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KenyaRe FY19 - FY23 (Both Inclusive)
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Ericsson
#681 Posted : Thursday, July 01, 2021 1:08:15 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
VituVingiSana wrote:
Queen wrote:
Ericsson wrote:
obiero wrote:
Ericsson wrote:
VituVingiSana wrote:
No results and it's already June!

Disappointing.


Kenya Re 2020 results:

- Gross written premiums up 5.7%
- Net earned premiums up 34.2%
- Claims incurred up 21.7%
- Cedant acquisition costs up 29.8%
- Profit b4 tax down 4.6%
- Total Assets up 5.7%
- Dividend of Kshs. 0.20 (DPR:20%)
Book closure 30 June 2021
Payment date 13 August 2021

Registration for the AGM opens on 2 June and closes on Monday 28 June at 11am
Link to the full results;
https://mwangocapital.fi...21/06/kenya-re-2020.pdf

That dividend yield is decent. Not interested though, because of the trap


It's a better counter compared to KQ and HFCK.


A taller dwarf compared to those other two dwarfs.

The results are quite good under the circumstances. From the earlier press release it seems KenyaRe might have had take some additional hits/provisions relating to new rules/IFRS.

I am waiting to read the Chairman and CEO's letters.


A few notes from the CEO letter
-Kenya contributes 40% of its premiums while 60% comes from the regional business
-The dividend policy is 30% of the cash profit.In FY2020 cash profit was ksh.2.1bn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#682 Posted : Thursday, July 01, 2021 1:56:09 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,053
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Queen wrote:
Ericsson wrote:
obiero wrote:
Ericsson wrote:
VituVingiSana wrote:
No results and it's already June!

Disappointing.


Kenya Re 2020 results:

- Gross written premiums up 5.7%
- Net earned premiums up 34.2%
- Claims incurred up 21.7%
- Cedant acquisition costs up 29.8%
- Profit b4 tax down 4.6%
- Total Assets up 5.7%
- Dividend of Kshs. 0.20 (DPR:20%)
Book closure 30 June 2021
Payment date 13 August 2021

Registration for the AGM opens on 2 June and closes on Monday 28 June at 11am
Link to the full results;
https://mwangocapital.fi...21/06/kenya-re-2020.pdf

That dividend yield is decent. Not interested though, because of the trap


It's a better counter compared to KQ and HFCK.


A taller dwarf compared to those other two dwarfs.

The results are quite good under the circumstances. From the earlier press release it seems KenyaRe might have had take some additional hits/provisions relating to new rules/IFRS.

I am waiting to read the Chairman and CEO's letters.


A few notes from the CEO letter
-Kenya contributes 40% of its premiums while 60% comes from the regional business
-The dividend policy is 30% of the cash profit.In FY2020 cash profit was ksh.2.1bn
Of course, things can change in 2H2021 given the drama around COVID (delta variant for now) but from what he said, I think the dividend (0.20) will be maintained or higher for FY2021.

Medical expenses/claims were huge since IRA forced KE insurance firms to pay for COVID even with exclusions for pandemics. These policies will be repriced in 2021.

Loss of business with shutdowns/lockdowns as factories, hotels, etc didn't take/need insurance. Opening up in 2021 will help.

Loss of life business as people were let go. Perhaps a change for the better in 2021.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#683 Posted : Thursday, July 01, 2021 2:54:48 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Queen wrote:
Ericsson wrote:
obiero wrote:
Ericsson wrote:
VituVingiSana wrote:
No results and it's already June!

Disappointing.


Kenya Re 2020 results:

- Gross written premiums up 5.7%
- Net earned premiums up 34.2%
- Claims incurred up 21.7%
- Cedant acquisition costs up 29.8%
- Profit b4 tax down 4.6%
- Total Assets up 5.7%
- Dividend of Kshs. 0.20 (DPR:20%)
Book closure 30 June 2021
Payment date 13 August 2021

Registration for the AGM opens on 2 June and closes on Monday 28 June at 11am
Link to the full results;
https://mwangocapital.fi...21/06/kenya-re-2020.pdf

That dividend yield is decent. Not interested though, because of the trap


It's a better counter compared to KQ and HFCK.


