24th October 2014
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Company Data
 
Kenya Re-insurance Corp. Ltd.
http://www.kenyare.co.ke/
Par Value:                  2.50/-
Closing Price:           17.90
Total Shares Issued:          700000000.00
Market Capitalization:        12,530,000,000
EPS:             4.29
PE:                 4.172
 

Leading reinsurance and insurance provider.

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

Download N.S.E Announcement
   
  16-MAY-2014 ::  Annual Report 2013.
  Annual Report 2013

Download N.S.E Announcement
   
  30-APR-2014 ::  Statement of profit or loss & other comprehensive income for the year ended 31st December 2013
  Statement of profit or loss & other comprehensive income for the year ended 31st December 2013

Download N.S.E Announcement
   
 
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