This archive report was first published on 11 May 2021.
Kenya Reinsurance Corporation, one of the largest reinsurance companies in Eastern and Central Africa, has delayed the release of its full year financial results for the year ending 31st December 2020.
The delay, which affects five listed companies on the Nairobi Securities Exchange, is attributed to a change in the company's valuation method, as recommended by the Insurance Regulatory Authority of Kenya.
According to the Capital Markets Authority, all listed companies are required to release their audited full-year financial results within four months after the end of the financial year.
Kenya Re's financial year ended on 31st December 2020, and it was expected to publish audited results by 30th April 2021. However, the company received approval from the Capital Markets Authority to delay publishing its results.
Investors have raised concerns about the growing trend of delaying the release of financial results, citing that it erodes investors' confidence in the NSE.
Kenya Re has assured that it is making every effort to ensure the results are released before 31st May 2021.
As reported earlier, Kenya Re's half-year net profit rose to KSh 1.6 billion.
