AM Best affirms Kenya Re's ratings

AM Best has affirmed Kenya Re's “B” (fair) Financial Strength rating and “bb+” Long-Term Credit rating. The outlook remains stable.

The rating agency noted that Kenya Re’s operating performance is satisfactory. Since implementing corrective measures in 2020, the company’s non-life portfolio has returned to technical profitability. According to AM Best, the net combined ratio, calculated under IFRS 17, improved significantly from 97.7% in 2023 to 78.1% in 2024.

Kenya Re’s overall results continue to benefit from favorable investment income.