Kenya Reinsurance Corporation has recorded significant growth in underwriting profit for the financial year ending December 31, 2024, with shareholders expected to earn Sh0.15 per share.
The state-backed re-insurer’s financial results, released on Thursday, show insurance service results surged by 336% to Sh2.95 billion from Sh0.7 billion in the previous year. The corporation attributed this performance to strategic diversification, prudent underwriting, and favorable economic conditions.
Total assets grew by 1.3% to Sh66.8 billion, while shareholders’ funds increased by 3% to Sh49.7 billion. Insurance service expenses dropped by 20% to Sh10.5 billion, and investment income rose by 23% to Sh5.6 billion.
Despite a tough global economic environment, including conflicts affecting supply chains and domestic disruptions, Kenya Re’s stock at the Nairobi Securities Exchange (NSE) gained 3.5%, closing at Sh2.07.
The company is now eyeing international expansion, with plans to establish a subsidiary in Tanzania and a branch in India within four months. It is also exploring opportunities in South America. Managing Director Dr. Hillary Wachinga emphasized that geographic and product diversification would reduce market risks, noting that life insurance in Kenya is catching up with global trends.
