Kenya Re Sees 388% Jump in Insurance Profits for First half of 2024
The company’s insurance revenue also saw a robust 20% growth, climbing from KES 8.6 billion in June 2023 to KES 10.3 billion in June 2024

(Left) Kenya Re Group Managing Director, Dr. Hillary Wachinga, (Center) with Hon. Catherine Kimura, Chair of the Board of Directors of Kenya Re, and Charles Kariuki, Corporation Secretary (Right).
Kenya Reinsurance Corporation Limited (Kenya Re) has announced a remarkable turnaround in its financial performance for the first half of 2024, showcasing a dramatic 388% increase in its insurance service results. The company’s results reflect a significant leap from a loss of KES 0.2 billion in June 2023 to a profit of KES 0.6 billion by June 2024.
The company’s insurance revenue also saw a robust 20% growth, climbing from KES 8.6 billion in June 2023 to KES 10.3 billion in June 2024. This growth was driven largely by an increase in gross written premiums, which rose from KES 10.31 billion to KES 11.3 billion over the same period.
Kenya Re’s investment portfolio further contributed to its strong performance, yielding an income of KES 2.7 billion, up 24% from KES 2.1 billion a year earlier. This uptick is attributed to strategic and prudent investment decisions, highlighting the company’s effective management of its financial resources.
The company’s shareholders’ funds also saw a slight increase of 1.5%, rising from KES 48.2 billion in December 2023 to KES 48.9 billion in June 2024.
Dr. Hillary Maina Wachinga, Group Managing Director of Kenya Re, commented on the results: “Our performance in the first half of 2024 reflects the insurance sector’s trust in Kenya Re and prudent risk management. We are committed to continuing to provide comprehensive solutions to our clients across Africa, the Middle East, and Asia while adapting swiftly to changes in our operating environment.”
The significant improvement in Kenya Re’s insurance service results also benefited from better profit contributions from its subsidiaries in Côte d’Ivoire and Uganda, further demonstrating the company’s expanding footprint and operational efficiency across the region.
Kenya Reinsurance Corporation Limited, established in December 1970 through an Act of Parliament, is a leading reinsurer in Eastern and Central Africa. Since its inception, the company has steadily provided reinsurance services to over 900 companies in more than 90 countries across Africa, the Middle East, and Asia.
As Kenya Re continues to advance its strategic objectives, the impressive results for H1 2024 underscore its resilient performance and the