Christine Kagendo 
Kenya Re reports 388% spike in insurance service results in H1 2024
Financial Highlights
Insurance revenue increased by 20% from KES8.6 billion in June 2023 to KES10.3 billion in June 2024.
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The insurance service results grew by 388% from a negative of (KES 0.2 billion) in June 2023 to a positive of KES0.6 billion in June 2024.This was attributable to a growth in Gross written premiums from KES10.31billion in June 2023 to KES11.3billion in June 2024.
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Investment portfolio yielded an income of KES2.7 billion, a 24 % rise from KES2.1 billion in the same period last year. This was attributed to prudent investment decisions.
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Shareholders’ funds increased by 1.5% from KES48.2 billion as of December 2023 to KES48.9 billion as of June 2024.
Publicly listed Kenya Reinsurance Corporation Limited (Kenya Re), has reported a 388% increase in insurance service result from a loss of KES 0.2 billion to a profit of KES0.6 billion in June 2024. This is against a 20% growth in its insurance revenue from KES8.6 billion in June 2023 to KES10.3 billion in June 2024. There was also better profit contribution from its subsidiaries in Cote d’Ivoire and Uganda.
Kenya Re’s investment income increased by 24% from KES 2.1 billion in June 2023 to KES 2.7 billion in June 2024, attributed to prudent investment decisions.
Speaking during the release of the financial results, Group Managing Director Dr Hillary Maina Wachinga said: “Our performance in the first half of 2024 reflects the insurance sector’s trust in Kenya Re and prudent risk management.
We commit to continue offering solutions to our clients in Africa, the Middle East and Asia while responding to changes in our operating environment in a timely manner.”
