Kenya Re stock: AM Best affirms ratings for Kenya Re stock

Published on 10/22/2026 at 03:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

AM Best affirmed Kenya Re's B and bb+ ratings on October 20, 2026 with a stable outlook. Kenya Re stock posted KES 2.25 billion profit, up 42.8 percent in the first half.

Credit quality and earnings

AM Best affirmed B and bb+ ratings for Kenya Re on October 20, 2026.
First-half 2026 profit rose 42.8 percent to KES 2.25 billion.
Kenya Re's market capitalization stood at KES 23.1 billion on October 21, 2026.

KNRE, KE0000000604, Illustration mit AI erstellt.

Kenya Reinsurance Corporation has retained B and bb+ credit ratings from AM Best, giving Kenya Re stock a fresh risk-assessment catalyst dated October 20, 2026. The agency kept the outlook stable while pointing to strong capital support and weaknesses in risk management, according to AM Best.

Ratings test the balance sheet

AM Best said Kenya Re's risk-adjusted capitalization was at its strongest level at year-end 2025. The agency also highlighted that 90 percent of invested assets are located in Kenya, leaving the reinsurer exposed to economic, political and financial-system risks in its core market.

The rating assessment also identified a net/net combined ratio of 110.6 percent for 2025, reflecting deterioration partly linked to receivable impairments. That figure matters because investment income continues to support earnings while underwriting performance remains uneven.

What do the earnings show?

Kenya Re's first-half 2026 profit after tax rose 42.8 percent to KES 2.25 billion, while insurance revenue increased 14 percent to KES 9.4 billion in the six months ended June 30, 2026. The insurance service result climbed more than fourfold to KES 1.25 billion, according to Kenya Minute, which cited Citizen Digital.

Three dated company developments

On August 23, 2026, Kenya Re reported first-half profit of KES 2.25 billion, up 42.8 percent. On October 6, 2026, the High Court struck out a minority-shareholder petition over the June 19 board election, as Business Daily reported. On October 20, 2026, AM Best affirmed the B and bb+ ratings with a stable outlook.

Next dated milestone

Kenya Re's foundation is expected to recruit its first scholarship cohort in February 2027 after the company committed KES 78.47 million on October 2, 2026, according to Kenya Minute. The initiative covers at least 10 orphaned students annually and adds a defined social-investment commitment to the company's operating profile.

Market value and business reach

Kenya Re's market capitalization stood at KES 23.1 billion on October 21, 2026, with a 52-week range of KES 2.86 to KES 4.93. The Nairobi Securities Exchange-listed reinsurer serves more than 482 companies across more than 84 countries, while its government shareholder owns 60 percent, according to Business Daily.

Kenya Reinsurance Corporation was established in 1970 and began business in 1971. Its activities cover property and casualty, life and health, and retakaful services across Africa and other international markets, according to the Kenya Reinsurance Corporation.

Credit quality remains the key variable

The combination of a 42.8 percent first-half profit increase and AM Best's stable outlook gives Kenya Re a stronger earnings narrative, but the 110.6 percent 2025 combined ratio and governance concerns keep execution central to the investment case.

Kenya Re operates on the Nairobi Securities Exchange under ticker KNRE. The company provides reinsurance services to insurance companies and has regional offices in Abidjan, Lusaka and Kampala.