Britam Holdings Plc has posted a KSh 3.3 billion net profit for the year ended 31 December 2023, from the KSh 1.7 billion recorded in the previous financial year ended 31 December 2022.
- •The Group’s insurance revenue increased to KSh 36.4 billion, a 41% increase from KSh 25.8 billion in 2022.
- •Net investment income grew to KSh 11.61 billion from KSh 11.32 billion in 2022.
- •Total equity increased to KSh 25.69 billion from KSh 22.16 billion in 2022.
“We are confident of the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and in the region. The business continues to grow its revenues while operating costs grow at a lower rate than the topline growth.” Britam’s Group MD & CEO Mr. Tom Gitogo said.
The Group’s total insurance revenue and fund management fees increased by 40 per cent to KSh 37.1 billion from KSh 26.4 billion in 2022. Of this amount, the international businesses generated KSh 10.6 billion, accounting for 29 per cent of the total insurance business revenue.
Kenya businesses delivered a pre-tax profit of KSh 3.4 billion while the regional businesses contributed KSh 1.4 billion to the Group’s pre-tax profit, accounting for 29 per cent.
However, performance was negatively impacted by doubling of fair value losses from fixed income securities from KSh 2.3 billion to KSh 4.6 billion.
The Board of Directors did not recommend the payment of dividends for the year ended 31 December 2023.
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