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Côte d'Ivoire: Politics Delay Kenya Re Plans
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The Nation (Nairobi)
4 July 2008
Posted to the web 4 July 2008
Joseph Bonyo
Nairobi
Political instability in Cote d'Ivoire is delaying the planned entry of giant reinsurance corporation, Kenya Re, into the Francophone market, a manager has said.
Mrs Eunice Mbogo, Kenya Re managing director, said the reinsurer had made the necessary preparations to venture into the Western African market but is watching political developments before moving in.
"We have made several visits to the country and have also met the commissioner in charge of insurance in that country but the political situation is still holding us back," said Mrs Mbogo during the Kenya Re annual general meeting in Nairobi on Thursday.
The reinsurer, in an effort to expand its services and attract more business, had planned to set foot into the West African market and had already recruited a French underwriter to spearhead the process.
The expansion plan is expected to cost Kenya Re Sh10 million and will involve the establishment of satellite offices in selected countries in the region. Despite the setbacks, it hopes to have finalised this programme by the end of the year.
Apart from the West African region, the corporation has secured business opportunities in Rwanda, Burundi, Senegal and Madagascar as part of its expansion strategy.
"Kenya Re continues to seize opportunities and addresses the challenges to strengthen its position as a market leader not only in Kenya, but around the continent," said the board chairperson, Mrs Nelius Kariuki.
Addressing the media after the company's annual general meeting at Kasarani Sports Complex, Mrs Mbogo said that they had invested Sh26 million in information technology to enhance efficiency in operations.
"A large part of this amount has been dedicated to a computerised financial system that will be able to enhance control and efficiency in the operations of the company," said Mrs Mbogo.
First meeting
Kenya Re was holding its first AGM since listing at the Nairobi Stock Exchange in August last year.
Previously, wholly owned by the government of Kenya, the State's shareholding has now been reduced by 40 per cent following its share sale.
The company in its financial year ended December 31, recorded a 22 per cent increase in pre-tax profit to Sh966 million up from Sh729 million recorded in the same period in 2006.
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As a result, shareholders will be paid a 35 cents dividend per share held on the boards recommendation.
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