18.3 C
Kenya
Friday, November 22, 2019

The salary and allowances Benson Wairegi earns as Britam CEO

Must Read

How Syombua and her kids were brutally murdered at Nanyuki airbase

Syombua Killed: On October 27, Joyce Syombua and her two kids disappeared after visiting her estranged husband Major Peter...

There are three ways to go broke: ‘liquor, ladies and leverage’ – Warren Buffett

Warren Buffett Quotes: Warren Buffett believes investors should avoid using borrowed money to buy stocks. "It is crazy in my...

Silverstone has been making Sh. 10 million loss daily

Silverstone Planes: This week, Silverstone Air announced that it had sent its pilots and all crew members packing. The...

Benson Wairegi Salary: The chief executive officer of Britam, Benson Wairegi, was paid a total of Sh. 81.6 million in the financial year ended December 2018. This pay was an 8.6 per cent rise from the Sh. 75.1 million that Wairegi earned in the financial year 2017.

Mr. Wairegi’s Sh. 81.6 million pay included a salary of Sh. 63.2 million. This meant that in a month, he was paid a basic salary of Sh. 5.2 million.

The pay also included Sh. 17.1 million in gratuity and non-cash benefits that amounted to Sh. 1.2 million. However, Wairegi did not get any cash bonus in the year under review.

SEE MORE: The salary and allowances Jeremy Awori earns as Barclays CEO

During the 2017 financial year, Benson Wairegi salary included a salary of Sh. 52.5 million which was equivalent to a monthly salary of Sh. 4.3 million, a gratuity pay of Sh. 16 million, cash bonuses that amounted to Sh. 5.5 million and non-cash benefits that amounted to Sh. 1.1 million.

The company also disclosed that in the financial year 2018, it paid its executive director, Stephen Wandera, a total of Sh. 40.9 million up from the Sh. 40.4 million that he got in the financial year 2017.

During the financial year 2018, Britam posted a Sh. 2.2 billion after-tax loss for the year ended December 2018 following a hit on its equity investment in mortgage lender Housing Finance Group (HF).

The insurer, which bought a 48.2 percent stake in HF, lost nearly Sh. 4 billion in paper wealth after the mortgage lender’s share sunk to a 15-year low after a turn of poor financial performance. Britam’s stake in HF totals to 186.2 million shares, which are now valued at Sh. 1 billion.

It made a loss on its listed equities and had depressed returns on property investments that resulted in a Sh. 2.7 billion drop in profit from Sh. 527 million net earnings recorded in 2017. “The reported loss is mainly attributable to unrealised loss in listed equities of Sh. 3.2 billion compared to a gain of Sh. 0.9 billion in 2017,” said the firm in its financial statements.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

126,658FansLike
11,106FollowersFollow
7,696FollowersFollow
195SubscribersSubscribe

Latest News

Silverstone has been making Sh. 10 million loss daily

Silverstone Planes: This week, Silverstone Air announced that it had sent its pilots and all crew members packing. The...

There are three ways to go broke: ‘liquor, ladies and leverage’ – Warren Buffett

Warren Buffett Quotes: Warren Buffett believes investors should avoid using borrowed money to buy stocks. "It is crazy in my view to borrow money on...

Silverstone has been making Sh. 10 million loss daily

Silverstone Planes: This week, Silverstone Air announced that it had sent its pilots and all crew members packing. The low-cost carrier also announced that...

Why startups need an anchor as they pursue disruption

Why startups need an anchor as they pursue disruption This year, capital raise announcements have come in hard and fast. Maxime Bayen of Greentec Capital...

4 things to consider when changing your car paint

Changing Car Paint: If you want create a new look for your vehicle, then changing the car paint color can help you do just...

More Articles Like This

- Advertisement -
%d bloggers like this: