NAIROBI, Kenya, March 29 – Britam Holdings has posted a Sh1.69 billion net profit for the full year ending December 2022, this is a major improvement from the Sh72million posted in 2021.
The improved performance is attributable to growth in top-line revenue as well as operating efficiency and cost management initiatives.
The Group reported gross earned premiums and fund management fees of Sh33.4 billion, a 2.7 per cent growth from Sh32.5 billion recorded in the previous financial year.
“We are pleased with the growth trajectory of our business in Kenya and in the region following our focus on improving customer experience and strategic partnerships” said Britam’s Group MD & CEO Tom Gitogo.
Despite the higher premiums, total income dropped by 5 per cent to Sh38.2 billion due to Sh3.93 billion losses on financial assets compared with the Sh1.8 billion gain that was booked in the previous year.
The regional general insurance businesses continued to support both revenue and profitability and contributed 23 percent of the Group’s total gross earned premiums.
The Group’s interest and dividend income in the year was Sh13.0 billion, representing a significant 19.6 per cent growth compared to Sh10.9 billion recorded in the previous financial year.
The growth in investment income continued to be driven by business growth and shifting of the Group’s investment strategy with an increased focus on stabilizing and growing yields from its investment portfolio.
Despite the improved performance, the firm’s Board of Directors did not recommend the payment of a dividend for the year ended 31 December 2022.
