Africa-Press – Kenya. Kenya Reinsurance Corporation has doubled dividends to its shareholders to Sh560 million from Sh280 million declared last year. Following the increase each shareholder will earn 0.20 dividend per share up from 0.10 dividend per share paid out a year earlier.
This comes after the firm reported a profit after tax of Sh3.62 billion for the year ended 31 December 2022, representing a 15 percent growth from the Sh3.16 billion last year.
The corporation attributes its commendable performance to continued improvement in its reinsurance portfolio, enhanced customer-centricity, speedy processing of fully supported claims and market development and segmentation among others.
Kenya Re managing director Hillary Wachinga said that non-funded income expanded, 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 percent of all claims settled through our digitised process,” said Wachinga.
Profit before tax in 2022 was up 7 percent to Sh4.59 billion from Sh 4.27 billion in 2021 while the asset base went up 26percent to Sh70.13 billion in 2022 from Sh55.63 billion in 2021. The shareholders’ funds went up by 10percent to Sh40.77 billion in 2022 from Sh37.10 billion in 2021.
Intensified market engagements, diversification of portfolios and markets saw gross written premiums rise by 23percent to stand at Sh 24.98 billion while net earned premiums of Sh22.15 billion grew by 16 percent compared to last year’s Sh19.04 billion.
Investment income rose from Sh3.66 billion in 2021 to Sh3.74 billion in 2022. Claims incurred on the other hand were up 30 percent in 2022 to Sh13.87 billion from Sh10.64 billion in 2021 while cedant acquisitions rose 17 percent to Sh6.14 billion in 2022. Operating expenses were down 16 percent from Sh2.10 billion as at 31 December 2021 to Sh1.75 billion as at 31st December 2022.
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