Kenya Reinsurance Corporation (Kenya Re) recently presented a dividend cheque to the government of Kenya (its biggest shareholder) amounting to Kshs. 168 million. While handing over the cheque to Ambassador Ukur Yattani, Cabinet Secretary, the National Treasury, Mr. Chiboli Shakaba, Chairman, Kenya Re said: “Kenya Re has since incorporation remained profitable throughout and has been consistently making remittances to the National Treasury in the form of taxes and dividends.”
In 2019, Kenya Re registered a profit before tax of Kshs. 4.18 billion. That was a rise of 35% from the Kshs. 3.10 billion profit the corporation realised in 2018. In that regard, the shareholders’ funds went up from Kshs. 28.37 billion in 2018 to Kshs. 31.95 billion in 2019. “The good financial performance is attributed to our commitment to the robust strategies anchored on our five year strategic pillars namely: financial performance, business development, business process improvement, enhanced risk management as well as people and culture,” said Mr. Jadiah Mwarania, Managing Director, Kenya Re.
Mr. Mwarania further noted that AM Best and GCR rated the corporation’s risk adjusted capitalization at the strongest category. In particular, GCR upgraded Kenya Re’s rating from AA to AA plus. Kenya Re has continued being a responsible corporate citizen by responding to the needs of the less fortunate in society. “We recognize that giving back is integral to our daily operations, our legacy as well as our future,” Mr. Mwarania said.