Britam Holdings has announced an 18% increase in pre-tax profit for the first half of 2024, reaching KES 2.8 billion, up from KES 2.4 billion in the same period last year. This growth, driven by robust performance across insurance and investment sectors, highlights the company’s strategic shifts and operational efficiencies.
For the six months ending June 30, 2024, Britam’s insurance operations in Kenya generated KES 12.5 billion in revenue. The company’s regional insurance ventures contributed KES 5.3 billion, accounting for 30% of the total insurance revenue and reinforcing Britam’s focus on geographical diversification.
“Our investment income surged 150% to KES 13.3 billion, compared to KES 5.3 billion in the same period in 2023,” said Charles Njuguna, Finance and Strategy Director. “This substantial increase is attributed to the realignment of our investment portfolio, which has been key to enhancing and stabilizing our yields. We maintained our underlying operating expenses ratio at 30%, consistent with the previous year.”
Britam’s total insurance revenue climbed to KES 17.8 billion, a 7% rise from KES 16.6 billion recorded in the first half of 2023. This revenue growth was propelled by the expansion of both the Kenyan insurance business and regional general insurance operations.
“From the financial performance we shall be presenting, it is clear to see that our 5-year strategy dubbed EPIC2 is working,” stated Tom Gitogo, Group Managing Director and CEO. “The progress made in insurance revenue and investment income underscores the effectiveness of our strategic initiatives and operational focus.”
