Britam shareholders consent to Sh631m dividend payout
By Lewis Njoka, June 30, 2020
Britam Holdings shareholders will take home a final dividend of 25 cents per share for the financial year ended 31st December, 2019 after approval of the payout yesterday.
The move, made during the company’s 24th annual general meeting (AGM), means the firm will fork out Sh631 million in dividends.
Britam webnair
During the period under review, the group posted Sh4.6 billion profit before tax having managed a pretax loss of Sh2.3 billion the previous year, where no dividend was declared.
Speaking during the webnair Britam Group managing director Dr. Benson Wairegi warned that the global Covid-19 pandemic had introduced unique challenges and firms must be prepared for a slowdown in the 2020 financial year.
Technology
“We have incorporated the guidelines provided by the government and introduced necessary measures to minimise the impact of the pandemic on our stakeholders, especially our staff and customers,” he said.
Wairegi said investment in technology through project Jawabu is paying off during this time, anchoring the company’s new mode of operation, by ensuring business continuity during the quarantine period.
This investment has racked in a number of firsts in the industry with Britam Life Company being the first life company to issue electronic policies (e-policies) and to provide monthly e-statements to customers.
‘We are also the first company to enable our financial advisors to step into the 21st century with fully digital capabilities from the issuance of quotations, to customer onboarding right through to the issuance of policies.
Britam was among the first to go to market with the issuance of digital motor certificates for general insurance business.
Going forward, Dr. Wairegi said that the effects of the Covid-19 pandemic would lead to a slowdown in the 2020 financial year, as premium growth would not be as robust as expected.