Sunday March 9 2014

Regional businesses boost Britam’s growth

By monitor correspondent

Britam Insurance Uganda Ltd, a subsidiary of British-American Investments Company (Kenya) Ltd, grew by 105 per cent while Britam South Sudan registered a growth in revenue of Shs4 billion in 2013 from Shs29 million in 2012.

Making the announcement recently, Britam Group managing director Benson Wairegi said the group’s key drivers for growth were hinged on new business opportunities in Kenya county governments, new product offerings, real estate investment, regional expansion and strategic partnerships.

“The exponential growth across the business is a testament that our strategy to diversify our business is a good decision,” Mr Wairegi said. He added that as part of Britam’s strategy of aggressively expanding its interest in the lucrative property sector, the group last year acquired a 25 per cent stake in Acorn Group, a real estate development and management consultancy firm.

Overall, British Britam recorded a profit before tax of Shs93 billion for the full year ending December 31, 2013.
This is a 12 per cent increase from the Shs81 billion posted in the same period last year.

Group total income grew to Shs435 billion up from Shs339 billion in the same period, while investment income grew to Shs183 billion in 2013 compared to Kshs Shs145 billion in 2012.
Total revenues for the Group grew by 31 per cent.