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Britam Holdings has announced a 193 per cent pre-tax profit Sh2.38 billion for the half-year period ending June 30, 2023 almost tripling the Sh812 million recorded last year.

Britam’s Group Managing Director and CEO Tom Gitogo (picvt attributed the results to a sustained growth in gross earned premiums and fund management fees which went up by 31 per cent to Sh20.7 billion.

In the period under review, insurance services revenue was up 34 per cent to Sh16.6 billion, with the group registering strong growth in interest, dividend and rent income which was up 28 per cent to Sh7.1 billion.

“We are confident of the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and in the region. The business continues to grow its revenues while operating costs grow at a lower rate than the topline growth,” Gitogo said.

The group’s regional general insurance businesses contribution of 23 per cent to the group’s gross earned premiums. Gitogo said as of June 30, 2023, the total shareholders’ equity was up 10 per cent to Sh23.5 billion, reflecting the improved results.

He said with slightly over two years remaining in the 2021-2025 strategic plan, the positive trajectory in Britam’s operational and financial performance makes the company optimistic about fully realizing the strategic goals that were set.

“This is expected to unlock the group’s potential and deliver value to its shareholders and all its key stakeholders,” Gitogo said.

The directors, however, did not recommend payment of an interim dividend for the half-year period.
Britam Holdings posted the first profit from its property investments in the last four years after the occupancy of its 32-storey tower in Upper Hill hit 94 percent.

The group’s latest annual report covering the financial year ended December 2022 shows Britam’s net profit from investment property hit Sh643 million compared with a Sh206 loss in the previous year.
The Sh643 million profit, the first since Sh507.2 million in 2018, came in the period Britam Tower’s occupancy levels rose from 86 percent to 94 percent as economic activities continued to recover from Covid-19 disruptions.

Located in the upmarket Upper Hill area, the ultra-modern tower has a total lettable space of 350,000 square feet with 1,000 parking bays and targets clients such as diplomatic missions, multinationals, private companies and financial institutions.