NAIROBI, Kenya, June 22 – Kenya Reinsurance Corporation (Kenya Re) will pays its shareholders a total of Sh560 million after profit after tax rose by seven percent in the year ending December 31st 2022.
Every shareholder will be paid Sh0.20 dividend per share, up from Sh0.10 during a similar period in the previous year.
High payout came after its net profit rose to Sh3.62 billion from Sh3.16 billion in the review period.
It attributes improve income to an improvement in its reinsurance portfolio, speedy processing of claims, intermediaries, among others.
Kenya Re Managing Director Hillary Maina Wachinga adds that the firm’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,” Wachinga said.
Intensified market engagements, diversification of portfolios and markets saw gross written premiums rise by 23 percent to Sh24.98 billion with a net earned premiums of Sh22.15 billion.
Investment income rose from Sh3.66 billion to Sh3.74 billion while claims incurred were up 30 percent to Sh13.87 billion from Sh10.64 billion.
Operating expenses were down 16 percent from Sh2.10 billion to Sh1.75 billion.
