NAIROBI, Kenya— Britam has outlined sustained growth plans and digital transformation priorities during its 29th Annual General Meeting (AGM), which coincided with the company’s 60th anniversary celebrations.
The insurer says it reported a strong financial performance for the year 2024, despite prevailing economic headwinds.
The firm posted a 52% rise in profit before tax to Sh 7.3 billion and a 163% jump in net investment income to Sh 30.6 billion.
“We are committed to providing accessible, affordable financial solutions to all segments of society,” said Britam Group Managing Director and CEO Tom Gitogo.
“With the continued support of our stakeholders, we are confident in our ability to navigate change, unlock opportunity, and deliver lasting impact.”
Gitogo addressed Britam’s regional expansion agenda, announcing plans to enter the Democratic Republic of Congo (DRC), which he described as a “high-potential market” aligned with the firm’s broader mission to deepen financial inclusion across Africa.
On dividend matters, the CEO noted that the Board had opted not to declare a dividend for the year, citing negative retained earnings at the holding company level as the main constraint, despite the year’s robust performance.
Likewise, the insurer highlighted the integration of artificial intelligence across the company’s operations from underwriting and claims processing to personalized customer engagement, which he said was enhancing efficiency and client satisfaction.
The company’s ESG (Environmental, Social, and Governance) commitments also featured prominently.
In 2024, Britam installed solar panels at its headquarters and, through its Foundation, provided clean water to 21 rural schools, impacting over 28,000 children.
It also expanded maternal health programs focused on literacy and quality care.
