Home Business CEO Weekends: Britam announces 19.5% pretax profit growth

CEO Weekends: Britam announces 19.5% pretax profit growth

by Susan Mwenesi
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britamStakeholders and Investors  of the British-American Investments Company (Britam) today learnt that the company has recorded a 19.5% pretax profit in its 2014 Full Year results which translates into Ksh.3.7 billion up from Ksh 3.1 billion posted in 2013.

Britam had a strategy that mainly focused on regionalization, diversification of product portfolio and operational efficiencies and that has buoyed the company into now posting a comprehensive income of Ksh. 6.4 billion up from Ksh. 3.7 billion in 2013 representing a 74.3% growth.

While speaking in Nairobi the Managing Director of the company Mr. Benson  billion Wairegi said that the insurance arm of the arm had contributed significantly to the profitability of the firm as it recorded Ksh.14.0 compared to Ksh. 8.8 billion translating into a growth of 55.8%.

“The key drivers for Britam’s growth were hinged on new business opportunities in the regional growth expansion , strategic partnerships, new product offerings , real estate development and opportunities in the county governments” he said.

Within the year, gross earned premium and fund management fee income grew favorably posting a 55.8% growth while the groups’s subsidiaries contribution to revenue grew by 436.0%to Kshs 1.6 billion from Kshs 294 mibbilon attributable to organic growth and business acquisition.

The group’s assets grew by 55.6% to stand at Ksh. 73.0 billion from Ksh. 46.9 billion in 2013 while off balance sheet assets under management (AUM) recorded a 50.3%growth of Ksh. 54.5 billion from 36.3billion two years ago.

“Our growth and diversification strategy remains firmly on course. We have our eyes on Africa. Our focus for investment is in Information Technology, mergers and acquisitions as well as regional expansion. Our goal is to support the continents economic take off through provision of a wide range of financial products and services,” said Wairegi.

With a successful Ksh 6.0 billion corporate bond behind it,that achieved a 247% subscription rate the firm also listed the acquisition of Real Insurance company as another of its achievements.

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