Britam posts 27% Rise in Net Profit to U$31M

{{Financial services group Britam has posted a 27% rise in after-tax profit to U$31,145,830 for the half-year ended June buoyed by growth in insurance and asset management business.}}

Revenue from insurance premiums grew to U$63,424,235 from U$49,833,328, while its asset management business rose by 54.9% to U$4,686,598 from U$3,023,976 a similar period last year.

Investment income for the six months to June was at $52,098,479, a 24% growth.

Britam, which has presence in four countries including Rwanda, Uganda and South Sudan, says its regional businesses contribution grew 54.9% to U$2,977,541 from U$1,335,306.

The company’s expenses rose by 27% to $83,810,597 as the firm sought to expand its market in the region.

Last month, Britam raised $67,954,538 through a bond issue to fund expansion in Kenya by opening new offices in counties and in neighbouring countries.

{Britam group managing director Benson Wairegi}