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Report: Kenya Reinsurance launches unit in Zambia

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Report: Kenya Reinsurance launches unit in Zambia

KenyaReinsurance Corp. Ltd. launched a unit in Zambia's capital Lusakathat will serve as its regional hub for southern Africa, Business Daily Africa reported March 30.

The launch in December 2015 forms part of the company'splans to reduce its dependence on its domestic market by expanding intocountries such as Botswana, Lesotho, Namibia, South Africa and Swaziland, theKenyan newspaper said. It added that Kenya Re has one othersubsidiary outside its home market, in Abidjan, Ivory Coast.

On March 30, Kenya Re reported full-year 2015 earnings of3.55 billion shillings, up from 3.14 billion shillings in 2014. The bank'sboard proposed a dividend of 0.75 shillings per share, up from 0.70 shillingsper share a year earlier.

As of March 30, US$1was equivalent to 101.40 Kenyan shillings.