Britam Holdings Limited has posted a Ksh. 2.4 billion pre-tax profit in the first six months of the year up from Ksh. 1.4 billion registered in a similar period last year translating to a 78 percent growth in profit.
The diversified financial group has attributed the improved performance to increase in returns from investments and improved underwriting performance which has augmented the firm’s asset base. The Group investment assets grew by 11 percent with fixed income contributing 46 percent of total assets up from 35 percent in 2018.
The firm’s international insurance business similarly contributed 19 per cent of the Group’s insurance revenue in the period under review, up from 16 percent in June 2018, boosting profitably for the Group in line with the group’s strategic objective that seeks to ensure that the international business segment contributes 20 percent of group insurance revenue.
“The Group’s asset base has increased by 10 percent to Sh113.8 billion from Sh103.7 billion in December 2018, while shareholders’ funds have increased to Sh25.7 billion, an eight percent growth from 31 December 2018,” Britam Group Managing Director Dr. Benson Wairegi said in an official statement.
Dr. Wairegi similarly insisted that the Group would continue investing in real estate despite the harsh operating environment that has crippled the sector in recent years.
“We have reviewed our property strategy to extend our property offerings to third party clients. We will offer property management, development management and property asset management, through our Asset Management Company. To enhance shareholder returns, our focus will be on property development through own funds or joint ventures. Thus, our property investment looks to develop, dispose and rent out our property portfolio based on specific business cases,” Dr. Wairegi added.