Kenya Reinsurance Company has revealed plans set up operations in Southern Africa following its successful expansion into the West African market last year.
East African Business Week quoted the company’s Managing Director Jadiah Mwarania, as saying: “We have our sights on the emerging market opportunities in Africa. We have successfully ventured into West Africa and it is now time to shift gear to the Southern Africa market.”
The targeted countries are Zambia, Zimbabwe, Botswana and Mozambique, which will receive witness the establishment of reinsurers’ branches.
However, Mwarania did not disclose when precisely.
The company has made great progress after it extended its wings in West Africa. In a Company’s Investors briefing, the Kenya Reinsurance Managing Director said the company posted 46.3 percent profit after tax in 2012.
“The growth was attributed to increased investment income, high interest rate and high rental yields. Insurance business environment had also improved in key markets. In Africa, investing in insurance company is promising and beneficial,” he said.
The company recorded a net profit of $33.7 million last year, which is a significant rise from the $22.8 million posted in 2012 year of trading.
Over the same period, he added, investment income grew by 87 percent while gross premiums written increased by 20 percent.