Britam Reports 18% Increase in Pre-Tax Profit for First Half of 2024

Britam has reported an impressive 18 percent rise in its pre-tax profit, reaching Sh2.8 billion for the first half of 2024.

This marks a significant improvement from the previous year’s performance, driven by stronger revenues in both insurance and investment activities.

The insurer’s total insurance revenue climbed to Sh17.8 billion, a 7 percent increase from Sh16.6 billion in the same period last year.

Britam attributes this growth to the expansion of its Kenyan insurance operations and the robust performance of its regional general insurance business.

Britam’s Kenyan insurance operations were a key contributor, generating Sh12.5 billion in revenue during the first half of 2024.

Meanwhile, its regional insurance businesses contributed Sh5.3 billion, accounting for 30 percent of the total insurance revenue.

Tom Gitogo, CEO of Britam, expressed confidence in the company’s positive trajectory, crediting 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.

Britam also recorded a remarkable 150 percent surge in investment income, which soared to Sh13.3 billion, up from Sh5.3 billion in the same period last year.

This increase is attributed to the realignment of the Group’s investment portfolio, aimed at enhancing and stabilizing returns.