Nura Kemis 
- Britam’s Pre-tax Profit Up by 18% to Ksh 2.8 Billion in Half-Year
Key highlights:
- A continued growth in insurance revenue by 7 per cent during the period to Ksh17.8 billion.
- Strong growth in investment income which was up by 150 per cent.
- Regional general insurance businesses contributed 30 per cent to the Group’s total insurance revenue.
Listed diversified financial services firm Britam has posted an 18 percent rise in pre-tax profit to hit Ksh2.8 billion for the six months ending June 30, 2024.
The strong performance, up from Ksh2.4 billion during a similar period in 2023, is attributed to top-line revenue growth from insurance and investment activities.
The Group’s insurance revenue rose to Ksh17.8 billion, reflecting 7 percent increase from Ksh16.6 billion during the same period in the previous financial year.This growth was driven by continued expansion in the Kenyan insurance business and the regional general insurance business.
During the period under review, the Kenyan insurance operations delivered insurance revenue of Ksh12.5 billion, while the regional insurance businesses contributed Ksh5.3 billion, being 30% of the total insurance revenue and remained a key pillar of the Group’s geographical diversification strategy.
Britam’s insurance businesses recorded improved underwriting performance, boosted by profitable top-line growth, the continued strong performance of the life insurance arm, and efficient claims management.
The Group’s investment income grew 150 per cent to Ksh13.3 billion, up from Ksh5.3 billion in the same period in 2023.This growth was on the back of the ongoing realignment of the Group’s investment portfolio, aimed at enhancing and stabilizing yields.
Operational efficiency remained a key focus for Britam, with the Group maintaining its underlying operating expenses ratio at 30 percent for the six-month period, consistent with the same period in 2023.
