Britam Holdings announced a 22.6% increase in net profit for the first half of 2024, driven primarily by growth in investment income.
Its net profit rose to KSh2 billion in the six months to June, up from Sh1.64 billion during a similar period last year.
Net Investment Income surged by 150.0% to KSh 13.3 billion. Insurance revenue increased by 7.4% to KSh 17.8 billion.
Insurance expenses increased by 14.6% to KSh 13.6 billion. Total assets grew by 12.7% to KSh 188.8 billion.
Total liabilities increased by 12.8% to KSh 162.5 billion. Total Equity increased by 13.0% to KSh 26.3 billion.
Britam H1’2024 Financial Performance
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Britam Holdings Income Statement |
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| Item (All figures in Bns) | H1’2023 | H1’2024 | y/y change |
| Insurance Revenue | 16.6 | 17.8 | 7.4% |
| Insurance service expenses | 11.8 | 13.6 | 14.6% |
| Net Insurance Income | 1.9 | 2.1 | 10.8% |
| Net Investment Income | 5.3 | 13.3 | 150.0% |
| Net Insurance and Finance expenses | 4.7 | 12.3 | 161.2% |
| Other Income | 0.3 | 0.6 | 75.7% |
| Other operating expenses | 0.8 | 1.2 | 50.1% |
| Profit Before Tax | 2.4 | 2.8 | 18.0% |
| Profit After Tax | 1.6 | 2.0 | 22.6% |
“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,” CEO, Tom Gitogo said.
The Board of Directors declined to declare a dividend for the fourth consecutive year, citing the need to conserve capital.