A taller dwarf compared to those other two dwarfs.

The results are quite good under the circumstances. From the earlier press release it seems KenyaRe might have had take some additional hits/provisions relating to new rules/IFRS.

I am waiting to read the Chairman and CEO's letters.


A few notes from the CEO letter
-Kenya contributes 40% of its premiums while 60% comes from the regional business
-The dividend policy is 30% of the cash profit.In FY2020 cash profit was ksh.2.1bn
Of course, things can change in 2H2021 given the drama around COVID (delta variant for now) but from what he said, I think the dividend (0.20) will be maintained or higher for FY2021.

Medical expenses/claims were huge since IRA forced KE insurance firms to pay for COVID even with exclusions for pandemics. These policies will be repriced in 2021.

Loss of business with shutdowns/lockdowns as factories, hotels, etc didn't take/need insurance. Opening up in 2021 will help.

Loss of life business as people were let go. Perhaps a change for the better in 2021.


Life business in 2021 will be tough as more people have been let go.
I'm waiting to see HY2021 which will be out end of July or early August to give direction of FY2021.
The Uganda subsidiary made a loss in FY2020,will wait to see if it will have made a turnaround.
Zep Re also had a more than 50% reduction in profit in FY2020 compared to FY2021. Will see if there is a jump in 2021.
Chairman Chiboli Shakira was retired during the AGM
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#684 Posted : Thursday, July 01, 2021 6:40:36 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Angelica _ann
#685 Posted : Saturday, July 10, 2021 6:50:12 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,901

Kenya Re appoints Jennifer Karina to head its board

https://www.businessdail...o-head-its-board-3467306
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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young
#686 Posted : Sunday, July 11, 2021 12:22:02 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
Angelica _ann wrote:

Kenya Re appoints Jennifer Karina to head its board

https://www.businessdail...-head-its-board-3467306


Good to hear.
I reckon she is the wife of faida Investment Bank chairman
Mr Bob Karina and my stock brokers since 2004.

Good enough from the news she is not an outsider in Ken-re
as she was previously a director .


Congrats and best wishes madam Karina.


Note:- I don't own Ken-re shares
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Ericsson
#687 Posted : Tuesday, July 13, 2021 9:20:48 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
https://gcrratings.com/a...tively-outlooks-stable/

GCR affirms Kenya Reinsurance corporation limited's international and national scale financial strength rating of B and AA+(KE)respectively, outlooks stable.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#688 Posted : Sunday, July 25, 2021 11:29:20 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
https://www.businessdail...two-new-hostels-3482952

Seems Kenya Re subscribed to this bond.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#689 Posted : Friday, August 06, 2021 12:35:59 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
Kenya Re H1 2021 vs H1 2020
-Gross written premiums up 6% to Ksh.9.59bn from ksh.9.074bn
-Net earned premiums up by 0.3% to Ksh.8.689bn from Ksh.8.66bn
-Investment Income decreased by 0.44% to Ksh.1.897bn from Ksh.1.905bn
-Claims incurred up 22% to Ksh.6.283bn from Ksh.5.148bn
-Cedant acquisition costs up 3% to Ksh.2.215bn from Ksh.2.146bn
-Operating expenses grew by 11% to Ksh.1.060bn from Ksh.0.957bn
-Profit before tax down 64% to Ksh.762mn from 2.091bn
-Total Assets up 2% to ksh.54.24bn

https://www.nse.co.ke/ph...od-ended-30-jun-2021.pdf
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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heri
#690 Posted : Tuesday, August 17, 2021 7:27:29 AM
Rank: Member


Joined: 9/14/2011
Posts: 834
Location: nairobi
Has anyone received the dividends ?
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Ebenyo
#691 Posted : Tuesday, August 17, 2021 11:49:55 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,996
Location: Kitale
heri wrote:
Has anyone received the dividends ?


