MARKET Britam Holdings is a leading diversified financial services group, listed on the Nairobi Securities Exchange, with interests across the Eastern and Southern Africa region and operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of bespoke financial and insurance solutions for corporates, businesses, high-net worth, middle/low income individuals; as well as the emerging market consumers. These include: Life Insurance, General Insurance, Pensions, Unit Trusts Investments, Wealth Management, Investment Planning, Retirement Planning, Discretionary Portfolio Management and Property. Britam’s solutions are anchored on its purpose of safeguarding the dreams and aspirations of its customers and stakeholders. In 2021, Britam launched a five-year strategic cycle (2021-2025), that draws on a transformational vision to grow its customer base through a focus on customer centricity, while strengthening the group’s foundations. The aim is to respond to the changing environment by placing customers at the heart of everything they do, leveraging partnerships, digital innovations and data analytics to drive decision making and delighting its customers. The company is in its third year of implementation of their five-year EPIC2 Strategy. The progressively impressive financial results delivered in the financial years 2021 and 2022 validates the new strategic focus, as they continue to report growth in revenues, improved cost management and rising profitability. In the financial year ended 31st December 2022, Britam posted a profit before tax of Kshs 2.95 billion, almost tripling the Kshs 1.01 billion recorded in the previous financial year ended 31 December 2021. The Group reported Gross Earned Premiums and Fund Management fees of Kshs 33.4 billion, a 2.7% 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% of the Group’s total gross earned premiums. The Group’s interest and dividend income in the year was Kshs 13.0 billion, representing a significant 19.6% growth compared to Kshs 10.9 billion recorded in the previous financial year. The growth in investment income continues to be driven by business growth and shifting of the Group’s investment strategy with an increased focus on stabilising and growing yields from its investment portfolio. ACHIEVEMENTS Over the years, Britam has been recognised locally, regionally and internationally as a trailblazer in the financial services industry. Life Insurance Company of the Year (20082022), General Insurance Company of the Year (2022), Produced the Agent of the Year (20212022): Britam Kenya was recognised as the Life Insurance Company of the Year for a historic 16 years in a row (2008-2022) by the Association of Kenya Insurers (AKI) and for the first time also awarded General Insurance Company of the Year (2022).These coveted annual awards are awarded to the company with the highest number of qualifying financial agents and the highest aggregate points in the Life and General Insurance categories. Britam’s top Financial Advisor, Ruth Mumbe, for the second year in a row was awarded the prestigious Agent of the Year award. Embracing Sustainability United Nations Global Compact (UNGC) Member: In November 2022 Britam became a member of the United Nations Global Compact (UNGC) program, joining thousands of leading companies across the globe that have committed to advance the principles of responsible and sustainable business. HISTORY The British American Insurance Company was established in 1920 in Nassau, Bahamas, with the primary goal of providing services to labourers working on the expansive sugarcane plantations located on the island. The Kenyan operation was established in 1965 but significant journey to growth started in 1979, when Britam Life Assurance Company (Kenya) Limited was registered as a private limited liability company in Kenya to comply with the government’s directive that all branches of foreign owned insurance companies be incorporated locally. Britam Holdings PLC Limited is incorporated in Kenya under the Companies Act as a public limited company and is domiciled in Kenya.The Company was first incorporated in Kenya on 26 July 1995 under the name British-American Financial Services Limited, changed its name to Britak Investments Company Limited on 25 September 2003 and again to British-American Investments Company (Kenya) Limited on 5 May 2006 all under certificate number C66029. In 2010, Britam’s regional expansion started with the Group venturing into Uganda with the incorporation of Britam Insurance Company (Uganda) Limited. On 29 February 2012, the Company changed its status from a private liability limited company to a public limited company after listing in 2011 on the Nairobi Securities Exchange. BritishAmerican Investments Company (Kenya) Limited 28
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