The Kenya Reinsurance Corporation (Kenya Re) has announced a notable increase in its profit after tax. The reinsurer reported a 15% surge, equating to Ksh 3.6 billion, for the full year period ending December 2022. This marks an improvement from the Ksh 3.2 billion reported during the same time frame in the previous year.
The boost in profits can be attributed to the company’s higher net premiums as the report indicated a 16% increase. Kenya Re recorded Ksh 22.2 billion in net premiums compared to Ksh 19 billion in the same period in 2021.
Michael Mbeshi, the Acting Managing Director of Kenya Re expressed his delight in the company’s performance. He credited the success to the implementation of their five-year strategic plan and the significant expansion of their business lines through innovation and strategic investments. The focus remains primarily on Kenya and other key countries in East, Southern and Northern Africa, setting the stage for Kenya Re’s next phase of strategy.
In conclusion, the substantial surge in profit reported by Kenya Re is impressive and indicative of the company’s commitment to growth and progress. It is a positive reflection of the company’s efforts and the execution of its strategic plan.