Britam, Backed By Leading Kenyan Investors, Reports 38.9 Million Profit In 2024

Britams net profit rose 53 to 38.9 million, driven by investment gains and cost efficiency across insurance and asset management.

Net investment income jumped 163 to 236.7 million, supported by a strong portfolio strategy and market resilience.

Despite forex losses, Britams assets grew 20 to 1.62 billion, reinforcing financial strength as it marks 60 years in business.

Britam Holdings, the Nairobi-based financial services group backed by prominent Kenyan investors Jimnah Mbaru, Peter Munga, James Mwangi, and Jane Wanjiru Michuki, posted another strong performance in 2024, with profits rising to 38.9 million.

The company reported a 53.49 percent jump in net profit to Ksh5.03 billion 38.92 million for the fiscal year ended Dec. 31, 2024, up from Ksh3.28 billion 25.36 million the previous year. This growth was fueled by higher investment income and disciplined cost management across its insurance and asset management businesses.

Britams net investment income surged 163 percent to Ksh30.6 billion 236.7 million, reflecting a well-executed portfolio strategy. Meanwhile, insurance revenue edged up 3 percent to Ksh37.6 billion 290.4 million, with regional operations contributing 27 percent Ksh10.3 billion/79.64 million despite currency depreciation.

The companys insurance service result also improved, climbing 35 percent to Ksh5.07 billion 39.4 million, driven by stronger underwriting and higher business volumes. At the same time, finance expenses on issued insurance contracts rose 203 percent to Ksh27.7 billion 215.3 million, reflecting higher returns to policyholders amid improved investment performance and financial risk adjustments.

Kenya remained Britams main revenue driver, generating nearly 80 percent of the companys profit, while regional markets accounted for the rest.