Nairobi Securities Exchange listed financial services group Britam Holdings Plc has recorded a net profit jump of 97 per cent.
According to financial results released by the firm, Britam full year net profit jumped by 97.4 per cent from Sh. 1.6 billion to Sh. 3.2 billion.
The group attributed this profit increase to increased insurance underwriting and enhanced cost cuts.
“The main drivers for our performance was insurance revenues while our operating expenses have remained at the same level despite inflation and currency pressures,” Britam Group’s Finance Director Charles Kimani said.
During the year under review, net revenue from insurance increased by 60.8 per cent to Sh. 3.7 billion from Sh. 2.3 billion.
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Net investment income increased by 2.6 per cent to reach Sh. 11.6 billion from Sh. 11.3 billion on improved interest and dividend income while net insurance and finance expenses decreased by 5.6 per cent to Sh. 8.5 billion from Sh. 9 billion previously.