Kenya Re half-year profit up 6 per cent on new business

Kenya: Kenya Re-insurance Corporation has recorded a six per cent growth in pre-tax profit for the six months ended June 30. However, shareholders will miss out on a windfall after directors declined to recommend payment of interim dividend.

The corporation’s profit before tax climbed to Sh1.72 billion from Sh1.62 billion in a similar period last year. Managing Director Jadiah Mwarania, said the improved performance was as a result of implementing the firm’s strategic goals. Mr Mwarania said the corporation would strive to be innovative to deal with new risks that continue to emerge in the insurance market.