An analysis of Britam Holdings financial reports shows the firm has improved its financial health in the six months to June 2019.
Britam recorded a 78% growth in pretax profit to reach KSh2.4 billion in the first half of 2019 compared to KSh1.4 billion posted in June 2018.
Life assurance recorded earned premium growth of 3 percent making Britam among the market leaders. As at the first half-year, the embedded value increased to KSh14.9 billion indicating a return of 11.9 percent.
In addition, the group saw total assets grow by 10% in the first six months of the year from KSh103.6 billion as of December 2018 to KSh113.8 billion at the end of June 2019.
International insurance businesses contributed 19 percent of the group’s topline cementing Britam’s regional expansion drive.
During the six months, shareholder’s funds increased to KSh25.7 billion an 8% growth from December 2018. Furthermore, Britam recorded growth in its asset management business with assets under management reaching KSh172.7 billion.
Despite the improved performance, Britam’s board did not recommend payment of an interim dividend.