Kenya Re sees improved combined ratio in H1 2024

Kenya Reinsurance Corporation Limited (Kenya Re) has announced its financial results for the first half of 2024, reporting after-tax profits totalling KSh 1.06 billion (USD 8.2m), down from KSh 1.17 billion (USD 9.1m) during the same period the year prior.

The firm reported an improved combined ratio of 94% compared to the 108% reported in H1 2023.

The first half of 2024 saw a 20% increase in insurance revenue to KSh 10.3 billion (USD 80m) from the KSh 8.6 billion (USD 66m) reported in the first half of 2023.

However, insurance service expenses also increased by 8%, reaching KSh 9.5 billion (USD 73.8m), up from KSh 8.8 billion (USD 68.4m) a year earlier.

Despite these expenses, the net insurance service result improved significantly, moving from a loss of KSh 210.6 million (-USD 1.6m) in June 2023 to a technical profit of KSh 606.7 million (USD 4.7m) in June 2024, a 388% increase.

Profit before tax was KSh 1.5 billion (USD 11.7m), down from KSh 1.7 billion (USD 13.2m) seen in the same period last year.

According to Kenya Re, this was mainly driven by foreign exchange losses of KSh 0.8 billion (USD 6.2m) seen in the period, compared to foreign exchange gains of KSh 0.56 billion (USD 4.3m) seen in H1 2023.

Investment income also saw a rise, growing by 24% to KSh 2.7 billion (USD20.9m) in H1 2024, compared to KSh 2.1 billion (USD 16.3m) in the previous year.

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