Kenya Reinsurance Corporation (Kenya Re) has a strong capital position, which GCR Ratings placed at $460.3m (KES59.49bn), supported by sound earnings retention.
The company’s 2025 consolidated financial statements showed that shareholders' funds increased by 9.7% to KES54.5bn ($422.7m) and total assets expanded by 8% to KES72.2bn.
GCR indicated that it expects Kenya Re's liquidity to remain within the same strong range over the near term, underpinned by consistent positive earnings generation and prudent liquidity management practices.
GCR is a pan-African credit rating agency, headquartered in Johannesburg, South Africa, and an affiliate of Moody's.
The rating agency has also affirmed the Corporation's international and national scale financial strength ratings at ‘B’ and ‘AA+(KE)’ respectively. Both ratings carry a ‘Stable’ outlook.
Commenting on the ratings, Dr Hillary Wachinga, Kenya Re’s Managing Director and CEO, said, “This affirmation is an independent, external validation of what has always underpinned Kenya Re, a strong capital base, disciplined underwriting and consistent earnings. It reaffirms our position as the leading reinsurer in this region and reflects the sound fundamentals that continue to guide this institution.”
Noting that the reinsurer’s profit after tax fell by 11.6% year on year to KES3.9bn in 2025, Dr Wachinga said, “While this represented a slight decline from the previous year, it was achieved within a rigorous IFRS 17 reporting environment and reflects the quality, resilience and sustainability of our earnings.”
Kenya Re's ratings affirmation lands alongside continued regional expansion, with the Corporation advancing new offices in Tanzania and Rwanda, and sustained investment across its subsidiaries in Zambia, Uganda and Côte d'Ivoire. Kenya Re is continuing to deepen its footprint across 84 countries and 485 insurance companies globally.
In 2025, the reinsurer launched its international life reinsurance business, as the company broadened its product offerings. Dr Wachinga said, “The African life insurance market presents considerable long-term potential, particularly in mortality, morbidity, group life, credit life and related protection solutions.”