Kenya Reinsurance Corporation has posted a 4 percent rise in profit after tax to KES 1.622 Billion in the first half of 2017.
This was boosted by a 9 percent growth in Net Earned Premiums from KES 6.475 Billion to KES 7.089 Billion as of 30th June, 2017.
Asset Base increased from KES 38.494 Billion in December 2016 to KES 40.736 Billion in June 2017, as the Shareholders’ funds went up 7 percent to KES 25.908 Billion.
The Net Claims incurred increased by 2 percent to KES 3.607 Billion up from KES 3.549 Billion as at June 2016 as investment income stood at KES 1.707 Billion compared to KES 1.739 Billion in June 2016, representing a 2 percent decrease.
According to Kenya Re Managing Director Jadiah Mwarania, key performance drivers responsible for the Corporation’s positive financial performance in the reinsurance business include, increased focus on Retakaful business segment, strengthened cedant and intermediary relationships and market identification and segmentation.