Kenya Re Posts Record H1 Profit as Underwriting More Than Quadruples

Listed state-controlled reinsurer Kenya Reinsurance Corporation’s first-half profit hit a record KSh 2.25Billion in 2026, helped by a more than fourfold rise in the insurance service result to KSh 1.25Billion as management credited tighter underwriting discipline and risk selection.

• Profit after tax increased 42.8% from KSh 1.58Billion a year earlier, while profit before tax rose 44.1% to KSh 3.22Billion.
• The result surpassed Kenya Re’s previous first-half profit record and continued a recovery from KSh 533.7 Mn in H1 2021 and KSh 832.1 Mn in H1 2022 lows.
• Kenya Re operates wholly owned subsidiaries in Uganda, Zambia and Côte d’Ivoire and is targeting further opportunities across Africa and selected international markets.

Total insurance revenue rose 14% to KSh 9.44 Bn from KSh 8.26 Bn in H1 2025. The insurance service result increased to KSh 1.25 Bn from KSh 303 Mn as insurance service expenses declined to KSh 5.30 Bn from KSh 5.42 Bn despite the increase in revenue.

Investment income declined about 4% to KSh 2.67 Bn from KSh 2.77 Bn, meaning the company delivered record earnings despite softer investment returns. The net insurance and investment result increased 39% to KSh 3.94 Bn from KSh 2.83 Bn.

Operating and other expenses increased 21.7% to KSh 755.3 Mn from KSh 620.5 Mn. Management attributed the increase mainly to business expansion and growth initiatives.

The underwriting performance marks a sharp turnaround from recent years. Under IFRS 17 reporting, Kenya Re recorded an insurance service loss of KSh 211 Mn in H1 2023, followed by profits of KSh 607 Mn in H1 2024 and KSh 303 Mn in H1 2025 before reaching KSh 1.25 Bn in H1 2026.

Cash generation strengthened alongside earnings. Net cash generated from operating activities rose more than fourfold to KSh 3.78Bn from KSh 876Mn a year earlier, the highest first-half operating cash inflow in the available historical series.

Kenya Re’s asset base reached KSh 74.73Bn at June 2026, while shareholders’ funds stood at KSh 57.57Bn. Government securities accounted for KSh 26.52 Bn of assets, remaining a major component of the reinsurer’s investment portfolio.