Britam Reports 52% Growth in Pre-tax Profit for FY 2024 to Ksh7.3 billion

Nairobi, March 28th, 2025 – Diversified financial services firm Britam Holdings Plc has posted a 52 per cent rise in pre-tax profit to Ksh7.3 billion for the year ended December 31, 2024. The strong performance, up from Ksh4.8 billion in 2023, was lifted by the Group's commitment to operational efficiencies and its diversified revenue streams from both insurance and investments in line with its strategy.

The Group's insurance revenue increased to Ksh 37.6 billion, reflecting a 3 per cent increase from Ksh 36.4 billion 2023 on the back of a profitable topline growth. This uplift was bolstered by growth in both the Kenya insurance businesses as well as the general insurance regional business which contributed 27 per cent (Ksh 10.3 billion) of the insurance revenue in the year reinforcing that regional businesses remain a key pillar of Britam’s geographical diversification strategy. Kenya businesses delivered a pre-tax profit of Ksh 6.1 billion while the regional businesses contributed Ksh 1.2 billion to the Group’s pre-tax profit.

In addition, the Group's investment strategy, geared towards optimization for competitive returns, resulted in a 163% increase in net investment income to Ksh 30.6 billion. The Group's balance sheet remains robust, with total equity increasing to Ksh 29.46 billion from Ksh 25.69 billion in the previous year. This improvement in equity shows Britam’s strengthened financial position and underscores its ability to weather economic uncertainties.

"Britam’s strong performance in 2024 reflects the success of our strategic focus on profitable growth, operational efficiency, and investment optimization. Our disciplined execution of the EPIC2 strategy continues to drive sustainable value for our shareholders while reinforcing our position as a leading financial services provider in the region,” said Britam’s Group MD & CEO Mr. Tom Gitogo.

The year under review marks the fourth year of Britam’s implementation of its five-year strategic plan for the period 2021-2025 with the positive outcome achieved through relentless focus on the customer, innovation and Britam’s strategic product diversification. Mr. Gitogo added that continued focus on customer-centric transformation would continue to grow customer numbers and drive the uptake of Britam products, especially through partnerships and digital channels, especially for the next generation of consumers.

He also emphasized that sustainability and social impact remain key pillars in Britam’s strategy by stating that, “In 2024, beyond publishing our Sustainability Report and installing solar carports to reduce carbon emissions, we enhanced transparency by adopting several global sustainability reporting frameworks including those focused on climate risk and nature-related financial disclosures, while reinforcing our commitment to gender equality through the UN Women Empowerment Principles. Through the Britam Foundation we also partnered with Davis & Shirtliff to provide clean water through solar enabled pumps to more than 20 rural schools, impacting almost 30,000 lives thus far and subsequently improving the health of the children in those communities.” Britam remains dedicated to creating shared value through responsible business practices and impactful initiatives.

Britam is also betting on its microinsurance unit, Britam Connect, which is expanding insurance access to underserved communities and gig workers. By leveraging technology and strategic partnerships, the company is driving sustainable growth while making insurance more inclusive and relevant to everyday financial transactions. Supported by its strong brand position, Britam remains focused on seizing the growth opportunities across its footprint, innovating to deepen insurance penetration, and driving financial literacy.