Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
COURTESY

Kenya

Kenya Re Presents National Treasury with Sh167.9mn Dividend Cheque

NAIROBI, Kenya, Nov 11- Kenya Reinsurance Corporation Limited has presented the National Treasury with an Sh167.9 million dividend cheque.

Treasury Cabinet Secretary Ukur Yatani while receiving the cheque said the corporation had fulfilled its obligations to the government despite the challenges occasioned by the coronavirus pandemic that has affected the performance of many companies.

“ I know the significance of this dividend because this is not a common practice here, we have had state agencies and their stories have not been very pleasing but  I want to congratulate Kenya RE for its consistent return to the national treasury,” said Yatani.

Kenya Re Managing Director Jadiah Mwarania said that the corporation still managed to make a profit during the review period despite a challenging operating environment.

“We had a difficult year in 2019, where we had so many challenges including to now what is now being compounded with COVID-19 but all the same the corporation managed to achieve both growth and profitability,” said Mwarania.

Kenya Re-board Chairman Chiboli Induli Shakaba further revealed that the corporation has paid over Sh5 billion in taxes to the National Treasury since 2010 and dividend of over Sh1 billion since 2014.

“From 2010-2019, the corporation has paid Sh5.3 billion in various taxes while from 2014-2019 we have paid Sh1.6 billion in dividends to the government,” said Shakaba.

Kenya Re-recorded a 35 percent rise in profit before tax from Sh3.10 billion in 2018 to Sh4.18 billion in 2019.

The growth was attributed to growth in both gross written premiums that rose by 18 percent from sh14.84 billion in 2018 to sh17.52 billion in 2019 and investment income that grew by 10 percent from Sh3.39 billion in 2018 to Sh 3.71 billion in 2019.

Advertisement. Scroll to continue reading.

Net earned premiums rose by 9 percent from Sh14.21 billion in 2018 to Sh15.53 billion in 2019. the key drivers included market identification and focus, diversification of business portfolio amongst others.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...