29th June 2017
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Company Data
Kenya Re-insurance Corp. Ltd.
Par Value:                  2.50/-
Closing Price:           21.25
Total Shares Issued:          699949068.00
Market Capitalization:        14,873,917,695
EPS:             4.7
PE:                 4.521

Leading reinsurance and insurance provider.

Kenya Reinsurance Corporation Limited FY 2016 results through 31st December 2016 vs 31st December 2015
FY Gross premiums written 13.244591m vs. 13.060341m +1.411%
FY Less retrocession premiums [604.722m] vs. [494.546m] +22.278%
FY Net earned premiums 12.686760b vs. 12.016078b +5.582%
FY Investment income 3.079298b vs. 3.041138b +1.255%
FY Fair value gains on revaluation of investment properties 813.513m vs. 729.599m
FY Total income 17.031238b vs. 16.411126b +3.779%
FY Gross claims incurred and policyholder benefits [7.013734b] vs. [7.391724b] -5.114%
FY Net claims incurred [6.680518b] vs. [7.061610b] -5.397%
FY Cedant acquisition costs [3.635256b] vs. [3.402811b] +6.831%
FY Operating and other expenses [1.832360b] vs. [1.318950b] +38.926%
FY Provision for doubtful debts [665.018m] vs. [113.619m] +485.305%
FY Total outgo [12.813152b] vs. [11.896990b] +7.701%
FY Profit before tax 4.218086b vs. 4.514136b -6.558%
FY Profit for the year 3.287284b vs. 3.554250b -7.511%
EPS (Basic and diluted) 4.70 vs. 5.10 -7.843%
Dividend per share 0.80 vs. 0.75 +6.667%
Total Equity 24.133297b vs. 21.932865b +10.033%
Total Assets 38.494310b vs. 35.954134b +7.065%
Cash and cash equivalents at 31st December 4.545481b vs. 6.276010b -27.574%
Number of outstanding shares 699,949,068

Kenya_Re Managing Director, Jadiah Mwarania highlights there was increase in the net assets by 6% from 21B 24.1B KenyaReInvestorBriefing


Its an inexpensive share on a PE Basis.

H1 16 Earnings versus H1 15
H1 Gross written premium 7.096326b vs. 6.203753b +14.388%
H1 Outward reinsurance premium [377.376m] vs. [306.425m] +23.154%
H1 Net written premium 6.718950b vs. 5.897328b +13.932%
H1 Change in unearned premiums [243.450m] vs. [465.037m] -47.649%
H1 Net earned premium 6.475500b vs. 5.432291b +19.204%
H1 Investment income 1.720906b vs. 1.433081b +18.828%
H1 Total income 8.224865b vs. 6.900292b +19.196%
H1 Claims and policyholder benefits [3.555123b] vs. [2.740243b] +29.738%
H1 Less reinsurers share of claims 5.449m vs. 26.054m -79.086%
H1 Net claims and policyholder benefits [3.549674b] vs. [2.714189b] +30.782%
H1 Cedant acquisition costs [1.905152b] vs. [1.607565b] +18.512%
H1 Operating and other expenses [557.764m] vs. [453.337m]
H1 Total out go [6.012590b] vs. [4.775091b] +25.916%
H1 Profit before tax 2.212275b vs. 2.125201b +4.097%
H1 Profit for the period after tax 1.564088b vs. 1.501944b +4.138%
EPS 2.23 vs. 2.15 +3.721%
Total shareholders funds 23.257495b
Total assets 38.009016b
Cash and cash equivalents at the end of the period 5.712654b


Inexpensive share on a PE of less than 4.

