NAIROBI, Kenya March 30-Britam Holdings has posted a profit of Sh1 billion for the financial year that ended 31 December 2021, a significant improvement compared to a loss of Sh9.7 billion reported in the previous financial year.
The improved performance was supported by growth in premiums in the Group’s local and regional insurance businesses and investment income from its investments as well as an improved operating environment that favored the business resulting in fair value gains from its listed equities portfolio.
Commenting on the financial results, Britam’s Group Chairman Kuria Muchiru said “the initiatives made so far in the implementation of the new transformational strategy coupled with an improving operating environment are already delivering good results in terms of revenue growth and stabilization of financial performance.”
The Group reported Gross Earned Premiums and Fund Management fees of Sh32.5 billion while regional businesses recorded a total gross earned premium of Sh8.1 billion.
Further, the Group’s investment income in the year Sh10.9 billion, representing a significant 15.7 percent growth compared to Kshs 9.4 billion recorded in the previous financial year.
The Board of Directors, however, did not recommend the payment of a dividend for the year.
Currently, Britam is leveraging on strategic partnerships to drive scale, grow its customer base and increase access to insurance services. Some of the firms it has partnered with are Cellulant, Koa, and Bismart in the Kenyan market.
