Britam Holdings Plc has announced a 52% increase in profit before tax to KSh3.8 billion for the six months ended June 30, 2026, as higher insurance revenue and stronger underwriting performance lifted the insurer’s performance.
The Nairobi Securities Exchange-listed group recorded an increase from KSh2.5 billion in the same period last year, giving the company a stronger start to its new ASCEND 2026-2030 strategy. Net profit for the period rose 53.3% to KSh2.66 billion, up from KSh1.28 billion a year earlier.
Insurance revenue rose 13.7% to KSh22.4 billion, up from KSh19.7 billion a year earlier. Britam attributed the growth to continued expansion in its Life and General Insurance businesses, supported by its distribution and partnership networks across its markets.
The group’s net insurance service result, which provides a clearer picture of the performance of its core insurance operations, also improved by 36% to KSh1.8 billion from KSh1.3 billion.
The improvement is significant because the net insurance service result reflects the underlying performance of Britam’s insurance business after accounting for insurance service expenses. The stronger result therefore indicates that the group’s core underwriting operations are improving rather than profit growth being driven solely by investment returns.
Britam Group Managing Director and CEO Tom Gitogo said the results indicate that the company’s strategy is beginning to translate into stronger business performance.
“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.
Investment performance, however, was more mixed during the period. While interest and dividend income stood at KSh12 billion, net investment income declined to KSh13.4 billion from KSh17.3 billion a year earlier, partly reflecting changes in financial asset valuations.
Gains on financial assets at fair value through the income statement fell to KSh1.11 billion from KSh6.24 billion, accounting for much of the decline in net investment income.
The decline also reflects pressure from a falling yield curve. Insurers typically invest premiums in Treasury bills, Treasury bonds and other fixed-income assets, meaning lower yields can slow the growth of investment income.
Britam expects yields to continue trending downward, supported by positive investor sentiment, improved liquidity and a cautiously dovish monetary policy stance, with the Central Bank of Kenya having held rates in two consecutive meetings.
Despite the weaker investment-income contribution, Britam’s bottom line improved significantly, supported by stronger insurance operations and lower net insurance finance expenses. Net insurance finance expenses fell to KSh10.92 billion from KSh15.96 billion in the comparable period.
Britam’s balance sheet remained strong, with total assets increasing to KSh270.8 billion while total equity rose to KSh37.6 billion.
The group has operations in Kenya, Uganda, Rwanda, South Sudan, Tanzania, Malawi and Mozambique, giving its ASCEND strategy a regional growth platform across several African markets.
Gitogo said Britam will continue to focus on underwriting discipline while investing in distribution, digital capabilities and customer experience.
The results come as Britam rolls out its ASCEND strategy, which targets growth across its African markets while placing greater emphasis on digital transformation and customer-focused products.
Among the products introduced during the period was the Heshima Farewell Plan, a microinsurance product developed with Montezuma Funeral Home to provide affordable last-expense cover.
Britam also launched a Whole Life Insurance Plan offering lifetime protection and introduced the Britam Trust Fund, aimed at helping customers preserve and transfer wealth across generations.
The insurer has also been expanding its digital operations, including the Digital Marine Cargo Insurance platform as Kenya moves to mandatory electronic marine cargo insurance certificates from July 2026.
The improved financial performance is also putting Britam’s dividend outlook back into focus. The group’s retained earnings increased to KSh1.85 billion from KSh540.84 million in December, strengthening its position following years of accumulated losses.
Britam last paid a dividend in 2019, when it declared KSh0.25 per share, amounting to KSh631 million, before plunging into a record loss of KSh9.1 billion in 2020. The loss pushed the company into an accumulated loss position, making it difficult to resume dividend payments.
Management has since been signalling a return to dividends, although no dividend recommendation was made alongside the half-year results.
The recovery has also been reflected in Britam’s share price. The company’s shares opened Friday at KSh18.60, representing a 104.4% gain at the Nairobi Securities Exchange since the beginning of 2026. The share-price rally has partly been supported by the company’s decision to use part of its KSh13.2 billion share premium to clear accumulated losses, helping remove a key obstacle to a potential resumption of dividends.
Britam’s half-year performance follows a period of increased focus on strengthening its core insurance business while using technology and new products to reach a wider customer base across the region. The stronger insurance service result, alongside the recovery in retained earnings, gives the group a firmer foundation as it executes the ASCEND strategy and works toward delivering sustainable value for shareholders and other stakeholders.
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