Britam Holdings recorded a loss in the year 2018 as compared to 2017.
In their latest updates, restructuring costs, unrealized equities loss, depressed earnings from property investments and the new accounting standard IFRS 9 saw the company record a Ksh2.2 billion net loss in the year 2018 down from Ksh527 million profit in 2017.
The company made a 4 percent growth of its premium revenues from Ksh23 billion to Ksh24billion after its regional subsidies contributed 18 percent of its overall revenue.
Increased costs of operating and a change in the value of policy holders’ benefits made the company spend Ksh28 billion, 5 percent increase.
Britam expanded its asset base by 5 percent to KSh104 billion from KSh99 billion registered the previous year.
The company’s debts also went up by 4 percent to settle at KSh79 billion largely propelled by higher insurance contract liabilities as well as other payable contracts.
The company issued new shares to private equity firm AfricInvest in exchange for KSh24 billion worth of investment hence increasing its equity value by 6 percent.
Britam hopes that its investment in technology, financial advisers, and micro-insurance business will help the company record high revenues in the days ahead.
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