This archive report was first published on 24 August 2019.
Published on August 24, 2019, Britam Holdings' financial reports reveal a notable improvement in the firm's financial health in the six months leading up to June 2019.
The company's pretax profit recorded a remarkable 78% growth, reaching KSh2.4 billion in the first half of 2019, compared to KSh1.4 billion posted in June 2018.
Britam's life assurance business also experienced a 3% growth in earned premiums, solidifying the company's position among market leaders.
As of the first half-year, the embedded value increased to KSh14.9 billion, indicating a return of 11.9%.
Additionally, the group's total assets grew by 10% in the first six months of the year, increasing from KSh103.6 billion as of December 2018 to KSh113.8 billion at the end of June 2019.
International insurance businesses contributed 19% to the group's topline, further cementing Britam's regional expansion drive.
During the six months, shareholder's funds increased to KSh25.7 billion, representing an 8% growth from December 2018.
Britam's asset management business also experienced growth, with assets under management reaching KSh172.7 billion.
Despite the improved performance, Britam's board did not recommend payment of an interim dividend.
