Kenya Re records 14.6pc rise in net profit to Sh3.6 billion
Kenya Re acting Managing Director Michael Mbeshi during the release of the firm’s 2022 financial performance in Nairobi on March 28, 2023. PHOTO | DENNIS ONSONGO | NMG
Kenya Re has doubled its dividend payout to Sh0.2 per share or Sh559.9 million for the year ended December from Sh0.1 per share amounting to Sh279.9 million the year before.
The insurer announced the higher payout as its net profit in the review period rose 14.6 percent to Sh3.6 billion.
The dividend is scheduled to be paid on July 28 to shareholders who will be on the register as at June 16.
Its net profit rose from Sh3.1 billiion a year earlier on the back of increased premiums and investment income.
The reinsurer’s net premiums rose to Sh22.1 billion in the period under review up from Sh19 billion posted the year before.
“Growth in premiums and investment income has contributed to the earnings and reduced expenses,” said Michael Mbeshi, Kenya Re’s acting managing director, during the results briefing. Kenya Re posted higher gross written premiums of Sh24.9 billion from Sh23.1 billion posted in December 2021.
The insurer said its reinsurance portfolio improved, conducted market engagements to improve visibility, diversified markets and invested more in government securities.
The State corporation’s total investment income rose 7.3 percent to Sh2.9 billion from Sh2.7 billion.
The total income posted in the year was Sh26.7 billion up from Sh23.2 billion posted in 2021.
It recorded higher claims, benefits and other expenses, hitting Sh22.1 billion up from Sh18.9 billion a year earlier.
