Britam Holdings Plc recorded an remarkable 97.4% increase in revenue, to Sh3.2 billion compared to Sh1.6 billion a year ago. The milestone was announced in the company’s financial results for the year ended December 31, 2023.

The increase in revenue was driven by higher underwriting and lower costs, most notably by lower finance costs from the issuance of insurance contracts. Insurance and finance costs fell by 5.6% to Sh8.5 billion compared to Sh9 billion previously.

Britam’s revenue streams showed substantial growth in 2023. Insurance revenue increased by 60.8%, from Sh2.3 billion last year to Sh3.7 billion.

This growth was driven by high demand for Britam’s insurance products and services. It was also supported by the company’s focus on customer-centric services and strategic partnerships.

Investments also showed a positive trend, increasing 2.6% to Sh11.6 billion from Sh11.3 billion. This increase is due to Britam’s continued efforts to optimize its investment portfolio, aimed at more productive and stronger.

Britam is in strong financial health, with total assets reaching Sh174.4 billion from Sh152.9 billion from 2022. The growth shows the company is able to raise funds and accumulate assets. For instance, there was a positive growth in cash, up from Sh22.2 billion a year ago, to Sh25.6 billion. 

Britam’s total insurance revenue and fund management fees showcased a significant 40% increase, reaching Sh37.1 billion in 2023 compared to Sh26.4 billion in the previous year.

This growth is due to a successful performance in both international and Kenyan business sectors. 

Notably, Britam’s international businesses generated Sh10.6 billion, accounting for a substantial 29% of the total insurance business revenue. Kenya’s business sector also had strong results, posting a pre-tax profit of Sh3.4 billion. 

Local businesses further bolstered the company’s performance by contributing Sh1.4 billion to the group’s pre-tax profit, representing an additional 29%. 

Part of Britam’s impressive financial performance can be attributed to the company’s commitment to its strategic policies. The implementation of the EPIC2 #OneBritam transformation program is key to its success.

The EPIC2 #OneBritam Transformation Plan aims to streamline operations by reducing the number of reports and establishing a strong management team. 

The company is also actively expanding its digital footprint to improve customer service and product availability. This includes the introduction of a new website and adoption of Google Workspace for seamless collaboration across geographic boundaries.

Britam has developed strategic partnerships to accelerate growth and innovation. These partnerships include BetaLab (insurance renewal centre), FSD Kenya (focusing on healthcare solutions) and SCBF (targeting mobile-based health insurance).

Additionally, it is collaborating with Swiss Re & Oxfam to offer flood insurance solutions, and Airtel Money to offer affordable insurance products.

READ ALSO:

Equity Bank Sets the Bar High with a 15.1 Billion Record Dividend for Shareholders

Britam’s dedication to excellence has been recognized by the industry. Britam Life Assurance has been awarded the Life Company of the Year Award by the Association of Kenya Insurers (AKI) for a remarkable 16th consecutive year. Additionally, Britam secured the Insurance Company of the Year Award in 2022.

The company boasts a proven track record of success, having provided financial services since 1920. Britam offers a comprehensive suite of insurance products encompassing life, health, critical illness, disability, property, motor vehicle, and various other categories. 

Additionally, Britam provides investment and asset management services, catering to both individual and corporate clients. Britam’s financial advisors work closely with clients to craft personalized financial plans, encompassing budgets, savings plans, and investment strategies.

Britam’s success isn’t solely driven by financial strategies. Their strong performance is also fueled by the talent and dedication of their employees. Britam Careers offers a dynamic and rewarding work environment for individuals seeking to contribute to a growing financial powerhouse. Existing clients can leverage several convenient channels to manage their accounts and make payments. 

The fa portal britam allows financial advisors to seamlessly manage client policies, while the britam customer portal provides a user-friendly platform for general account inquiries. Payments can be made quickly and easily using the britam paybill number 541400.

Britam’s diverse product portfolio caters to a wide range of financial needs. The high-yielding britam money market fund (currently offering a 9.50% annual yield rate) is a great option for those seeking to grow their savings. 

For individuals seeking health insurance coverage, the britam insurance medical cover rates are well affordable. You can explore these plans and find one that fits your needs by using the britam contact at +254 703 094 000 or visiting the britam holdings website.