Kenya Reinsurance Corporation, also known as Kenya Re, has announced a dividend pay-out of Sh 560 million, doubling the amount paid out last year which was KES 280 million. Shareholders will now receive a dividend of 0.20 per share, an increase from the previous year’s dividend of 0.10 per share. This announcement follows the company’s report of a Profit after Tax of KES 3.62 billion for the fiscal year ending on December 31, 2022. This represents a 15% growth compared to the full-year results of KES 3.16 billion in 2021.
The impressive performance of the Corporation is attributed to several factors, including ongoing enhancements in its reinsurance portfolio, a stronger focus on customer-centricity, efficient processing of fully supported claims, a positive service delivery culture, strengthened partnerships with cedants and intermediaries, and efforts in market development and segmentation.
Managing Director Dr. Hillary Maina Wachinga adds that Kenya Re’s five-year business strategy has continued to reap dividends with non-funded income expanding and reinforced by strong growth from fire and engineering classes of business. “The financial year under review has been momentous for Kenya Re in scaling its innovation and digital business, with close to 21% of all claims settled through our digitised process.”
Profit before tax in 2022 was up 7% to KES 4.59 billion from KES 4.27 billion in 2021 while the asset base went up 26% to KES 70.13 billion in 2022 from KES 55.63 billion in 2021. The shareholders’ funds went up by 10% to KES 40.77 billion in 2022 from KES 37.10 billion in 2021.
Intensified market engagements, diversification of portfolios and markets saw gross written premiums rise by 23% to stand at KES 24.98 billion while net earned premiums of KES 22.15 billion grew by 16% compared to last year’s KES 19.04 billion.
Investment income rose from KES 3.66 billion in 2021 to KES3.74 billion in 2022 while claims incurred were up 30% in 2022 to KES 13.87 billion from KES10.64 billion in 2021 while cedant acquisitions rose 17% to KES 6.14 billion in 2022.
Operating expenses were down 16% from KES2.10 billion as at 31 December 2021 to KES1.75 billion as at 31st December 2022.
