AM Best has affirmed Kenya Re [4]'s "B" financial strength and "bb+" long-term credit ratings. The outlook for the former remains stable, while the outlook for the latter has been raised from negative to stable.
The rating reflects the company's strong balance sheet, good operating performance and appropriate enterprise risk management.
In 2021, the reinsurer recorded a turnover of 20.355 billion KES (178.62 million USD) and a net profit of 2.968 billion KES (26.05 million USD).
The stable outlook of the long-term credit rating follows a series of actions initiated by Kenya Re in 2020, including the non-renewal of the crop business, an increased underwriting discipline and a strengthening of procedures.
According to AM Best, these actions should improve the Kenyan reinsurance company's performance.