Kenya Re net profit down 12 per cent

Kenya Re Managing Director Jadiah Mwarania.

Regional reinsurer Kenya Re has reported a 12.5 per cent drop in half-year profit for the period ending June 30, 2019, on increased insurance claims and costs.

The reinsurer saw its net profit fall from Sh1.23 billion in the same period last year to Sh1.08 billion. "Net claims in the period grew 49 per cent from Sh3.3 billion to Sh4.9 billion as operational expenses jumped 23 per cent from Sh6.5 billion to Sh8 billion as at June 30," Kenya Re Managing Director Jadiah Mwarania.