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Kenya : KENYA RE-INSURANCE not to advise payment of interim dividend in spite of a 6% growth in first half pre-tax profit

August 18, 2014

Kenya Re-insurance Corporation has announced that its pre-tax profit for the six months ended June 30, 2014, has grown by 6% from the earlier year period, while profit before tax rose to Sh1.72 billion from Sh1.62 billion in H1, 2013.

Despite the encouraging performance, the Corporation has refused to make any interim dividend payment proposal for its shareholders.

The Corporation s Managing Director Jadiah Mwarania has stated that the company s implementation of strategic plan has facilitated this positive result.

He has further said that the firm will be focused on innovations to manage new risks that the insurance market has to face normally.

During an investor briefing in Nairobi on Friday, Mwarania stated, We have made efforts to diversify our products to cater for emerging reinsurance needs and capitalise on new opportunities.

During the first half of 2014, the Corporation has recorded a 22% year-on-year increase in gross premium written to Sh4.91 billion, attributable to aggressive marketing in the global market, which offers better opportunities for growth.

The company reported gross premium written of Sh4.03 billion for the six months to June 30, 2013.

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Source: TendersInfo (India)

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