Saturday, April 27, 2024

GCR Affirms Kenya Re Rating Of AA+ With Stable Outlook

Global Credit Ratings (GCR), a Johannesburg based agency, has affirmed Kenya Re’s national scale financial strength rating of AA+(KE), with the outlook accorded as stable. Global Credit Ratings (GCR) has attributed the credit ratings to Kenya Reinsurance Corporation Limited based on the strong risk capitalization and similar strength in liquidity and business profile. The rating agency rated the Corporation’s outlook as stable.

“Capitalization was assessed within the very strong range, prominently reflecting Kenya Re’s healthy liquidity as a representation of credit strength, stimulated by receivable collections following implementations of cash and carry regulations in the markets.  As such, GCR CAR was maintained reflecting a sizeable capital base relative to the growing quantum of insurance, market, and credit risks. Cash and equivalents grew by 20% to KES7.4bn at FY19 (FY18: KES6.2bn), while the majority of the investment portfolio was placed in low-risk liquidity assets (FY19: 55%; FY18: 53% of the portfolio).” stated the Global Credit Ratings Agency.

List of latest prices of land in Nairobi Metropolitan Area

Kenya Re has a strong business profile in Kenya that has helped the reinsurer achieve a sizeable domestic market share representing 47% of a well-diversified portfolio. The reinsurer’s subsidiaries in strategic locations, expansion plans into the Western and Southern African regions as well as strong management commitment on expansion endeavors has cemented the Corporation’s footprint in the reinsurance markets.

The Corporation’s Managing Director – Mr. Jadiah Mwarania, attributed the re-affirmed national scale financial rating of AA+ (KE)  and stable outlook to strong risk-adjusted capitalization, market diversification, low-risk investment portfolio, a diversified business portfolio, prudent underwriting, and effective expenses management among other factors.

Connect With Us

320,587FansLike
14,108FollowersFollow
8,436FollowersFollow
1,900SubscribersSubscribe

Latest Stories

Related Stories