Kenya Reinsurance Corporation will pay shareholders a total of Kshs 560 million in dividends, after recording a 7.0% rise in net profits in the year ending December 31, 2022. Each shareholder will receive Kshs 0.20 in dividends per share, up from Kshs 0.10 in the same period in the previous year. A high pay-out came after its net profit rose by Kshs 0.46 billion to Kshs 3.62 billion in 2022 from Kshs 3.16 billion in the review period. The improved income is attributable to an improved reinsurance portfolio, efficient processing of claims, and intermediaries, among others.
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The Managing Director of the firm, Hillary Maina, adds that the firm’s five-year business strategy has continued to reap dividends with non-funded incoming growth and robust growth from the fire and engineering classes of business. He further acknowledged that the financial year under review has been momentous for the firm in scaling its innovation and digital business, with approximately 21% of all claims settled via their digitized process.
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The firm’s gross premiums rose by 23.0% to Kshs25.0 billion, with a net earned premium of Kshs22.2 billion attributable to intensified market engagements and diversification of portfolios. Operating expenses were reduced by 16% from Kshs 2.10 billion to Kshs 1.8 billion. Investment income rose by Kshs0.08 billion to Kshs 3.74 billion from Kshs 3.66 billion. Claims incurred went up by 30% to Kshs 13.87 billion from the previous Kshs 10.64 billion.