Listed reinsurer Kenya Re’s share of profits from its Pan-African associate Zep Re fell by 47.6 percent to Sh399.1 million in 2023, despite the external earnings enjoying an exchange gain due to the shilling’s weakening against the dollar last year.
Zep Re’s profit fell by 55.1 percent in 2023 to $14.2 million (Sh1.83 billion at today’s rate) last year, attributed to a significant decline in investment income and an increase in foreign exchange losses arising from the depreciation of major African currencies.
