Britam chief executive Benson Wairegi #ticker:BRIT was paid a total of Sh85.1 million in the year ended December, representing a 4.3 percent increase from Sh81.6 million he earned in 2018.
This is according to the company’s disclosures of its executive remuneration in its latest annual report and amounts to average monthly pay of Sh7.09 million.
Mr Wairegi’s latest contract with the insurer started in January 2018 and runs for three years to December this year.
His compensation in the review period comprised a salary of Sh65.8 million or Sh5.4 million per month, gratuity (Sh18.2 million) and non-cash benefits (Sh1 million).
The CEO’s pay in 2018 comprised a salary of Sh63.2 million or Sh5.2 million per month, gratuity (17.1 million) and non-cash benefits (Sh1.2 million).
He did not get a bonus in the two years.
“In addition to a monthly salary, Mr Wairegi is entitled to a performance bonus, which is based on meeting specific key performance indicators which are agreed upon between the board and Mr Wairegi at the beginning of every year,” Britam said in the report.
“The contract also provides for a car benefit, residential security (guard and house alarm), medical cover and loans at staff rates. The contract provides for gratuity payable at the end of the contract.”
Britam also disclosed that it paid its former executive director, Stephen Wandera, a total of Sh42.7 million in the year ended December.
This represented a 4.3 percent increase compared to Sh40.9 million in 2018. Mr Wandera retired in December after reaching the retirement age of 60 but continues to serve on the board as a non-executive director.
“Mr Stephen Wandera is the immediate former principal executive director (Business) at Britam Holdings Plc, overseeing the business aspects of all the group subsidiaries,” the insurer said.
“He retired as an employee of Britam Holdings Plc on 31 December 2019, having served the company for over 26 years. Effective January 1, 2020, Mr Stephen Wandera is a non-executive director of Britam Holdings Plc and other subsidiaries in the Britam Group.”
Gains in its listed equities including a 7.2 percent stake in Equity Group helped the insurer report a net profit of Sh3.5 billion in the review period, reversing a net loss of Sh2.2 billion the year before.
Its net unrealised fair value gains on financial assets rose to Sh4.3 billion, transforming from paper losses of Sh3 billion. The gains were driven by a rally in banking stocks in the fourth quarter after the repeal of interest rate controls.