FY Gross premiums written 13.060341b vs. 11.570090b +12.880%
FY Net earned premium 12.016078b vs. 10.313408b +16.509%
FY Investment income 3.041138b vs. 2.591935b +17.331%
FY Fair value gains on revaluation of investment properties 729.599m vs. 684.798m +6.542%
FY Total income 16.411126b vs. 13.761038b +19.258%
FY Gross claims incurred [7.391724b] vs. [6.394214b] +15.600%
FY Net claims incurred [7.061610b] vs. [5.957540b] +18.532%
FY Cedant acquisition cost [3.402811b] vs. [3.017738b] +12.760%
FY Profit before taxation 4.514136b vs. 3.919732b +15.164%
FY Profit after taxation 3.554250b vs. 3.137172b +13.295%
EPS 5.10 vs. 4.48 +13.839%
Cash and cash equivalents at 31st December 6.276010b vs. 6.732020b -6.774%
Dividend 0.75 vs. 0.70 +7.143%

A Selection of Tweets from @Kenya_Re

KenyaReinsurance We have set up a Subsidiary in Zambia to operate as a regional hub to Southern African markets such as Botswana

KenyaReinsurance #KenyaReFinancialResults Investment Portfolio grew to Ksh26.86Billion up from Ksh25.81Billion in Dec 2014


It remains seriously inexpensive on a PE Basis.
Seems to have navigated the Mark to Market Imbroglio better than others
Its a BUY at a Price of 19.85

First Half Total Income 6.900293b versus 5.522901b
Net Written Premium 5.897328b versus 4.472360b
First Half Net Earned Premium 5.432291b versus 4.154312b
First Half Investment Income 1.433082b versus 1.333295b
First Half Total Outgo [4.775091b] versus [3.793571b]
First Half Profit before Tax 2.125202b versus 1.729330b +22.89%
First Half Profit after Tax 1.501945b versus 1.248290b +20.32%
First Half EPS 2.15 versus 1.71 +25.73%

Company Commentary

Gross written premiums grew by 26% achieved due to aggressive marketing efforts in the international market
Investment Portfolio grew by 4% from 25.35b in Dec 2014 to 26.48b in June 2015
Total Assets increased 6% to 34.19b in June 2015


Its a cheap share on a PE Basis and Earnings have further room to steepen

Full Year Earnings through 31st December 2014 versus through 31st December 2013
FY Income 11.570090b versus 9.645151b +19.95%
FY Net Earned Premium 10.313408b versus 8.581830b +20.177%
FY Investment Income 2.591935b versus 2.277749b +13.793%
Full Year Fair Value gains on revaluation of investment Properties 684.798m versus 441.588m +55.076%
FY Net Income 13.761038b versus 11.404605b +20.662%
FY Gross Claims incurred [6.394214b] versus [5.246003b] +21.887%
FY Net Claims Incurred [5.957540b] versus [4.723170b] +26.13%
FY Cedant Acquisition Costs [3.017738b] versus [2.493960b]
Full Year Total Expenses [4.159660b] versus [3.669632b] +13.35%
FY share of Profit of Associate 275.894m versus 257m
Full Year Profit Before Taxation 3.919732m versus 3.268803m +19.913%
Full Year Profit After Taxation 3.137172b versus 2.792466b +12.344%
Full Year Earnings Per Share 4.48 versus 3.99 +12.28%
FY Cash and Cash Equivalents 6.732020b versus 4.415833b


Its a very cheap stock on a PE Basis.
The curious thing is that FY 2013 EPS has been rebased lower with any note in the Accounts.

First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Net Written Premium 4.472360b versus 3.663045b +22.094%
First Half Investment Income 1.333295b versus 1.22361ob +8.964%
First Half Total Income 5.522901b versus 4.653250b +18.689%
First Half Claims and Policyholders benefits [2.410590b] versus [1.751897b] +37.5988%
First Half Total Outgo [3.793571b] versus [3.024765b] +25.4170%
First Half Profit before Tax 1.729330b versus 1.628485b +6.19256%
First Half Profit After Tax 1.248290b versus 1.193655b +4.577%
First Half Earnings Per Share 1.78 versus 1.71 +4.0935%


Revenues +22.094% but First Half claims outpaced that at +37.5988%
Its a Cheap share versus its peers on a PE of 4.126.
FY Earnings through 31st December 2013
FY Gross Premium Written 9.645151b versus 7.944183b +21.411%
FY Net Earned Premium 8.581830b versus 7.054315b +21.65%
FY Investment Income 2.277749b versus 2.651422b -14.093%
Fair Value gains on revaluation of investment properties 441.588m versus 523.008m
FY Net Income 11.404605b versus 10.393193b
FY Net Claims incurred [4.723170b] versus [4.061577b]
FY Total Expenses [3.669632b] versus [3.592915b]
FY Profit before Tax 3.268803b versus 2.944635b +11.008%
FY Profit after Tax 3.000431b versus 2.801892b +7.085%
FY EPS 4.29 versus 4.00 +7.25%