I have not yet received mine
Towards the goal of financial freedom
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Ericsson
#692 Posted : Thursday, August 19, 2021 3:13:54 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
Ebenyo wrote:
heri wrote:
Has anyone received the dividends ?


I have not yet received mine


They started paying from yesterday.
Delay was due to switching banks
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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watesh
#693 Posted : Thursday, August 19, 2021 4:38:54 PM
Rank: Veteran


Joined: 8/10/2014
Posts: 954
Location: Kenya
heri wrote:
Has anyone received the dividends ?


Got mine today morning
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VituVingiSana
#694 Posted : Friday, August 20, 2021 4:48:28 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,053
Location: Nairobi
Ericsson wrote:
Ebenyo wrote:
heri wrote:
Has anyone received the dividends ?


I have not yet received mine


They started paying from yesterday.
Delay was due to switching banks

Why did they switch banks at the last minute?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#695 Posted : Sunday, September 12, 2021 11:47:43 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Queen wrote:
Ericsson wrote:
obiero wrote:
Ericsson wrote:
VituVingiSana wrote:
No results and it's already June!

Disappointing.


Kenya Re 2020 results:

- Gross written premiums up 5.7%
- Net earned premiums up 34.2%
- Claims incurred up 21.7%
- Cedant acquisition costs up 29.8%
- Profit b4 tax down 4.6%
- Total Assets up 5.7%
- Dividend of Kshs. 0.20 (DPR:20%)
Book closure 30 June 2021
Payment date 13 August 2021

Registration for the AGM opens on 2 June and closes on Monday 28 June at 11am
Link to the full results;
https://mwangocapital.fi...21/06/kenya-re-2020.pdf

That dividend yield is decent. Not interested though, because of the trap


It's a better counter compared to KQ and HFCK.


A taller dwarf compared to those other two dwarfs.

The results are quite good under the circumstances. From the earlier press release it seems KenyaRe might have had take some additional hits/provisions relating to new rules/IFRS.

I am waiting to read the Chairman and CEO's letters.


Plus the details in the annual report.
Investment income on revaluation of properties got a beating.
About time KenyaRe got real about property valuations. I always discount these when I do my analysis.

- Kisumu property for sale at 1bn but no offers it seems.
- Vacancies in existing properties due to COVID and other reasons.
- CMA looking to move
- Upper Hill plot is dead in the water for now.

There wasn't much of a FV loss in 2020 in the accounts but in reality it should have been much higher.



They have decided to keep Reinsurance plaza Kisumu after failing to get buyers
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#696 Posted : Monday, September 13, 2021 12:14:03 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
Ebenyo wrote:
Last year the dividend was 0.10.
They can afford 0.20 this year.


Unless they do a major turnaround in H2,a profit warning and dividend cut is inevitable.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#697 Posted : Monday, September 13, 2021 9:07:41 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,053
Location: Nairobi
https://www.businessdail...covid-19-deaths-3548072 Insurance claims rise on job losses, Covid-19 deaths
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#698 Posted : Monday, September 13, 2021 11:06:31 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
General re-insurance contributes 85% of total income.
Long term re-insurance which is mainly life assurance reinsurance contributes 15% of total income.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ebenyo
#699 Posted : Friday, September 24, 2021 9:49:46 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,996
Location: Kitale
Ericsson wrote:
Ebenyo wrote:
Last year the dividend was 0.10.
They can afford 0.20 this year.


Unless they do a major turnaround in H2,a profit warning and dividend cut is inevitable.


I doubt
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Ericsson
#700 Posted : Friday, September 24, 2021 11:43:00 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
Ebenyo wrote:
Ericsson wrote:
Ebenyo wrote:
Last year the dividend was 0.10.
They can afford 0.20 this year.


Unless they do a major turnaround in H2,a profit warning and dividend cut is inevitable.


I doubt

So according to you Kenya Re will be able to reverse the 64% drop in first half profit and avoid a profit warning?
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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