Britam Holdings Plc, Kenya’s largest publicly listed insurer by market value, is preparing to enter the Democratic Republic of Congo (DRC) as part of its pan-African growth strategy.
“It’s public that we’re looking at Congo,” said CEO Tom Gitogo. “We intend to close this up as soon as possible because the opportunities that exist in the insurance space in DRC are enormous.”
Britam views sub-1% insurance penetration across African markets as a major opportunity.
“We are not yet even scratching the surface,” said Chairman Kuria Muchiru. “If we targeted a penetration of 15 per cent in the next five years, that would still be more than 10 times higher than current levels.”
The company currently operates in seven countries, including Uganda, Rwanda, Tanzania, Mozambique, and Malawi, and plans to prioritise acquisitions over greenfield projects while scaling revenue in its existing markets.
Diversified Portfolio and Strategic Shareholders Drive Resilience
Britam recently acquired a 30% stake in Continental Re Kenya for Ksh764 million ($5.9 million), strengthening its reinsurance portfolio amid rising regional competition. The firm also reversed a $16.2 million loss tied to its HF Group stake, benefiting from a 31% rally in the mortgage lender’s share price.
Its diversified interests in asset management, banking, and real estate continue to reinforce its position in East and Central Africa’s financial ecosystem.
H1 2025 Results: Investment Income Up, Profit Down
Britam’s Profit After Tax (PAT) declined 20.7% to Ksh1.7 billion in H1 2025, down from Ksh2.2 billion in H1 2024. The drop was driven by a 39.4% fall in net insurance income and a 29.7% rise in insurance and finance expenses. However, net investment income surged 30.2% to Ksh17.3 billion, supported by gains in interest, dividends, and property income.
Despite the earnings dip, Britam’s share price has climbed 57% year-to-date, reaching Ksh9 ($0.07), with analysts maintaining a “Hold” rating and a target price of Ksh9.5.
Balance Sheet Expansion and Capital Conservation
Assets grow 19.2%; dividend withheld for sixth year
Total assets increased by 19.2% to Ksh225 billion, driven by a 23.3% rise in investment assets and a 32.3% increase in reinsurance contract assets. Shareholder funds grew 17.6% to Ksh31 billion, while total liabilities increased to Ksh193.8 billion.
Britam’s board did not declare a dividend for the sixth consecutive year, citing capital conservation priorities.
