After the tough 2018, we are headed into a not so easy 2019.

KenyaRe did not have a stellar 2018 but I think the seeds for slow and steady growth have been planted. It will NOT be linear growth.

I have started analyzing the results. The NSE sent out the Financial Statements. Check the KenyaRe website for more information.

Price (29 Mar 2019): 11/-
EPS FY2018 (including FV Gains): 3.25
NAV/Share (31st Dec 2019): 40.53
Div FY 2018: 0.45/share (4% DY)
GoK: 60% (420mn of 700mn shares)

I want to focus on 2019-2023 as we progress through the years.

I have my concerns given GoK's 60% ownership which we saw playing out during the Boardroom Wars. Not good for KenyaRe's reputation.

This remains my only significant GoK-controlled investment. A core investment.

I don't care much for FV gains as part of the P&L but I am also cognizant that
(Re)Insurance firms make money off their investments and not the underwriting.

IFRS 17 kicks in in 2021. KenyaRe may need to take non-cash provisions for bad debts, potential bad debts, potential payouts/claims, etc.

Finally, given KenyaRe's cash position, upcoming elections, fraud and unforeseen disasters, there is a substantial element of risk.

In due course, I may choose to make this my "Bus" but there's stiff competition from Centum.

I have an aversion to GoK-controlled firms so I need to be sure whether KenyaRe makes sense for me but the low P/BV, low PER, cash/share and Mwarania in charge are pluses.

GoK ownership, competition (the mandatory cessation expires in 2020) and Boardroom wrangles don't inspire confidence.

Many have asked me "What next?" after KK was done and dusted. Well, let's start analyzing KenyaRe.

Unaona venye wazee uchambua stocks,a purely cerebral approach,no phrases like "i think,i feel,i hope"...when they hit the jackpot,it's casually dismissed as luck.To the up and coming traders,take notes.

I wish you could share your analysis of Centum. To be honest i have not really looked at it but worry about Centum after DJ CK, Sidian Bank Losses, are they attempting to do too many things , is real estate not going to a slow down, debts? The question of heavy bonuses for management

@VVS, I sense that you are disillusioned at the moment. Dont overthink stuff. We dont have the answers that you seek. Its impossible to predict stock performance especially over the long term. This idea of tier 1, tier 2, tier 3 is really nonsense. It is a psychological attempt at justifying the outcomes to yourself.

i think this is a good idea to avoid investing blindly
or over investing in one share, i used to such mistake before i also decided to classify my potfolio although i use different term- (major minor and speculitave)
in this case i dont find myself over investing in illiquid stock and then having trouble selling

Kids nowadays have absolutely no respect for their elders.

Mpaka mitoto ya diapers inataka kukufunza kufunga zip!!!

Tier 1 simply means "core" as in I am heavily invested. No more than 5 stocks which comprise 70-80% of the assets.
Tier 2 combined is 15-20%
Tier 3 are teeny positions I have. Many are historical or speculative. Money I can afford to lose without losing any sleep. Combined less than 5%.

You said: "Its impossible to predict stock performance especially over the long term."
Buffett quotes his mentor, Ben Graham: “In the short run, the market is a voting machine but in the long run it is a weighing machine.”

Lucky you to be liquid from KK when there are so many bargains.

I think most (listed) insurance firms have released their results. Has Jubilee released its results?

KenyaRe is among the best performers given many have experienced losses and not just a reduction in profitability.

Of course, there are differences between insurance firms and re-insurance firms coupled with the "favorite son" treatment with the mandatory cessions.

The fundamentals of this one are very very ideal. I especially like the >25% earnings and a PE of sub-4. Generally, these GoK laggards(Kenya power and Kengen included) look very nice on paper but require nuts-of-steel to hold.I guess that is the price one will have to pay for the windfall one day.