Kenya Re profit rises 42.8% to Ksh.2.3 billion in first half of 2026

Kenya Reinsurance Corporation Limited (Kenya Re) recorded a 42.8% increase in profit after tax to Ksh 2.3 billion for the six months ended June 30, 2026, supported by higher insurance revenue and a significant improvement in underwriting performance.

The reinsurer's profit rose from Ksh 1.6 billion recorded in the same period last year, while insurance revenue increased by 14% to Ksh 9.4 billion from Ksh 8.3 billion.

The biggest improvement was recorded in the Corporation's insurance service result, which rose more than fourfold to Ksh 1.3 billion from Ksh 320 million in the first half of 2025.

Kenya Re attributed the improvement to stronger underwriting performance and tighter risk selection, which helped offset an increase in operating costs.

Operating expenses rose by 22% to Ksh 800 million, with the Corporation linking the increase to business expansion and other growth initiatives. Despite the higher costs, profitability improved on the back of stronger revenue and underwriting results.

The reinsurer also reported growth in its balance sheet. Total assets increased by 3% to Ksh 74.7 billion from Ksh 72 billion, while shareholders' funds rose by 6% to Ksh 57.6 billion.

The growth in capital and assets provides additional capacity for Kenya Re to underwrite risks and expand its operations in existing and new markets.

Kenya Re Group Managing Director Dr. Hillary Wachinga said the results reflected improvements in the Corporation's underwriting portfolio and performance across its regional operations.

“Going forward, we remain focused on strengthening our market leadership, deepening regional diversification, and positioning the Corporation for long-term growth in an evolving insurance landscape,” Wachinga said.

The Corporation is pursuing expansion across Africa and selected international markets as part of its long-term growth strategy.

Kenya Re currently operates three wholly owned subsidiaries in Uganda, Zambia and Côte d'Ivoire, giving it a presence in East, Southern and West African markets.

The half-year results come as the reinsurer seeks to grow its regional business while maintaining underwriting discipline and managing the costs associated with expansion.