Kenya Reinsurance Company, an organization based in Kenya that provides reinsurance and other financial services to insurance companies in Africa, the Middle East and Asia, recently reported a 16 percent increase in profit from 2009 to 2010 as a result of growth in premium revenue and investment portfolio gains. The company’s after-tax profit increased to KES 1.5 billion (USD 17.8 million) in 2010 compared with KES 1.3 billion (USD 15.5 million) in 2009. Gross premiums also increased to KES 4.9 billion (USD 58 million) in 2010 compared with KES 3.8 billion (USD 45 million) during the previous year. During 2010, Kenya Re’s investment income increased to KES 1.7 billion (USD 20.2 million). Gross claims totaled KES 2.19 billion (USD 26 million) during the same year.
Kenya Re currently operates in 23 African countries and 11 countries in the Middle East and Asia. In Kenya, the company reportedly underwrites the operations of 47 insurance companies. It also plans to begin operations in Angola, Mozambique and Botswana, although no timeline has been specified.
By Julie Moksim, Research Associate
About Kenya Reinsurance Company: Kenya Reinsurance Company provides reinsurance and other financial services to insurance companies in 23 African countries and 11 countries in the Middle East and Asia. Kenya Re underwrites insurance related to fire, health, accident, workmen’s compensation, livestock and other areas. As of December 2010, Kenya Re reported total after-tax profit of KES 1.5 billion (USD 17.8 million), gross premiums of KES 4.9 billion (USD 58 million) and investment income of KES 1.7 billion (USD 20.2 million).
Sources and Additional Resources:
Business Daily Africa: “Kenya Re Profit Up 16% Amid Double Digit Sector Gains” by Steve Mbogo, http://www.businessdailyafrica.com/Kenya+Re+profit+up+16+pc+amid+double+digit+sector+gains/-/539552/1148326/-/mde3kfz/-/index.html
MicroCapital.org Brief, April 15, 2011: LeapFrog Makes $13.5m Equity Investment in Apollo Investments for Microinsurance in Kenya, Uganda, Tanzania, https://www.microcapital.org/microcapital-brief-leapfrog-makes-13-5m-equity-investment-in-apollo-investments-for-microinsurance-in-kenya-uganda-tanzania/
MicroCapital.org Brief, March 3, 2011: UAP Insurance Limited, Sygenta Foundation, Safaricom Launch “Kilimo Salama Plus” to Include Crop Microinsurance, https://www.microcapital.org/microcapital-brief-uap-insurance-limited-syngenta-foundation-safaricom-launch-kilimo-salama-plus-to-include-crop-microinsurance/
MicroCapital’s Microfinance Universe Profile: Kenya Reinsurance Company
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