Kenya Reinsurance Corporation Limited (Kenya Re) posted a net profit of KSh 3.9 billion in 2019 compared to KSh 2.3 billion in 2018, pushed up by gross premiums underwritten which rose from KSh 14.8 billion to KSh 17.5 billion.
Net claims increased from KSh 8.5 billion to KSh 10.7 billion while total income rose to KSh 21.1 billion from KSh 17.5 billion in the year under review.
Investment income increased marginally from KSh 3.4 billion to KSh 3.7 billion. In 2019, Kenya Re ploughed KSh 463.4 Million in its subsidiary from KSh 187.8 Million invested the previous year.
The underwritter’s balance sheet size grew to reach KSh 49.1 billion from KSh 43.6 billion recorded in 2018.
Considered the oldest Reinsurer in Eastern and Central Africa, Kenya Re directors have proposed a dividend payment of 10 cents per share.
The company provides reinsurance services to more than 265 businesses spread out in over 62 countries in Africa, Middle East and Asia.
The firm provides reinsurance services in fire, aviation, life, marine, motor, Retakaful, aviation and engineering.