Britam Holdings Plc recorded a rise in half-year net profit to KSh 1.6 billion at the close of the six-month period ended 30th June 2023 from KSh 377.9 million in HY 2022, an increase of 300%. Britam also posted a surge in pre-tax profit to KSh 2.4 billion in the six-month period to 30 June 2023. This is a significant improvement compared with KSh 812 million recorded in the same six-month period in 2022.
Total insurance revenue of the listed underwriter in the six-month period was up 34% to KSh 16.6 billion compared to KSh 12.4 billion in the same six-month period in 2022.
Britam’s International general insurance businesses continue to contribute to the Group’s revenues and profitability. The businesses generated 27% of the Group’s total insurance revenue. The underwriting experience is mainly driven by better performance from the motor business and continued strong performance from our life insurance business.
The growth in interest and dividend income was 27% to KSh 6.8 billion compared to KSh 5.4 billion recorded in the same period of 2022 was driven by growth in revenues and the ongoing re-alignment of investments portfolio to grow and stabilize yields.
Britam recorded a 22% decline in net fair value losses from equities and government securities to KSh 1.8 billion compared to KSh 2.3 billion recorded as of June 30th, 2022.
The total shareholders’ equity as of 30 June 2023 stood at KSh 23.5 billion, an increase of 10% from KSh 21.4 billion as of 31 December 2022 reflecting the improved financial performance in the six-month period.
The Board of Directors does not recommend the payment of an interim dividend for the half-year period ending 30 June 2023.