Kenya Re Reports Remarkable 388% Increase in Insurance Service Results for H1 2024
Kenya Reinsurance Corporation Limited (Kenya Re) has announced a dramatic turnaround in its financial performance for the first half of 2024, reporting a 388 percent increase in insurance service results. The company’s results shifted from a loss of KES 0.2 billion in June 2023 to a profit of KES 0.6 billion in June 2024, reflecting significant improvements across key financial metrics.
The increase in insurance service results came alongside a 20 percent rise in insurance revenue, which climbed from KES 8.6 billion in June 2023 to KES 10.3 billion in June 2024. This growth was driven by a robust increase in gross written premiums, which rose from KES 10.31 billion to KES 11.3 billion over the same period.
Kenya Re’s investment income also showed a strong performance, rising by 24 percent from KES 2.1 billion in June 2023 to KES 2.7 billion in June 2024. This increase was attributed to the company’s strategic and prudent investment decisions.
Left) Kenya Re Group Managing Director, Dr. Hillary Wachinga, (Center) with Hon. Catherine Kimura, Chair of the Board of Directors of Kenya Re, and Charles Kariuki, Corporation Secretary (Right).
Shareholders’ funds grew by 1.5 percent, increasing from KES 48.2 billion as of December 2023 to KES 48.9 billion by June 2024. This stability in shareholders’ funds highlights the company’s solid financial foundation and ongoing commitment to value creation.
Group Managing Director Dr. Hillary Maina Wachinga attributed the improved performance to Kenya Re’s effective risk management and the growing trust within the insurance sector. “Our performance in the first half of 2024 reflects the insurance sector’s trust in Kenya Re and prudent risk management,” Wachinga said. “We remain dedicated to offering innovative solutions to our clients across Africa, the Middle East, and Asia, and to adapting swiftly to changes in our operating environment.”
Kenya Re, a pioneer in the reinsurance industry in Eastern and Central Africa, was established by an Act of Parliament in December 1970 and began operations in January 1971. The corporation provides a broad range of reinsurance services to over 900 companies across more than 90 countries. It holds a B (Fair) rating from AM Best and an AA+ rating from Global Credit Rating (GCR), underscoring its commitment to delivering world-class reinsurance solutions.
The impressive financial results for the first half of 2024 mark a significant milestone for Kenya Re, positioning the company for continued growth and success in the evolving global insurance market.
