22nd May 2015
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Company Data
 
Kenya Re-insurance Corp. Ltd.
http://www.kenyare.co.ke/
Par Value:                  2.50/-
Closing Price:           17.00
Total Shares Issued:          699949068.00
Market Capitalization:        11,899,134,156
EPS:             4.48
PE:                 3.795
 

Leading reinsurance and insurance provider.

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

Conclusions

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%

Conclusions

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%

Conclusions

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.''

Conclusions

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%

Conclusions

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

Conclusions

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%

Conclusions

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: 22 May 2015
 
Downloads
 
  30-MAR-2015 ::  End of year results
  End of year results

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  30-MAR-2015 ::  AUDITED FINANCIAL STATEMENTS ADDITIONAL INFORMATION
  AUDITED FINANCIAL STATEMENTS ADDITIONAL INFORMATION

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  14-AUG-2014 ::  Unaudited interim results for the period ended 30th June 2014
  Unaudited interim results for the period ended 30th June 2014

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