Britam Holdings

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.[2]

Britam offers a wide range of financial products and services which include: Asset Management, Life Assurance, Retirement Planning, General Insurance, Health Insurance, Banking and Property Insurance.[2]

Overview

Britam's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Tanzania, Malawi, and Mozambique. The flagship company of the group is the Britam Holding Plc, commonly referred to by its brand name Britam Kenya.[3]

According to the Insurance Regulatory Authority report released in 2019, Britam Life Assurance was ranked first in market share with 24.7 percent.

History

1965–1999

The group's operations commenced in Kenya in 1965 with the opening of the first office in Nairobi as a foreign branch of British-American Insurance Company Limited, headquartered in the Bahamas. A local company was incorporated on 14 November 1979 as British-American Insurance Company (Kenya) Limited under the Companies Act as a private limited liability company following a government directive that all branches of foreign owned insurance companies must be incorporated locally. By this time, the Company had established nine branches across Kenya. This local incorporation represented the first step in the localisation of the Company. In 1984, local Kenyan investors acquired 33.33 percent of the shareholding in line with government directives.[3]

2000–2009

In 2004, the group incorporated British-American Asset Managers whose core business was the provision of Investment advisory and Fund management services. The company offers investment funds, structured as Unit trusts and discretionary Portfolio management, to both institutions and private clients. During the same year, the group restructured, creating a non-operating holding company.[3] Also in 2004, Britam acquired a strategic equity stake in the Equity Group Holdings Limited. Britam made its first equity acquisition in Housing Finance Company of Kenya (the largest mortgage finance provider in East Africa) in 2007.[4]

2010–date

2010 marked Britam's regional expansion commencing with the group's expansion into Uganda with the incorporation of Britam Insurance Company (Uganda) Limited, which commenced business on 24 November 2010, following the issuance of an insurance license by the Uganda Insurance Commission.[5] In 2011, the shares of British-American Investments Company were listed on the Nairobi Securities Exchange through an undersubscribed initial public offering. This was largely the result of risk-averse foreign investors shunning the IPO because of the Eurozone crisis and a sluggish U.S economy.[6] Britam Insurance Company (South Sudan) Limited was incorporated in February 2012 and is licensed to underwrite all classes of life and non-life insurance.[7] In Rwanda, Britam Insurance Company (Rwanda) Limited, was incorporated and licensed in 2013 by the National Bank of Rwanda.[8][9]

Subsidiaries and investments

The companies that compose the Britam Holdings Limited are organised into four divisions and include, but are not limited, to the following:[17]

Insurance

Britam Life Assurance Company (Kenya) Limited – Nairobi, Kenya – 100% Shareholding – The flagship company of the group. Offering General insurance and Life insurance.
Britam General Insurance Company (Kenya) Limited – Nairobi, Kenya – 100% Shareholding – Offering General Insurance and Holding Company for Tanzania, Malawi and Mozambique subsidiaries. Real Insurance Company is the oldest member having been founded in 1910 as a subsidiary of Royal Insurance, now part of RSA Insurance Group.
Britam Insurance Uganda Limited – Kampala, Uganda – 100% Shareholding – Offering General and Life Insurance.
Britam Insurance South Sudan Limited – Juba, South Sudan – 100% Shareholding – Offering General and Life Insurance.
Britam Insurance Rwanda Limited – Kigali, Rwanda – 100% Shareholding – Offering General Insurance.
RICEA Management Services Company – Nicosia, Cyprus – 100% Shareholding[18] – Held through Real Insurance Company Limited – Management services of the Real Insurance subsidiaries.
Britam Insurance Tanzania Limited– Dar es Salaam, Tanzania – 54.45% Shareholding – Held through Real Insurance Company Limited – Offering General Insurance
Britam Insurance Company Malawi Limited – Blantyre, Malawi – 64.35% Shareholding[19] – Held through Real Insurance Company Limited – Offering General Insurance. Started operating in 1959, making it the oldest insurance company in Malawi. It was listed on the Malawi Stock Exchange on 29 September 2008 through a successful IPO that was over-subscribed by 300%. It is the only listed insurance company in Malawi.[20]
Britam Companhia De Seguros De Mozambique, S.A – Maputo, Mozambique – 97.02% Shareholding – Offering General Insurance

Asset Management

British-American Asset Managers Kenya Limited – Nairobi, Kenya – 100% Shareholding – Offering Financial services, investment management, Private equity and Investment advisory services.
British-American Asset Managers Uganda Limited – Kampala, Uganda – 100% Shareholding – Offering financial services, investment management and investment advisory services.

Property

Britam Properties (Kenya) Limited – Nairobi, Kenya – 100% Shareholding – Real Estate and REITs.
Britam Properties (Uganda) Limited – 100% Shareholding.

Banking Holding

Equity Group Holdings Limited – Nairobi, Kenya – 8.2% Shareholding - A financial services organisation in Eastern Africa regulated by the Central Bank of Kenya.
Housing Finance Company of Kenya - 48.82% Shareholding - A mortgage finance provider in Kenya regulated by the Central Bank of Kenya.

type	Public
traded as	kn: BRIT
key people	Mohamed Said Karama, Acting Chairman‡R1R‡ Tom Gitogo, Group Managing Director ‡R1R‡
industry	Insurance, Investments, Property, Financial services
products	Insurance Asset Management Property REITs Banking Holding
revenue	KES: 27.667 billion (2019)
operating income	KES: 36.4 billion (2019)
net income	KES: 3.73 billion (2014)
assets	KES: 125.244 billion (2019)
equity	KES: 22.67 billion (2017)
homepage	https://www.britam.com
location	Britam Tower, Upper Hill Nairobi, Kenya
foundation	1965

Overview

History

1965–1999

2000–2009

2010–date

Subsidiaries and investments

Insurance

Asset Management

Property

Banking Holding

Ownership

Governance

Britam Tower

Controversies

Bramer Banking Corporation Scandal

Recent developments

See also

References