(Last Updated On: March 23, 2015)
Financial services firm British American Investments Company (Britam) reported a Ksh2.8 billion after tax profit for the year ended December 31 2014. This is a 23 percent rise. Pretax profit grew up by 19.5 percent to Ksh3.7 billion.
Gross earned premium and fund management fee income grew by 55.8 percent. Other areas that drove growth were regional expansion, new products, real estate investments and county government opportunities.
Comprehensive income was up 74.3 percent to stand at Ksh6.4 billion while insurance business revenue was up 59 percent to sh14 billion. Regional subsidiaries revenue was up 436 percent to stand at Ksh1.6 billion from Ksh294 million. It has operations in 7 African countries: Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
Britam recently acquired Real Insurance which contributed Ksh2.2 billion in premiums and fund management fees. It spent a total of Ksh1.38 billion to acquire the company giving it access to Tanzania, Malawi and Mozambique.
Dividend was increased from 25cents to 30 cents per share leading to a total payout of Ksh581.5 million.