- Britam Holdings PLC Group has reported a 192 percent increase in profit before tax of $22 million for the financial year ended 31 December 2022 compared to a profit before tax of $7.6 million reported in the financial year ended 31 December 2021.
- Management attributes the improved performance to a growth top line revenue as well as operating efficiency and cost management initiatives.
- The Group remains focused on the improvement of operating efficiency.
Britam Holdings PLC Group has reported a 192 percent increase in profit before tax of $22 million for the financial year ended 31 December 2022 compared to a profit before tax of $7.6 million reported in the financial year ended 31 December 2021.
Management attributes the improved performance to a growth top line revenue as well as operating efficiency and cost management initiatives.
“This together with improved dividend and interest income helped cushion the significant fair value losses to register improved profitability,” management said
Overall, the Group’s gross earned premiums and fund management fees grew by 2.7 percent to $249 million with the regional units continuing to significantly contribute to the Group’s revenue and profitability.
Total Income hit $287 million down from $302 million reported in the same period last year while total expenses dropped from $287 million to $264 million in the period under review.
The international general insurance businesses contributed 23 percent of the Group’s gross earned premiums.
The Group remains focused on the improvement of operating efficiency. Total operating costs were down 26.1 percent to $63.5 million from $85.5 million reported in 2021. Reduction in costs is due to efficiencies derived from cost containment measures under the new strategy’s operating model.
The total shareholders equity as at 31 December 2022 stood at$157 million. This is a 9.2 percent increase from 31 December 2021 reflecting the improved financial results.
“The ongoing execution of the Group’s EPIC2 #OneBritam Transformational Strategy is expected to continue creating value by growing the business and its profitability,” the firm added.
The Board of Directors however did not recommend the payment of a dividend for the year ended 31 December 2022. The Annual General Meeting is scheduled to be held on or about 9 June 2023.
Earlier this month, the firm was named one of the top 50 best performing brands in East Africa by Superbrands East Africa.
A survey undertaken by Kantar Research evaluated the quality of services and products, reliability, and brand distinction across the three East African countries of Kenya, Uganda, and Tanzania.
The company also scooped the General Insurance Company of the Year award for outstanding performance in the insurance industry from the Association of Kenya Insurers for the financial year ending in 2022.
