Kenya Re posts 7pc rise in net profit to Sh3 billion

Tuesday, April 29, 2014 — updated on December 14, 2020 - 1 min read

Kenya Reinsurance managing director Jadiah Mwarania during an investor briefing in August 2013. Photo/SALATON NJAU

What you need to know:

Kenya Re reported Sh3 billion after-tax profit for 2013 from Sh2.8 billion a year earlier.
The firm declared a first and final dividend of Sh0.60 per share from Sh0.40 paid out last year.

Kenya Reinsurance posted a 7 per cent rise in net profit for last year buoyed by growth in gross premiums outpacing claims paid out.

The listed reinsurer reported Sh3 billion after-tax profit for 2013 from Sh2.8 billion a year earlier.

Gross written premiums grew by 21 per cent to Sh9.65 billion from Sh7.94 billion in 2012.

Claims incurred grew by 16 per cent to Sh4.7 billion impacted by “severity and frequency of claims experienced during the year,” the reinsurer said in a statement.

Its total assets rose to Sh28 billion from Sh23 billion.

The firm declared a first and final dividend of Sh0.60 per share from Sh0.40 paid out last year.

Kenya Re was quoted at Sh19.10 on Tuesday at 12.44pm; down Sh1.40 compared to Monday's average closing price at the NSE.