Kenya Re announces Sh2.29Bn HY profit

Kenya Re Chairman David Kemei

, NAIROBI, Kenya, Aug 4 – Kenya Re has announced a half year Sh2.29 billion pre-tax profit, a 4 percent increase from the Sh2.21 billion the reassurance company posted same period in 2016.

Chairman David Kemei says the half year presented challenges with the most prominent being premium undercutting in the market.

Gross written premiums hit Sh7.5 billion an increase of 6pc compared to 2016 while asset base went up by 6 percent to Sh40 billion.

Net earned premiums grew by 9 percent to Sh7 billion.

“Positive results were made possible by progressive efforts to provide quality reinsurance service,” Kemei said.

KENNEDY KANGETHE :Kennedy is a Bachelor of Arts in Communication graduate from St. Paul's University and has been writing for the Capital FM Business Desk since 2013, Besides business news, he enjoys traveling, public speaking and singing