Insurer and financial service provider Britam has announced a Sh370.8 million profit after tax rise to Sh2 billion in the six months to June this year, up from Sh1.64 billion during a similar period last year.
The improved performance was buoyed by enhanced revenue from both insurance and investment activities.
For example, the insurer’s insurance revenue saw a rise to Sh17.8 billion, reflecting a 7 percent increase from Sh16.6 billion in the same period last year.
Britam adds that expansion of its Kenyan insurance operations and its regional general insurance business also contributed to the profit expansion.
During the first half of 2024, Britam’s Kenyan insurance operations generated Sh12.5 billion in revenue.
In contrast, its regional insurance businesses contributed Sh5.3 billion, accounting for 30 percent of the total insurance revenue.
Its CEO, Tom Gitogo, highlighted the company’s positive trajectory, attributing the growth to strategic initiatives and efficient cost management.
“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 said.
In addition to the increase in insurance revenue, Britam reported a 150 percent surge in investment income, reaching Sh13.3 billion, up from Sh5.3 billion in the same period last year, driven by the realignment of the group’s investment portfolio, which aims to enhance and stabilize returns.
