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Kenya Re Insurance Undervalued
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selah
#51 Posted : Wednesday, June 29, 2011 2:55:47 PM
Rank: Elder

Joined: 10/13/2009
Posts: 1,950
Location: in kenya
I have the insurance act but I have not gone through it yet to quote the exact article.

The MD had a press conference just b4 the AGM and gave that as a reason for the reduced Dividend.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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VituVingiSana
#52 Posted : Wednesday, June 29, 2011 3:01:28 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
Wacha ma-storos @thedeal

KenRe is 'favoured' & gets concessions (by law) from all insurance firms in Kenya. If it had to compete with EA-Re [Jubilee is a shareholder] it would be in trouble!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwanahisa
#53 Posted : Wednesday, June 29, 2011 6:48:22 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
@VVS, agreed that KenRe has some concessions that other reinsurers do not. But by the same token they also suffer from being controlled by the Government e.g. having a substandard B.o.D, being saddled with "phantom" properties etc. In my view it would be better not to enjoy the concessions if KenRe could escape from the yoke of the G.o.K.

BTW, Only 40% of KenRe's business was local in 2010 with 60% coming from outside Kenya (source - KNRE AGM).

FYI, Jubilee is no longer a shareholder in EA-Re. It is controlled by First Chartered Securities.

VituVingiSana wrote:
Wacha ma-storos @thedeal

KenRe is 'favoured' & gets concessions (by law) from all insurance firms in Kenya. If it had to compete with EA-Re [Jubilee is a shareholder] it would be in trouble!
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mwanahisa
#54 Posted : Wednesday, June 29, 2011 6:53:50 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
selah wrote:
I have the insurance act but I have not gone through it yet to quote the exact article.

The MD had a press conference just b4 the AGM and gave that as a reason for the reduced Dividend.


I am not sure that this was the real reason. At the AGM the MD was put to task on this over and over again. His response was that the dividend policy is that KNRE should pay a certain percentage of profits after adjusting for FV gains from revaluation of investment properties and gains from revaluation of financial assets i.e. cash profits.
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Layman
#55 Posted : Thursday, June 30, 2011 8:22:57 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
selah wrote:
I have the insurance act but I have not gone through it yet to quote the exact article.

The MD had a press conference just b4 the AGM and gave that as a reason for the reduced Dividend.


.....and you bought the story....ha ha haaaaa, that was very clever of him to deceive ignorant shareholders.......like you.
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msimon
#56 Posted : Thursday, June 30, 2011 11:55:42 AM
Rank: New-farer

Joined: 8/23/2010
Posts: 63
Location: Kampala
guru267 wrote:
Layman wrote:
.....this share is headed to Eveready levels, today at 8.60 per share .... am scared. What exactly is wrong in this counter....

Substandard management.. Heavy GOK control.. Also warren buffet loves insurance but hates re insurance

Munich re...interestingly, he bought at 123 and its averaging 109-100 after Tsunami, guess what, he's still buying!
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VituVingiSana
#57 Posted : Thursday, June 30, 2011 12:19:22 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
msimon wrote:
guru267 wrote:
Layman wrote:
.....this share is headed to Eveready levels, today at 8.60 per share .... am scared. What exactly is wrong in this counter....

Substandard management.. Heavy GOK control.. Also warren buffet loves insurance but hates re insurance

Munich re...interestingly, he bought at 123 and its averaging 109-100 after Tsunami, guess what, he's still buying!
Long-term buyer so he loves buying at a discount but also discount the unforseen loss in Japan.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Layman
#58 Posted : Monday, July 18, 2011 11:08:29 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
@ below 8 bob, things are thick here!
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mwanahisa
#59 Posted : Monday, July 18, 2011 11:12:11 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
Dead as a dodo...yet fundamentals real good.
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