Britam Holdings Plc has posted a 52% growth in pre-tax profit to Ksh 7.3 billion for the financial year ended December 31, 2024, up from Ksh 4.8 billion in 2023. The strong performance was driven by robust insurance revenue, higher investment returns, and operational efficiencies.
The Group’s insurance revenue rose by 3% to Ksh 37.6 billion from Ksh 36.4 billion, supported by both its Kenyan and regional insurance businesses. Notably, the regional general insurance segment contributed 27% (Ksh 10.3 billion) to the total insurance revenue, underscoring Britam’s commitment to geographical diversification.
Investment and Financial Performance
Britam’s investment strategy yielded remarkable results, with net investment income surging 163% to Ksh 30.6 billion. This substantial growth reinforced the Group’s focus on optimizing returns while maintaining a strong financial position. The company’s total equity grew from Ksh 25.69 billion to Ksh 29.46 billion, further solidifying its financial stability.
CEO’s Statement
Commenting on the performance, Britam Group MD & CEO, Tom Gitogo, stated:
“Our strong performance in 2024 reflects our strategic focus on profitable growth, operational efficiency, and investment optimization. The execution of our EPIC² strategy continues to drive value for our shareholders while reinforcing Britam’s position as a leading financial services provider in the region.”
Britam is in the fourth year of its 2021-2025 strategic plan, which focuses on customer-centric innovation and product diversification. The Group remains committed to expanding its customer base through digital channels and partnerships.
Sustainability remains a core focus for Britam. In 2024, the company advanced its environmental, social, and governance (ESG) commitments by:
- Publishing its Sustainability Report.
- Installing solar carports to reduce carbon emissions.
- Adopting global sustainability reporting frameworks on climate risk and nature-related financial disclosures.
- Supporting gender equality through the UN Women Empowerment Principles.
- Partnering with Davis & Shirtliff to provide solar-powered clean water solutions to 20 rural schools, benefiting nearly 30,000 people.
Expanding Insurance Access Through Microinsurance
Britam continues to enhance financial inclusion through Britam Connect, its microinsurance unit focused on underserved communities and gig workers. Leveraging technology and strategic partnerships, Britam is making insurance more accessible and relevant to everyday financial transactions.
Future Outlook
The Group remains committed to:
- Expanding its product offerings.
- Leveraging digital innovation to increase insurance penetration.
- Strengthening financial literacy initiatives.
- Enhancing sustainability and social impact efforts.
The Board of Directors has not recommended a dividend payment for the financial year 2024.
Britam’s strong financial performance and strategic initiatives position it for continued growth in the evolving financial services landscape.
