This archive report was first published on 21 August 2020.
On August 21, 2020, Britam Holdings reported a half-year loss, largely due to the decline in share values at the Nairobi Securities Exchange (NSE).
The company's shares at the Nairobi bourse lost Sh3.2 billion in value during the six months to June, compared to a gain of Sh2.5 billion in the same period a year earlier.
Britam managing director Benson Wairegi attributed the loss to the plunge in shares at the NSE in the wake of Covid-19, which saw the value of shares at the NSE drop by Sh435 billion in the six months to June.
"This reflects the significant adverse impact of Covid-19 on the operating environment, particularly on the equities and property investments," said Mr Wairegi.
Despite the loss, Britam's fundamentals remain strong, and the company is on track to execute its strategy. The group's performance outlook is positive, especially with an improved operating environment.
Insurance is seen as a growth area in Kenya, where less than 10 percent of the population has any form of cover. Britam's international general insurance business recorded a 34 percent increase in premium, contributing to the company's growth.
