Britam sustains profit run, posts 19.5% growth

British-American Investments Company Limited (Britam) has announced a 19.5% pretax profit growth in its 2014 Full Year results released today.

The group registered profit before tax of shs.3.7 billion up to from shs3.1 billion posted in 2013. Buoyed by the successful implementation of the group strategy which focus on regionalization,
diversification of product portfolio and operational efficiencies, Britam posted a comprehensive income of shs. 6.4 billion up from shs. 3.7 billion in 2013; representing a 74.3%

Within the year, gross earned premium and fund management fee income grew favorably, posting a 55.8% growth. Revenue for the insurance business in the Group of shs. 14.0 billion Compared to shs. 8.8 billion, a growth of 58.8%.

Regional subsidiaries contribution to revenue grew by 436.0% to shs. 1.6 billion from shs. 294.0 million
attributable to organic growth and business acquisition. They also contributed shs. 105 million to profit after tax.

Revenues from the asset management business for the year grew by 13.5% to shs. 696.1 million from shs. 613.5 million Posted in 2013. Group assets grew by 55.6% to stand at shs. 73.0 billion from shs. 46.9 billion in 2013, while off balance sheet assets under management (AUM) recorded a 50.3% growth to shs. 54.5 billion from shs.36.3 billion in 2013.

Speaking during an investors’ briefing, Britam Group Managing Director Dr. Benson Wairegi said the group had managed to sustain the high performance achieved over the last few years. “The key drivers for Britam’s growth were hinged on new business opportunities in regional growth and expansion, strategic partnerships, new product offerings, real estate investment, and opportunities in the county governments,” Dr Wairegi explained.