh. 8.6 billion reported in a similar period last year, to Ksh. 10.3 billion in June 2024.
Kenya Re’s investment income increased by 24% from Ksh. 2.1 billion in June 2023 to Ksh. 2.7 billion in June 2024, attributed to prudent investment decisions. There was also better profit contribution from its subsidiaries in Cote D’Ivoire and Uganda.
The firm’s shareholders’ funds also increased by 1.5% from Ksh. 48.2 billion, as at December 2023 to Ksh. 48.9 billion as at June 2024.
Speaking during the release of the financial results, Group Managing Director Dr. Hillary Maina Wachinga said, “Our performance in the first half of 2024 reflects the insurance sector’s trust in Kenya Re and prudent risk management. We commit to continue offering solutions to our clients in Africa, Middle East and Asia while responding to changes in our operating environment in a timely manner.”