Bear Market Pushes Britam Into Ksh 1.2 Billion Loss but Dividend declared

Nairobi Securities Exchange listed diversified Financial Services group, Britam Holdings has reported a loss before Tax of Ksh 1.2 Billion compared to Ksh 3.2 Billion reported the previous period.

The Bear run at the Nairobi bourse impacted Britam’s fair value of its financial assets by loss of Ksh 2.8 Billion compared to a gain of Ksh 4.1 Billion posted in 2014. The bear market at the NSE has seen most of the listed insurance companies post massive drop in earnings as most of their wealth is held in the stock market in form of equities.

Highlights

Gross Premium & Fund Management revenue increased by 38% to Ksh 20.3 Billion compared to Ksh 14.7 Billion reported in 2014. This was driven by;

•Gross Premiums Revenue which grew by 40% to Ksh 19.6 Billion compared to the previous period’s Ksh 14 Billion.
•Asset Management revenue grew by a mere 3% to Ksh 719 Million against 2014’s 696 Million.
•Realized Investment income( Dividend & interest) and income from investment in properties increased by 31% to Ksh 4.6 Billion compared to Ksh 3.5 Billion reported the previous period.
•Britam’s asset base increased by 7.7% to Ksh 77.6 Billion Compared to 2014’s Ksh 72.5 Billion.
•Assets under Britam’s management increased by 66% to Ksh 90.5 Billion against 2014’s 54.5 Billion.
•Britam’s total liabilities now stands at Ksh 60 Billion compared to the previous period’s Ksh 51 Billion.