Britam posts 27pc rise in net profit to Sh2.75 billion

Financial services group Britam has posted a 27 per cent rise in after-tax profit to Sh2.75 billion for the half-year ended June buoyed by growth in insurance and asset management business.

Revenue from insurance premiums grew to Sh5.6 billion from 4.4 billion, while its asset management business rose by 54.9 per cent to Sh413.8 million from Sh267 million a similar period last year.

Investment income for the six months to June was at Sh4.6 billion, a 24 per cent growth.

Britam, which has presence in four countries including Rwanda, Uganda and South Sudan, says its regional businesses contribution grew 54.9 per cent to Sh262.9 million from Sh117.9 million.

The company’s expenses rose by 27 per cent to Sh7.4 billion as the firm sought to expand its market in the region.

Last month, Britam raised Sh6 billion through a bond issue to fund expansion in Kenya by opening new offices in counties and in neighbouring countries.