Kenya’s Britam posts a record $45M profit, up 53%, driven by investment gains and strategic growth, despite challenges in general insurance.
Britam Posts Ksh5.03B Profit in 2024, Eyes DRC Expansion
NAIROBI, Kenya – March 28, 2025 — Britam Holdings Plc has reported a 53.5% surge in net profit to Ksh5.03 billion ($45 million) for the financial year ended December 2024, marking its fourth straight year of profit growth. The strong results reflect a successful shift in strategy under Group CEO Tom Gitogo, focused on profitability, cost control, and investment yield.
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Britam’s focus on operational efficiency, risk-adjusted underwriting, and portfolio diversification continues to bear fruit. The Kenya operation contributed Ksh6.1 billion in pre-tax profit, while regional subsidiaries in Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi delivered an additional Ksh1.2 billion in earnings.
“We are focused on building long-term value through disciplined execution,” said Gitogo.
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Britam’s net insurance service result increased 35% to Ksh5.07 billion, thanks to stronger premiums and lower reinsurance costs.
Investment performance was a standout, with net investment income soaring 163% to Ksh30.59 billion—driven by:
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Britam’s general insurance unit saw net profit fall 14.4% to Ksh1.25 billion. This was linked to:
Britam has not declared a dividend for 2024, despite record earnings. The board cited:
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Britam’s strong showing underscores how financial firms in emerging markets can achieve growth amid economic volatility. With a strategy rooted in:
- Strong governance
- Innovation
- Regional expansion
…the company is well positioned for long-term regional dominance.
