29 June 2023

Britam Holds its 27th Annual General Meeting

Integrated financial services firm, Britam Holdings Plc, has today held its 27th Annual General Meeting. Shareholders followed the proceedings remotely, and submitting their questions from their devices.

Mr. Kuria Muchiru, the Group Chairman noted that the year 2022 marked a significant milestone for Britam as it embarked on its five year strategic plan for the year 2021-2025 dubbed EPIC2. Over the past two years, the company has made substantial progress in terms of revenue and profit growth, and it remains confident in surpassing its target expectations. Mr. Muchiru also emphasized that with the positive progress achieved, the focus now shifts towards customer-centric transformation to expand customer numbers and revenue.

He added “With the positive progress already made, and the stabilization of the Group’s performance, the focus is now shifting towards customer-centric transformation to grow customer numbers and revenue.”

The Group Managing Director and CEO (GMD & CEO), Tom Gitogo, who assumed the role on 1st September 2022, reiterated Britam's commitment to building upon its strong foundation and upholding its purpose of safeguarding the dreams and aspirations of its stakeholders. "Britam's purpose statement aligns with the original intentions of our founders, who aimed to turn clients' dreams and aspirations into reality," noted the GMD & CEO of the Company.

The execution of its EPIC2 strategy continues to drive the Group’s operational resilience and improved performance. The Group posted a profit before tax of Kshs 2.95 billion for the full year ending 31 December 2022, almost tripling the Kshs 1.01 billion recorded in the previous financial year ended 31 December 2021. The improved performance is attributable to a growth in top line revenue as well as operating efficiency and cost management initiatives.

The Group reported Gross Earned Premiums and Fund Management fees of Kshs 33.4 billion, a 2.7 percent growth from Kshs 32.5 billion recorded in the previous financial year. The regional General Insurance businesses continued to support both revenue and profitability and contributed 23 percent of the Group’s total gross earned premiums.

The directors did not recommend a dividend in order to allocate resources towards funding the company's ambitious growth strategy. The board remains confident that as Britam achieves key performance and revenue growth targets, it will create value for shareholders.