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Kenya Re Chairman David Kemei addresses the investors during the release of the corporation 2016 full year result at intercontinental on 31st March 2017/PHOTO UPESI NEWS.
BY EURIDICE NZIOKA,NAIROBI,31ST MARCH 2017-Kenya RE has announced a profit before Tax amounting to ksh 4.2 for the period ending 31st Dec 2016.Addressing investors in Nairobi Friday the company’s chairman David Kimei attributed the good results to the implementation of their corporate strategy and unwavering support from the stakeholders.
He says despite the fierce competition and the ever changing reinsurance business environment in Africa,the middle east and Asia the business been able to stand out.The Net earned premiums grew by 6% from kshs.12 Billion in the year 2015 to Kshs 12.6 Billion in the year 2016.
The investment income grew Kshs from Kshs 3.04 Billion to Kshs 3.08 Billion . Net claims for the period dropped by 6% from Kshs 7.1 Billion in 2015 to Kshs 6.6 Billion in 2016. However ,operating expenses grew by 39% due forex losses incurred from the company’s foreign markets. These forex losses according to the chairman include those from Southern Sudan owing the hyperinflation experienced in the youngest nation in Africa last year.
Kenya Re management staff pose for a photo during the release of the corporation 2016 full year result at intercontinental on 31st March 2017/PHOTO UPESI NEWS.
According to the results corporations investiment portifolio grew to Kshs 28.28 Billion up from Kshs 27.06 Billion in 2015.
The asset Base increased from Kshs 35.95 Billion in 2015 to Kshs 38.49 Billion in 2016 representing a 7% growth. Shareholders’ funds also increased from Kshs 21.93 Billion in 2015 to Kshs 24.13 billion in the year 2016 representing a growth of 10%.
Owing to good and encouraging results over the period,the Corporation’s shareholders will receive kshs 0.80cts as devideds
Going forward the company has put in place five comprehensive five year strategic plan to cover the period 2017-2021.The plan has key strategic objectives ,which are:Financial performance ,Business process improvement,Business development,risk management as well as people culture.