Britam, a prominent player in the insurance and financial services sector, has recorded a notable increase in profit after tax, reporting Sh2 billion for the first half of 2024.
This figure marks a 22 per cent rise from the Sh1.64 billion posted during the same period last year, showcasing the company's robust growth trajectory.
The company's impressive performance is attributed to a significant boost in both its insurance and investment revenues. Insurance revenue climbed by 7 per cent, reaching Sh17.8 billion, compared to Sh16.6 billion in the previous year’s first half.
Britam has highlighted the expansion of its Kenyan insurance operations and the growth of its regional general insurance business as key contributors to this financial upturn.
Specifically, Britam’s Kenyan insurance operations generated Sh12.5 billion in revenue during the first six months of 2024.
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In comparison, its regional insurance businesses contributed Sh5.3 billion, representing 30 per cent of the total insurance revenue.
This regional contribution underscores Britam's growing influence beyond its home market.
The surge in Britam’s investment income was even more remarkable, with a 150 per cent increase to Sh13.3 billion, up from Sh5.3 billion in the same period last year.
This significant rise was driven by a strategic realignment of the group’s investment portfolio, aimed at enhancing and stabilising returns.
Britam’s Chief Executive Officer, Tom Gitogo, expressed optimism about the company’s future, citing effective cost management and strategic initiatives as key drivers of its success.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” he stated.
As Britam continues to build on this momentum, its strategic efforts to bolster both insurance and investment activities are expected to sustain the company’s positive growth trajectory in the coming months.
