Kenya Reinsurance Corporation (Kenya Re) announced a dividend payout of Kes560 million, an increase of 100 percent over the Kes280 million distributed the previous year. From the 0.10 dividend per share distributed a year ago, each shareholder will now get 0.20 dividend per share held.
This comes after the company announced Kes3.62 billion in net earnings for the year ending December 31, 2022, which represents a 15 percent increase over the prior year.
Kenya Re attributes its admirable performance to its ongoing reinsurance portfolio improvement, improved customer centricity, quick processing of claims with sufficient supporting documentation, positive service delivery culture, improved partnership with cedants and intermediaries, market development, and segmentation.
Managing Director Dr. Hillary Maina Wachinga adds that Kenya Re’s five-year business strategy has continued to reap dividends with non-funded income expanding and reinforced by strong growth from fire and engineering classes of business.
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“The financial year under review has been momentous for Kenya Re in scaling its innovation and digital business, with close to 21 percent of all claims settled through our digitised process.”
Intensified market engagements, portfolio and market diversity led to a 23 per cent increase in gross written premiums to Kes24.98 billion, and a 16 percent increase in net earned premiums to Kes 22.15 billion from Kes19.04 billion last year.
Investment income rose from Kes3.66 billion in 2021 to Kes3.74 billion in 2022 while claims incurred were up 30 percent in 2022 to Kes13.87 billion from Kes10.64 billion in 2021 while cedant acquisitions rose 17 percent to KES 6.14 billion in 2022.
Operating expenses were down 16 percent from Kes2.10 billion as at 31 December 2021 to Kes1.75 billion as at 31st December 2022.