Britam pre-tax profits rose to 52% to Sh7.3 billion for the year ended December 31, 2024, as higher investment income and insurance revenue fueled growth.
The diversified financial services firm benefited from a 163% jump in net investment income to Sh30.6 billion, alongside a 3% rise in insurance revenue to Sh37.6 billion. The improved performance, up from Sh4.8 billion in 2023, underscores Britam’s push for operational efficiency and portfolio diversification.
“Britam’s strong performance in 2024 reflects the success of our strategic focus on profitable growth, operational efficiency, and investment optimization,” Group Managing Director and Chief Executive Officer (CEO) Tom Gitogo said.
“Our disciplined execution of the EPIC strategy continues to drive sustainable value for our shareholders while reinforcing our position as a leading financial services provider in the region,” he added.
Britam’s investment strategy was the primary driver of its bottom-line growth, with the firm capitalizing on market opportunities to significantly boost returns. The insurer also saw continued expansion in its regional operations, which contributed Sh10.3 billion or 27% of total insurance revenue.
The company’s Kenya business delivered a pre-tax profit of Sh6.1 billion, while regional units contributed Sh1.2 billion, highlighting the growing importance of its East African footprint.
The company’s balance sheet strengthened during the year, with total equity rising to Sh29.46 billion from Sh25.69 billion, further reinforcing its financial resilience amid economic uncertainties.
The year marked the fourth phase of Britam’s five-year strategic plan (2021-2025), which emphasizes customer-centric transformation, innovation, and product diversification.
Gitogo noted that the firm’s growing focus on partnerships and digital channels is driving the uptake of insurance products, particularly among younger consumers.
Beyond financial performance, Britam advanced its sustainability agenda by aligning with global reporting frameworks on climate risk and gender equality.
“In 2024, beyond publishing our Sustainability Report and installing solar carports to reduce carbon emissions, we enhanced transparency by adopting several global sustainability reporting frameworks, including those focused on climate risk and nature-related financial disclosures,” Gitogo said.
The Britam Foundation also partnered with Davis & Shirtliff to provide solar-powered water pumps to over 20 rural schools, improving access to clean water for nearly 30,000 children.
Britam is betting on its microinsurance arm, Britam Connect, to drive future growth by expanding access to underserved communities and gig workers. By leveraging technology and strategic partnerships, the company is broadening its customer base while making insurance more inclusive.
With a strong brand and a growing regional footprint, Britam aims to deepen insurance penetration and enhance financial literacy across its markets.
Despite the improved earnings, Britam’s board opted not to declare a dividend for the financial year ended December 31, 2024.
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