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Kenya Reinsurance Corporation records dip in full year profitability

Kenya Reinsurance Corporation records dip in full year profitability

Listed reinsurer, Kenya Reinsurance Corporation recorded a 7.2 percent dip in its full year profitability to KSh. 3.75 billion for the financial year ended December 31, 2020.

This was despite a 10 percent increase in its total income to Ksh. 23.318 billion during the period under review.

Kenya Re’s gross written premiums grew by 6 percent to Ksh.18.54 billion in 2020 from KSh. 17.52 billion in the year 2019. Net earned premiums grew by 34 percent to Ksh. 20.85 billion in 2020 from Ksh. 15.53 billion in 2019.

However, Kenya Re’s total claims, benefits and expenses rose by 14.2 percent to Ksh.19.567 billion. The listed firm’s net claims and benefits increased by 21.5 percent to Ksh. 12.964 billion. Cedant acquisition costs also rose by 27.2 percent to Ksh.4.827 billion.

Kenya Re’s Board of Directors has recommended the payment of a dividend of 20 cents per share.

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