The Kenya Reinsurance Corporation has reported a 14.6 percent increase in profit after tax (PAT) to Kshs 3.6 billion from Kshs 3.2 billion for the year ended 31 December 2022.
The growth in profits has seen the re insurer recommend a 100 percent increase in dividend per share to Kshs 0.2 during the reference period.
Total revenues grew by 15.1 percent to Kshs 26.7 billion from Kshs 23.2 billion in 2021. This is attributable to growth in investment income and gross premiums written.
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The re insurer’s gross written premiums grew by 23 percent to stand at Kshs 25.0 billion. In addition, net earned premiums grew by 16 percent to Kshs 22.2 billion compared to last year’s Kshs 19.0 billion.
The corporation’s Board Chairman Catherine Kimura attributed the performance to improvement in the reinsurance portfolio.
“We are pleased to announce this improved financial performance. It is a testament of continued resilience in the face of risks in our operating environment, caused by local and international events, such as the general elections, drought, and post Covid-19 economic impact,” said Kimura.
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Additionally, Kenya Reinsurance Corporation’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 Reinsurer’s statutory operating expenses decreased by 16 percent majorly driven by the decrease in foreign exchange losses, decrease in amortization cost of non-tangible assets and a decrease in corporate and other sundry expenses.
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