British American Insurance Company (BRITAM), a leading insurance underwriter, made a profit of KSh 3.5 Billion from a loss of KSh 2.2 Billion at the end of the financial year closing on 31st December 2019.
Net earned revenue increased from KSh 21.7 Billion to KSh 23.6 Billion while total commissions earned increased from KSh 857.4 Million to KSh 999.9 Million.
Pre-tax profit increased to KSh 4.6 Billion from a loss of KSh 2.3 billion. The Balance Sheet size increased to KSh 125.2 Billion from KSh 103.7 Billion.
With subsidiaries in Uganda, Tanzania, Rwanda, South Sudan, Malawi and Mozambique, Britam’s shareholders’ funds increased to KSh 29.3 Billion from KSh 23.9 Billion. Comprehensive income grew to KSh 5.4 Billion from a loss position of KSh 2.2 Billion.
Shareholders’ funds increased to KSh 29.3 Billion from KSh 23.9 Billion recorded the previous financial year.
Gross earned premiums rose 12 per cent while the value of Britam’s life insurance business increased to KSh 16.9 Billion.
The assets under management achieved an accelerated growth of 55 per cent to KSh 227.0 billion during the period under consideration.
In its outlook, Directors of Britam mention that 2020 presents a challenging macro environment. There are a number of key global and regional risks that affect the Group including COVID – 19, locusts’ invasion and a decline in the stock market performance.
“We are optimistic that there will be concerted effort to mitigate the effects of these adverse developments to the economies and the world at large,” says the company’s board in a statement.