Britam posts 27pc rise in half-year profit
British American Investments Company (Britam) has posted a 27 per cent rise in after-tax profit for the half year ending June 2014.
The diversified financial services group posted a Sh2.7 billion profit, up from Sh2.1 billion recorded over a similar period in 2013, with management attributing the growth to strong diversification efforts.
“The growth has been delivered by our deliberate move to diversify our investment portfolio, while expanding regionally,” Group Managing Director Benson Wairegi said at an investor briefing.
Investment income grew by 24 per cent to Sh4.6 billion, up from Sh3.7 billion posted in the first six months of 2013.
Insurance business increased by 27 per cent to Sh1.7 billion, from Sh1.2 billion last year, supported by growth in ordinary life insurance, micro-insurance, bancassurance and general insurance.
ASSET MANAGEMENT
The Nairobi Securities Exchange-listed firm’s asset management unit grew by 22 per cent to Sh153.0 billion, from Sh125 billion.
“Britam Asset Management Company has continued to grow and it has enhanced its operating platform. The product base has now been expanded,” Managing Director for Asset Management Edwin Dande said.
The Kenyan business was the biggest contributor to the gross revenues, accounting for 96 per cent or Sh5.3 billion of Sh6.0 billion in absolute terms.
Regional subsidiaries also recorded growth. South Sudan recorded a 183 per cent growth to Sh116 million, from Sh41 million in 2013, while Uganda delivered Sh77 million, up from Sh25 million.
“We are pleased with the results delivered by our subsidiaries of Uganda and South Sudan and we are optimistic that the second half of this year will equally deliver great results.” Mr Wairegi said.
