Britam Holdings Limited (Kenya) investment income up 35% to Shs 4.9 billion in HY2021

By Published On: November 29th, 2021Categories: Corporate announcement, Earnings

Britam Holdings Limited (BRIT.ke) HY2021 Interim Report

Commentary on the Group 2021 Half Year Results

The Group has recorded a profit before tax of Shs 647 million in the six-month period to 30 June 2021. This is a significant improvement in financial performance compared to a loss before tax of Shs 2.3 billion reported in the same period in the financial year 2020.
Some of the key performance highlights in the six-month period are:
The Group has recorded,

  • Strong growth in investment income from its investments which was up 35 percent to Shs 4.9 billion.
  • Improved performance of investments in listed equities driven by their better performance at the Nairobi Securities Exchange in the period.
  • Growth in revenue from both local businesses and regional businesses. The regional general insurance business continues to record growth in gross earned premiums and to contribute profitably to the Group. International general insurance businesses contributed 24 percent to the Group’s gross earned premiums.
  • An increase in claims and policy holders’ benefits expenses in the period as customers continue to experience financial constraints occasioned by Covid-19.
  • Growth in operating expenses attributed mainly to a one-off item related to the ongoing transformation of the business as the Group implements its new transformational strategy. However, there was a 2 percent drop in underlying operating expenses.

The business remains fundamentally strong with both the Group’s assets and shareholders’ funds growing in the period.

As the local and regional economies recover from the effects of the Covid-19 pandemic, the Group is optimistic of an improved performance across our local and regional businesses in the second half of 2021.

Other Matters

The Board of Directors does not recommend the payment of an interim dividend.

The above summary consolidated statement of profit or loss and other comprehensive income, statement of financial position, statement of cash flows and other disclosures are extracted from the unaudited financial results of the Group which were approved by the Board of Directors on 30 August 2021.

By Order of the Board:

Mr. Mohamed Karama                                                  Mr. Tavaziva Madzinga
Ag. Chairman Group                                                      Managing Director

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Britam Holdings Limited (BRIT.ke)

Share price: 6.00 Shillings ▲ (0.30 | 5.26% – 26/11/24)

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