Britam Holdings Plc has expanded its footprint in Kenya’s reinsurance sector after acquiring a 30% stake in Continental Reinsurance Kenya, a subsidiary of Nigeria’s Continental Reinsurance Plc.
Britam is among the leading financial services in Kenya is backed by prominent investors such as Jimnah Mbaru, Peter Munga, James Mwangi, and Jane Wanjiru Michuki,
Through its wholly-owned subsidiary, Britam Life Assurance Company (Kenya), the group invested Ksh.764 million ($5.9 million) to acquire a 30% beneficial stake in the reinsurer.
The transaction, disclosed in Britam’s latest annual report, values Continental Re Kenya at approximately Ksh.2.8 billion ($21.67 million). The move is aligned with Britam’s strategy to diversify income streams and enhance its reinsurance capabilities amid a tightening market.
During the same reporting year, Britam Life participated in HF Group’s rights issue, acquiring 722.7 million shares at a cost of Ksh2.9 billion ($22.45 million).
The discounted acquisition had a net positive impact of Ksh.2.2 billion ($17.03 million) on Britam’s profit and loss account. HF Group, classified as an associate, contributed Ksh.244 million ($1.89 million) in profit, up from Ksh.187 million ($1.45 million) in 2023.
Also Read: Britam invests sale of its stake from Equity into fixed income
Britam’s stake in Continental Re Kenya contributed Ksh.121 million ($936,630) in pre-tax earnings.
For the financial year ended December 31, 2024, Britam recorded a 53.5% increase in net profit to Ksh.5.03 billion ($38.9 million), up from Ksh.3.28 billion ($25.4 million) the previous year. The improved performance was attributed to robust investment returns and disciplined cost management.
Kenya remained Britam’s key profit centre, generating nearly 80% of earnings, with the remaining share contributed by operations across East Africa.
The group’s total assets grew by 19.6% to Ksh.208.5 billion ($1.62 billion), while shareholders’ equity rose 15% to Ksh.29.5 billion ($229.2 million), up from Ksh.25.7 billion ($199.7 million) in 2023.
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