Britam Holdings Plc has announced remarkable financial results for the first half of 2023, reporting a substantial increase in net profit. The company’s net profit surged to KSh 1.6 billion, representing a remarkable 300% increase compared to KSh 377.9 million recorded in the same period in 2022.
Exceptional Growth in Pre-Tax Profit
Britam also witnessed outstanding growth in its pre-tax profit, reporting KSh 2.4 billion for the first six months of 2023. This impressive figure stands in stark contrast to the KSh 812 million recorded during the corresponding period in 2022.
Robust Insurance Revenue Performance
The company’s total insurance revenue experienced substantial growth, increasing by 34% to KSh 16.6 billion in the first half of 2023, up from KSh 12.4 billion in the same period last year. This robust performance reflects Britam’s commitment to providing comprehensive insurance solutions.
International Ventures Contribute Significantly
Britam’s international general insurance businesses have made substantial contributions to the company’s overall revenues and profitability. These ventures generated 27% of the Group’s total insurance revenue, with impressive underwriting results driven by improved performance in the motor business and the continued strength of their life insurance offerings.
Steady Growth in Interest and Dividend Income
Interest and dividend income experienced steady growth, reaching KSh 6.8 billion, up by 27% compared to KSh 5.4 billion in the same period in 2022. This growth is attributed to increased revenues and strategic adjustments in the investment portfolio aimed at enhancing yields and stability.
Enhanced Financial Stability
Britam demonstrated its financial resilience by recording a 22% reduction in net fair value losses from equities and government securities. This reduction, from KSh 2.3 billion to KSh 1.8 billion as of June 30th, 2023, underscores the company’s commitment to prudent financial management.
Strong Shareholders’ Equity Growth
Britam’s total shareholders’ equity as of June 30th, 2023, stood at KSh 23.5 billion, marking a notable 10% increase from KSh 21.4 billion as of December 31st, 2022. This reflects the significant improvement in the company’s financial performance over the past six months.
No Interim Dividend Recommended
The Board of Directors of Britam Holdings Plc has opted not to recommend the payment of an interim dividend for the half-year period ending June 30th, 2023. This decision aligns with the company’s strategic objectives and financial priorities.
Britam’s exceptional financial performance in the first half of 2023 underscores its commitment to delivering value to shareholders and maintaining financial stability in a dynamic economic environment.
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