The operating performance of Kenya Reinsurance Corporation is seen as adequate, considering its return-on-equity ratio has consistently exceeded the generally high inflation level in Kenya in recent years, says AM Best.
Kenya Reinsurance Corporation has posted a 10% fall in profits after tax to KES1.06bn ($8.2m) for the first half of 2024 from KES1.17bn in 1H2023, despite a 20% jump in insurance revenue, according to the company's interim financial statements.
Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
The NCBA Group, the fourth-biggest bank by market capitalisation, has acquired fully the insurer AIG Kenya from American International Group following receipt of all regulatory and corporate approvals.
The Kenyan government has withdrawn the proposed 2.5% levy on motor vehicles in the Finance Bill 2024 in the face of the tax's likely unfavourable impact on the insurance industry.
Britam Holdings is seeking opportunities to enter the massive but underserved insurance market in the Democratic Republic of Congo later this year, reported Bloomberg.
The Association of Pension Trustees and Administrators of Kenya (APTAK) has called for mandatory pension savings for all citizens to ensure financial security and stability for individuals in their retirement years.
International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
The insurance sector can play a pivotal role in Kenya's economic recovery. In particular, financial lines can provide the stability that businesses in the country look for, according to Mr Steven Oluoch, CEO of MNK Re Kenya.
The Kenyan government is planning to merge three major financial regulatory bodies in a move aimed at enhancing service delivery, cutting bureaucracy and avoiding duplication, reported Bloomberg.