On a PE Basis Kenya Re is the least expensive insurance share by a wide margin

H1 2013 through June 2013 versus June 2012
Gross Written Premium 4.033647b versus 3.360163b +20.043%
Net Earned Premium 3.375845b versus 2.877703b
Investment Income 1.223610b versus 0.979425b +24.931%
Total Income 4.653250b versus 4.203721b
Operating and other Expenses [512.735m] versus [382.406m] +34%
Total OutGo [3.024765b] versus [2.760192b]
H1 PBT 1.628485b versus 1.443530b +12.812%
H1 PAT 1.193655b versus 1.154824b +3.36%
H1 EPS 1.71 versus 1.65 +3.63%
No Interim Dividend.

Company Commentary

Growth was achieved on the back of an expansion in insurance Premiums in Kenya and the rest of the Africa.


On a Trailing PE of 4.088, this is a very cheap share even after a Strong Rally in 2013.

FY Earnings through December 2012 versus December 2011
FY Gross Written Premium 7.944183b versus 6.613884b +20.113%
FY Net Earned Premiums 7.054315b versus 5.734678b
Investment Income 2.651422b versus 1.419902b +86.737%
Net Income 10.393193b versus 7.938373b
Net Claims incurred [4.061577b] versus [2.939855b]
Total Expenses [3.592915b] versus [3.149518b]
FY PBT 2.944635b versus 2.036777b +44.57326%
FY PAT 2.801892b versus 1.914584b +46.344%
Total Comprehensive Income 3.296670b versus 1.162983b
FY EPS 4.00 versus 2.74 +45.985%


On a PE of 4.4125, it remains an inexpensive share even after rallying 64.935% in 2013.

H1 2012 versus H1 2011
Gross Written Premium 3.360163b versus 2.740215b +23%
Net Earned Premium 2.877703b versus 2.316790b
Investment Income 0.979425b versus 0.699754b
Gain on Sale of Asset 310.271m versus 0
Total Income 4.203721b versus 3.052226b
Claims and Policy Holder Benefits [1.588771b] versus [1.143244b] +39%
Profit Before Tax 1.443529b versus 1.028542b +40%
Profit After Tax 1.154824b versus 0.845774b +37%
Earnings Per Share 1.92 versus 1.41


Its a very cheap Counter on a Classic PE Calculation.

FY 2011 versus FY 2010
FY PBT 2.036777b versus 1.660016b +22.696%
FY PAT 1.914584b versus 1.541391b +24.211%
Total Comprehensive Income For The Year 1.162983b versus 1.773577b -34.427%
Gross Premiums written 6.613884b versus 4.980900b +32.784%
Gross Claims incurred 3.263744b versus 2.198438b +48.457%
Fair Valuation Gains on Revaluation of Investment Properties 684.498m versus 378.064m
Final Dividend 35 Cents a share
Bonus Share 1 for Every 6 Held
Fair Value Mark to Market on Available for Sale Financial Assets .544462b
Earnings Per Share 3.19 versus 2.57 +24.1245%


FY PBT 2011 increased +22.696% FY PAT +24.211% Total Comprehensive Income -34.427%. For Further Analysis we really have to look at the Portfolio Composition.
Gross Premiums written 6.613884b versus 4.980900b +32.784% versus Gross Claims incurred 3.263744b versus 2.198438b +48.457% The Underwriting Expansion Rate is beneath the Claims Incurred Trajectory.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 28 Jun 2017
  Public Announcement on the Poll Results of Election of Directors by Kenya Re Insurance Corporation Limited

Download N.S.E Announcement
  11-MAY-2017 ::  AGM Notice
  Notice of Annual General Meeting.

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  30-MAR-2017 ::  Full Year Results
  Annual Report & Group Financial Statements for the Year Ended 31st December 2016.

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  Unaudited Interim Results for the Period Ended 30th June 2016

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