Kenya Reinsurance Corporation Limited (Kenya Re) has reported a profit before Tax (PBT) of Sh1.3 billion for the half-year period ended June 30, 2023, registering 9% growth as compared to a similar period last year.
The improved performance was achieved on the back of a 16% rise in investment income from Sh 1.9 billion as at June 2022 to Sh 2.2 billion as at June 2023. This is in addition to the 29% decline in total outflows from Sh 10.4 billion as at June 2022 to Sh 7.4 billion as at June 2023.
“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 solid security for insurers in its chosen markets,” the insurer’s Group managing Director, Dr. Hillary Maina Wachinga, said.
The corporations statutory operating expenses were dropped by 72% from Sh 1 billion as at June 30, 2022 to Sh 0.3 billion as at June 30, 2023. This is attributable to forex gains and prudent containment of operating expenses.
The Reinsurer is in the final phase of executing a 5-year strategy built on key pillars that guide its business’ operations. These include sustainable growth goals and profitability as well as, reinvention approaches to provide unique product offerings in line with market needs.
The Corporation attributes its commendable performance to its continued commitment to delivering innovative reinsurance solutions as well as cutting-edge digital solutions which has enabled streamlined claim payments processes, enhanced risk assessment, and improved service delivery to customers.