Kenya Reinsurance has posted a 46% surge in net profit after tax to KES1.57bn ($14.5m) for the half year ended 30 June, according to unaudited interim financial statements issued by the reinsurer.
The growth in earnings was achieved despite the COVID-19 shock and is attributable to a marginal increase in written premiums along with critical costs management.
Net earned premiums stood at KES8.66bn in 1H2020 compared to KES7.43bn in the first half of 2019. This was due to life business which expanded by 17% to KES909m while the non-life segment grew at a slower pace of 2% to KES8.16bn.
The company has attributed the growth to the aggressive sourcing of new business.
Investment income meanwhile remained flat at around KES1.91bn in the difficult economic environment.
Net claims and benefits grew by 3% to KES5.15bn in 1H2020.
The board of Kenya Re has not recommended an interim dividend for the first half year.