2025 tested every insurer operating across Africa. Conflicts, regional instability and inflation driven partly by US tariffs pushed claims higher and squeezed margins across the industry.
Britam absorbed those pressures and still grew.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Pre-tax profit | Shs 7.9bn | Shs 7.3bn | +8% |
| Insurance revenue | Shs 41.7bn | Shs 37.6bn | +11% |
| Total equity | Shs 35.1bn | Shs 29.5bn | +19% |
“These results reflect the resilience of our business and the progress we have made in building a more agile, customer-focused and digitally enabled organisation,” said Tom Gitogo, Group Managing Director and CEO. “We are entering our next strategy cycle from a position of strength, with clear momentum across our chosen markets.”
Where the Money Came From
Investment income carried the year. Net investment income rose 4% to Shs 31.9 billion, driven by interest income, dividend flows and fair value gains across the portfolio.
| Income Stream | 2025 | 2024 | Change |
|---|---|---|---|
| Net investment income | Shs 31.9bn | Shs 30.6bn | +4% |
| Net Insurance Service Result | Shs 3.5bn | Shs 5.1bn | -31% |
| Basic earnings per share | Shs 2.18 | Shs 1.98 | +10% |
| Investment assets | Shs 220.7bn | Shs 190.1bn | +16% |
The insurance side told a more complicated story. Medical and Motor portfolios recorded worse than expected claims, and the Group retained more risk on its own books rather than passing it to reinsurers. That combination squeezed the underwriting margin.
The Balance Sheet Holds
| Balance Sheet Item | 2025 | 2024 |
|---|---|---|
| Total assets | Shs 243.8bn | Shs 208.5bn |
| Financial assets at fair value | Shs 112.3bn | Shs 79.7bn |
| Cash and bank balances | Shs 7.2bn | Shs 7.0bn |
| Borrowings | Shs 757m | Shs 1.1bn |
| Cash from operations | Shs 3.7bn | Shs 6.1bn |
| Retained earnings | Shs 540m | -Shs 1.8bn |
One milestone worth noting: retained earnings turned positive for the first time in recent years, closing at Shs 540 million after sitting at an accumulated loss of Shs 1.8 billion at the start of 2025.
Sixty Years and a New Strategy
2025 marked the final year of Britam’s EPIC² Strategy (2021–2025) and the company’s 60th anniversary.
“2025 marked the close of our EPIC² Strategy which restored the Group to profitability while accelerating digital adoption and operational efficiency,” said Gitogo. “The milestone year also coincided with Britam’s 60th anniversary, celebrating six decades of securing the financial futures of individuals and businesses across Africa.”
The EPIC² cycle delivered measurable results:
| Milestone | Outcome |
|---|---|
| Customer satisfaction | 98% |
| Microinsurance | Launched Britam Connect |
| Digital systems | Overhauled and deployed |
| Branch network | Revamped across markets |
| Recognition | Local and global awards for brand and service |
Britam now moves into the 2026–2030 ASCEND Strategy, built around six pillars:
| Pillar | Focus |
|---|---|
| African Expansion | Growth across the continent |
| Sustainability and Governance | Long-term responsible business |
| Customer Obsession | Service and experience at the centre |
| Execution Excellence | Operational discipline |
| Nurturing People and Partnerships | Talent and alliances |
| Digitalisation and Innovation | Tech-led financial services |
“ASCEND builds on the momentum of the previous strategy and positions Britam for its next phase of growth as a tech-led financial services firm,” said Gitogo.
Why the Board Wants to Reduce the Share Premium Account
The retained earnings recovery connects directly to a separate announcement the Board made on 30 March 2026.
| Share Premium Account | Amount (KES) |
|---|---|
| Current balance | 13,237,451,000 |
| Proposed reduction | 5,875,252,000 |
| Balance after reduction | 7,362,199,000 |
The reduction offsets accumulated losses that stood at KES 5,875,252,000 as at 31 December 2025. The mechanics matter here. A reduction in the share premium account produces an equal reduction in the accumulated losses account. Total equity and net assets stay the same. No shareholder loses shares. No trading disruption occurs on the Nairobi Securities Exchange.
What changes is what Britam can do next. Once the reduction clears the accumulated losses, the company holds distributable reserves — money it can legally pay out as dividends when circumstances support doing so. Without this step, dividends remain legally out of reach regardless of how profitable the business becomes.
No Dividend This Year
The Board did not recommend a dividend for the year ended 31 December 2025. This marks the second consecutive year without a payout.
The share premium reduction does not change that for 2025. What it does is lay the legal groundwork so that future profits can reach shareholders directly.
The Road to Approval
The share premium reduction requires four steps before it takes effect:
| Step | Action Required |
|---|---|
| 1 | Capital Markets Authority approves a shareholders’ circular |
| 2 | Shareholders pass a special resolution at the AGM |
| 3 | High Court of Kenya confirms the reduction |
| 4 | Court order registers at the Companies Registry with an approved statement of capital |
Britam will publish the shareholders’ circular after Capital Markets Authority approval, ahead of the AGM.
What Comes Next
The numbers from 2025 give the ASCEND strategy a credible starting point — a growing revenue base, a stronger balance sheet and, for the first time in years, retained earnings in positive territory. Britam operates across seven markets:
| Country |
|---|
| Kenya |
| Uganda |
| Tanzania |
| Rwanda |
| South Sudan |
| Mozambique |
| Malawi |
The work of the next five years builds directly on what the last five proved possible.
