Christine Kagendo 
- Kenya Re has announced a dividend per share increase of 50% from 0.2 per share in 2022 to 0.3 per share in 2023.
- The Corporation also posted a 53% increase in Profit Before Tax of Kshs 7.03 Billion in 2023
Performance highlights:
- The Shareholders funds increased by 18% from KShs 40.9 billion in 2022 to KShs 48.17 billion in 2023
- Total comprehensive income stood at KShs 7.7 billion in 2023 from KShs 3.9 billion in 2022
- Net Investment and insurance results increased by 42%to Kshs 8.19 billion in 2023 from Kshs 5.78 billion in 2022
- The asset base increased by 15%from KShs 57.45 billion in 2022 to KShs 65.98 billion in 2023.
Publicly listed Kenya Reinsurance Corporation (Kenya Re) has announced a significant boost in its dividend performance, with a 50% increase in dividend per share from Ksh 0.2 in 2022 to Ksh 0.3 in 2023. This remarkable growth follows a 53% rise in Profit Before Tax, amounting to Ksh 7.03 billion for the year 2023.
Further, the net investment and insurance result rose from Kshs 5.78 billion realised in 2022, being a 42 percent hike to stand at Kshs 8.19 billion revealing the company’s investment drive to attract new business across Africa, Middle East and Asia. The good performance was attributed to:
- Prudent underwriting (practices for both premium and claims).
- Diversification in strategic regions and product lines.
- Favourable macro – economic environment and product investment decisions.
Group Managing Director, Dr Hillary Maina Wachinga said: “Our outstanding financial performance in 2023 reflects our commitment to delivering value to our shareholders and maintaining our position as a leading reinsurer in Africa.
Our investors will receive one bonus share for every share held.”
This announcement conforms with the new International Financial Reporting Standard (IFRS17) that requires all reinsurance and insurance companies to make full disclosures of their obligations (insurance contracts) as opposed to the previous standard, IFRS 4 that recognises premiums paid as profits.
The Corporations asset base increased by 15 percent from KShs 57.45 billion in 2022 to KShs 65.98 billion in 2023, while its shareholder’s funds increased by 18 percent from KShs 40.9 billion in 2022 to KShs 48.17 billion in 2023.
The increase in the asset base was mainly attributable to the increase in investment in associate by KShs 2billion, Increase in government securities by Kshs 1.1 billion and increase in deposits with financial institutions by Kshs 4.35 billion. The growth in the shareholders funds was as a result of increase in the retained earnings by KShs 4 billion and increase in the translation reserves by KShs 3 billion.
