Britam Posts Record KSh 2.66Bn Profit as Insurance Revenue Rises

Britam Holdings’ half-year earnings have pushed the insurer further beyond its post-2020 recovery, with profit after tax rising 53.3% to KSh 2.66Bn in the six months to June 2026 from KSh 1.74Bn a year earlier and KSh 378Mn in restated H1 2022.

• Insurance revenue reached a record KSh 22.39Bn, while total assets expanded to KSh 270.84Bn and borrowings fell to KSh 313Mn.
• Profit before tax increased 52.0% to KSh 3.82Bn from KSh 2.51Bn, the highest half-year level in the financial statements reviewed.
• The group has identified African expansion, digitalisation, partnerships and customer growth among its priorities, following the launch of its microinsurance subsidiary Britam Connect.

Insurance revenue grew 13.7% from KSh 19.69Bn, continuing a four-year rise from KSh 12.40Bn under the restated IFRS 17 figures for H1 2022.

Underwriting improved after weakening a year earlier. The insurance service result rose 36.1% to KSh 1.76Bn from KSh 1.29Bn, although it remained below the KSh 2.13Bn reported in H1 2024. The broader insurance and investment result increased 63.1% to KSh 4.25Bn.

Investment income moderated, but movements in insurance finance costs cushioned the decline. Net investment income fell 22.4% to KSh 13.42Bn from KSh 17.28Bn, while net insurance finance expenses declined to KSh 10.92Bn from KSh 15.97Bn. The resulting net financial result rose 89.5% to KSh 2.49Bn. Fund management fees increased 68.2% to KSh 662Mn.

Cash generation also recovered sharply. Net cash from operating activities reached KSh 9.67Bn compared with a KSh 2.32Bn outflow in H1 2025. Britam simultaneously deployed KSh 9.17Bn into investing activities.

Balance Sheet

The balance sheet has strengthened alongside earnings. Total equity rose to KSh 37.57Bn from KSh 31.25Bn at June 2025, compared with KSh 18.30Bn in H1 2021. Borrowings have fallen from KSh 4.88Bn over the same period to KSh 313Mn.