Kenya Re has issued a profit warning saying it expects profits for 2018 to decline by more than 25 percent. The re-insurance company is the fifth listed company to issue a profit warning in 2019. Other firms that have issued profit alerts are; Britam, Crown Paints, Unga Group, and East African Portland Cement.
Kenya Re said that the alert is based on their assessment of the expected results for the financial year 2018. The company attributes the expected decline to; high claims reserves, foreign exchange losses, unexpected decline in income from associates, and impairment of an asset.
In 2017, the reinsurance provider earned KSh3.77 billion after-tax profit. Based on the profit warning, the company expects itsafter tax profit for 2018 to fall below KSh2.83 billion.
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