Kenya Reinsurance Corporation has posted a 40 percent growth in six-month profit before tax to 1.44 billion shillings in the six months to June from 1.03 billion last year despite a bigger claim bill in the period.

The re-insurer’s just released unaudited statements  show that gross insurance claims also increased 40 percent in the six month period to 1.58 billion shillings from 1.14 billion shillings mid last year. While claims were higher, total premiums also grew by 22.6% in the period to 3.36 billion shillings compared to 2.74 billion shillings last year.

Additionally, the company’s earnings were propped up by a 40 percent  growth in investment income to 979.43 million shillings.

Kenya Re is the oldest Reinsurer in Eastern and Central Africa and recently announced a new strategy to provide insurance cover products and services to the emerging oil and gas industry in East Africa. Read more on this here.

The company is publicly listed on the Nairobi Securities Exchange and is currently trading at 10.55 per share having lost 40 cents in the day despite the higher earnings announced. In May the share reached its highest of just over 11 shillings per share.