Britam eyes growth in Africa with Congo entry, focusing on acquisitions to tap low-insurance markets and diversify revenue.
Britam Holdings Ltd., Kenya’s biggest listed insurer, is stepping up its push across Africa as it prepares to enter Congo. The group is targeting countries with low insurance uptake to diversify income and strengthen its market position.
Britam already operates in seven African countries. Chief Executive Officer Tom Gitogo said the company will prioritize acquisitions over building from scratch, a strategy aimed at achieving faster growth while leveraging existing market structures.
At the same time, Britam plans to deepen operations in its current markets by expanding product offerings and reaching more under-served populations. This, Gitogo noted, will boost earnings and create long-term value.
“Africa presents enormous potential in insurance, given the continent’s low penetration rates,” Gitogo said. “Through acquisitions, we can scale quickly while ensuring sustainable growth.”
The Congo entry marks just the beginning of a broader expansion strategy that could see Britam, which posted record profits in 2023, emerge as a leading pan-African insurer, tapping into rising incomes and increasing demand for risk protection.