Mr Peter Munga. FILE PHOTO | NMG Businessman Peter Munga is challenging the findings of a Mauritian commission of inquiry whose report said he bought 452.5 million shares of Britam Holdings in a deal that left the island nation with a Sh3.9 billion loss. Mr Munga said the transaction was a willing-seller-willing-buyer deal and disowned […]
Tag: britam holdings
CEOs lose bonuses amid Covid fallout
Stanchart chief executive Kariuki Ngari (left), NCBA boss John Gachora (centre) and Absa’s Jeremy Awori. FILE PHOTOS | NMG Ten Nairobi Securities Exchange-listed firms cut their executive bonuses by Sh284 million last year in the wake of reduced profitability that was largely caused by the economic fallout from the Covid-19 pandemic. KCB , Absa Bank […]
Britam offloads Sh852m stake in Equity Bank
Britam Holdings group managing director Tavaziva Madzinga. PHOTO | DIANA NGILA | NMG Insurance group Britam has sold an additional 20.1 million shares of Equity Group with a market value of Sh852 million, cutting its ownership in the country’s most profitable lender to a new low of 6.77 per cent in the year ended December. […]
Britam registers Ksh. 9.1 Billion net loss for the year ended 31st December 2020
Britam Holdings has reported a net loss of Ksh. 9.1 billion for the financial year ended 31st December 2020. The financial services provider firm attributes this depressed financial performance to poor returns from investments in its associate Housing Finance Group and investment losses in Wealth Management Fund. Investment losses in Wealth Management Fund LLP amounted […]
Kenya: Britam Posts Record Sh9bn Full Year Loss
Britam has sunk into a record Sh9.1 billion net loss for the year ended December 2020 on poor performance of its asset management arm. The loss is Britam’s second in three years; the company posted a Sh2.2 billion loss in 2018. The latest loss comes just a year after the company made a record Sh3.5 […]
Dr. Benson Wairegi to exit the Britam Board on 28th May, 2021
Britam Group has announced that Dr. Benson Wairegi is set to step down from the Board of Britam Holdings on 28th May this year, after serving in the company for more than four decades. The announcement comes barely four months after he retired from the role of Group Managing Director on 31st January, 2021 . […]
Britam posts record loss of Sh9bn after asset division hit
Britam Asset Managers chief executive Kenneth Kaniu. FILE PHOTO | NMG Britam Holdings reported a record net loss of Sh9.1 billion in the year ended December when its asset management division underperformed. The insurer had made a net profit of Sh3.5 billion a year earlier. The performance saw the company suspend dividend payouts, having made […]
Britam targets acquisitions in Africa expansion plans
Britam Holdings #ticker:BRIT plans to expand into new markets, including through acquisitions, as part of its growth strategy. The insurer operates asset management, pension management, life and general insurance businesses in seven countries — Kenya, Uganda, South Sudan, Rwanda, Tanzania, Mozambique and Malawi. “We do have ambitions to expand beyond our current footprint. We will […]
Kenya: Corporates Plunge Into Losses in Excess of Sh60 Billion
It was a terrible last week for chief executive officers of listed companies some having to pose before cameras to reveal losses in billions of shillings offering a glimpse into the gravity of Covid-19 on corporate Kenya. As companies rushed to beat the April 30 reporting deadline, it emerged that corporate Kenya has booked losses […]
Britam adopts leaner executive structure
Britam MD Tavaziva Madzinga Britam Holdings has announced a new executive team that it says will deliver enhanced service to its customers and position the company for long-term growth. The team will comprise 11 directors after nine positions were dropped. Group Managing Director Tavaziva Madzinga said the new structure promotes diversity and aims to build […]
