Britam has recorded a Kes370.8 million net profit increase to Kes 2 billion in the six months to June this year compared to Kes 1.64 billion during a similar period last year.
The insurer has attributed the performance to enhanced insurance and investment activity revenue.
Britam's insurance revenue rose to Kes 17.8 billion, reflecting a 7 percent increase from Kes 16.6 billion in the same period last year, attributed to its Kenyan insurance operation and regional general insurance business.
During the first half of 2024, Britam’s Kenyan insurance operations generated Kes 12.5 billion in revenue, while regional insurance businesses contributed Kes 5.3 billion, accounting for 30 percent of the total insurance revenue.
Britam CEO Tom Gitogo highlighted the company’s positive trajectory, attributing the growth to strategic initiatives and efficient cost management.
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“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.”
Additionally, Britam reported a 150 percent surge in investment income, reaching Kes13.3 billion, up from Kes 5.3 billion in the same period last year, attributed to the realignment of the group’s investment portfolio, which aims to enhance and stabilize returns.
