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Britam Holdings has recorded a Kes 1.69 billion net profit for the full year ending December 2022 compared to Kes72 million recorded in the same period in 2021.
The Group attributed the growth to top-line revenue as well as operating efficiency and cost management initiatives.
Britam’s Group MD & CEO Tom Gitogo said the Group’s gross earned premiums and fund management fees of Kes33.4 billion, a 2.7 per cent growth from Kes32.5 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,” he said.
Despite the higher premiums, total income decreased by 5% to Kers38.2 billion because to losses on financial assets of Kes3.93 billion, compared to a gain of Kes1.8 billion recorded the year before.
The regional general insurance operations, which provided 23% of the total gross earned premiums for the Group, continued to support revenue and profitability.
The Group's interest and dividend income for the year totalled Kes13.0 billion, a notable increase of 19.6% from Kes10.9 billion in the prior fiscal year.
Business expansion and a change in the Group's investment strategy, with a greater emphasis on stabilising and increasing yields from its investment portfolio, continued to be the main drivers of the growth in investment income.
Despite the improved performance, the firm’s Board of Directors did not recommend the payment of a dividend for the year ending 31 December 2022.
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