Britam Holdings Plc grew profit after tax by 53.3% to KES 2.66 billion for the six months ended June 30, 2026, up from KES 1.74 billion a year earlier. Profit before tax climbed 52% to KES 3.82 billion from KES 2.51 billion, marking a strong opening chapter for the insurer’s 2026 to 2030 ASCEND strategy.
The Nairobi listed insurer credited the growth to firmer underwriting margins and rising fee income, which cushioned a sharp drop in investment income during the period.
Underwriting Gains Offset Weaker Investment Income
Insurance revenue grew 13.7% to KES 22.39 billion from KES 19.69 billion, lifted by continued growth across the Life and General Insurance businesses and the reach of Britam’s distribution and partnership networks across its markets.
The net insurance service result, a measure of underwriting profitability under IFRS 17, improved 36.1% to KES 1.76 billion from KES 1.29 billion. Britam attributed the gain to better claims experience and disciplined execution across its General and Life insurance lines, even as some segments of the General business felt softer underwriting conditions.
Net investment income fell 22.4% to KES 13.42 billion from KES 17.28 billion, mainly because fair value gains on financial assets dropped to KES 1.11 billion from KES 6.25 billion a year earlier. Interest and dividend income still rose to KES 11.96 billion from KES 10.59 billion, which the Group linked to disciplined portfolio management and ongoing optimisation of its investment book.
Despite the pullback in investment income, the net insurance and investment result rose 63.1% to KES 4.25 billion from KES 2.61 billion, showing that underwriting strength carried the half.
Fund management fees jumped 68.2% to KES 662 million from KES 394 million, a signal that Britam Asset Managers continues to gain traction as households and institutions look for local investment vehicles. The unit has been widening its product shelf this year, from a dollar denominated fixed income fund aimed at investors seeking a hedge against currency swings to KidNest, a children’s investment account launched in August to get young Kenyans saving early.
Earnings per share rose 54.4% to KES 1.05 from KES 0.68. The board did not recommend an interim dividend for the period.
Balance Sheet Strengthens
Total assets grew 11.1% to KES 270.84 billion from KES 243.78 billion, while total equity rose 7.2% to KES 37.57 billion from KES 35.05 billion. Management said the expansion in both assets and equity supports future growth across the markets where Britam operates, which span Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
Net cash generated from operating activities stood at KES 9.67 billion, a sharp turnaround from a cash outflow of KES 2.32 billion in the same period last year, pointing to healthier cash conversion from the underwriting business.
Credit: Photo/Britam
Management Commentary
Group Managing Director and CEO Tom Gitogo said the results confirm that the ASCEND strategy, built around sustainable African expansion, customer led innovation, operational excellence and digital transformation, is beginning to show up in the numbers.
“These results give us an encouraging start to our ASCEND Strategy and show that we are moving in the right direction by responding to customers’ needs and translating that into sustainable business growth,” Gitogo said. “We are strengthening Britam from within while remaining focused on our purpose of safeguarding the dreams and aspirations of our customers across Africa.”
On the underwriting improvement, Gitogo said the gain reflects the core health of the business. “The improvement in the insurance service result is important because it reflects the underlying health of our core business,” he said. “We will continue to execute with discipline while investing in customer experience, distribution and digital capability to support sustainable growth.”
Where the Numbers Stand
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Insurance revenue | KES 22.39B | KES 19.69B | +13.7% |
| Net insurance service result | KES 1.76B | KES 1.29B | +36.1% |
| Net investment income | KES 13.42B | KES 17.28B | -22.4% |
| Net insurance and investment result | KES 4.25B | KES 2.61B | +63.1% |
| Fund management fees | KES 662M | KES 394M | +68.2% |
| Profit before tax | KES 3.82B | KES 2.51B | +52.0% |
| Profit after tax | KES 2.66B | KES 1.74B | +53.3% |
| Earnings per share | KES 1.05 | KES 0.68 | +54.4% |
| Total assets | KES 270.84B | KES 243.78B | +11.1% |
| Total equity | KES 37.57B | KES 35.05B | +7.2% |
Wider Context
The results land in a year when Kenya’s insurance regulator and industry players have pushed harder for underwriting discipline after years of thin margins on motor and health business, so a 36% jump in the net insurance service result stands out against that backdrop. Britam’s push into fund management, through Britam Asset Managers, also mirrors a broader trend among Kenyan insurers diversifying into unit trusts and asset management as a steadier source of fee income outside the more volatile investment and claims cycle.
The Group also pointed to independent recognition of its brand position. According to Brand Finance’s 2026 rankings, Britam sits among Africa’s strongest brands and ranks as Kenya’s third strongest brand overall and the country’s most valuable insurance brand, a distinction that could support customer acquisition as the ASCEND strategy rolls out across its seven markets.
For a Group entering the first year of a five year growth plan, half year numbers rarely tell the full story. But the combination of firmer underwriting, a fast growing fund management arm and a stronger balance sheet gives Britam a credible foundation heading into the second half of 2026. Khusoko has tracked Britam’s turnaround since its return to profitability in 2019, and this half year points to a Group building on that recovery rather than merely sustaining it.
