Listed reinsurance company Kenya Re has posted a 50% growth in profit after tax to KSh 1.58 billion for the six months ended 30 June 2025 from KSh 1.06 billion a year earlier.
- •The growth was supported by higher investment income, a 97% drop in foreign exchange losses, and lower operating costs, offsetting weaker insurance revenue.
- •Profit before tax increased 48% to KSh 2.24 billion, driven by investment income of KSh 2.77 billion, up 4% year-on-year.
- •Foreign exchange losses narrowed to KSh 22 million from KSh 844 million, easing financial strain while operating expenses fell 32% to KSh 0.66 billion, helping offset the decline in underwriting performance.
Earnings per share dropped to KSh 0.28 from KSh 0.38, reflecting dilution relative to the stronger profit growth.
| Metric | Jun-25 | Jun-24 | YoY % |
|---|---|---|---|
| Insurance Revenue | 6.32 Bn | 7.42 Bn | -14.8% |
| Insurance Service Result | 303 Mn | 607 Mn | -50.1% |
| Net Forex (Loss)/Gain | -22 Mn | -844 Mn | Improved 97.4% |
| Net Investment & Insurance Result | 2.74 Bn | 1.81 Bn | +51.2% |
| Profit Before Tax | 2.24 Bn | 1.51 Bn | +48.4% |
| Profit After Tax | 1.58 Bn | 1.06 Bn | +49.5% |
| Total Comprehensive Income | 2.26 Bn | 181 Mn | +1,148% |
| Earnings Per Share (EPS) | 0.28 | 0.38 | -26.3% |
| Total Assets | 68.92 Bn | 66.81 Bn | +3.2% |
| Total Equity | 51.93 Bn | 49.67 Bn | +4.5% |
| Insurance Contract Liabilities | 14.02 Bn | 13.78 Bn | +1.8% |
| Reinsurance Assets | 198 Mn | 606 Mn | -67.3% |
| Cash & Cash Equivalents | 6.94 Bn | 7.45 Bn | -6.9% |
Insurance and Investment Performance
Insurance revenue dropped 15% to KSh 6.32 billion from KSh 7.42 billion. The insurance service result halved to KSh 303 million, compared to KSh 607 million in 2024. Ceding commissions declined 33% to KSh 1.93 billion, while insurance service expenses eased 18% to KSh 5.42 billion.
Despite the pressure on core insurance operations, net investment and insurance results rose sharply by 51% to KSh 2.74 billion, reflecting steady investment income and reduced forex losses.
Total comprehensive income surged to KSh 2.26 billion from KSh 181 million in 2024, supported by gains in equity and government securities valuations and positive currency translation effects.
- •On the balance sheet, total assets expanded 4% to KSh 68.9 billion compared to KSh 66.8 billion a year earlier.
- •Shareholders’ funds increased 5% to KSh 51.9 billion, supported by retained earnings and stronger reserves.
- •Reinsurance assets, however, declined significantly to KSh 198 million from KSh 606 million, highlighting changes in contract settlements.
- •Insurance contract liabilities stood at KSh 14.02 billion, slightly up from KSh 13.78 billion. Cash and cash equivalents fell 7% to KSh 6.94 billion.
