Britam Holdings Plc records a net loss of US$84m, cites poor performance by subsidiaries

KENYA – Diversified financial services group Britam Holdings Plc, reported a net loss of US$84 million for the financial year ended 31st December 2020. The financial services provider firm attributes this depressed financial performance to poor returns from investments in its associate Housing Finance Group (HFC) and investment losses in Wealth Management Fund LLP, a fund managed by its subsidiary Britam Asset Managers. Investment losses in Wealth Management Fund LLP amounted to US447 million. The Nairobi Securities Exchange-listed Britam Holding Plc has a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan,…

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Britam Holdings announces new organizational structure, job cuts

KENYA – The board of Britam Holdings Plc, a leading diversified financial services group, has announced a new organisational which it says will result in a more competitive, efficient and customer centric organization. Additionally, it will gear the Nairobi Securities Exchange (NSE) listed firm for enhanced digital innovation and product development. Similarly, the reorganization is expected to lead to a leaner team with fewer reporting layers that will support the company’s growth in an increasingly competitive business environment. Employees in the affected roles and positions are expected to exit the…

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Insurance group Britam picks Tavaziva Madzinga to replace long serving CEO Benson Wairegi

KENYA – Insurance Group Britam Holdings has appointed Tavaziva Madzinga, a strategy expert, as its chief executive to replace long-serving Benson Wairegi, who is retiring at the end of this month after 40 years of service. The appointment of Mr Madzinga, an actuarial scientist who previously served as chief executive of Old Mutual’s operation in Kenya, takes effect on February 1, 2021 and ends a two-year talent search. He is credited with successfully developing, driving, and executing Old Mutual’s strategy in Southern and East Africa as well as helping to transform…

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Britam posts US$33.06m in profit from higher investments gains

KENYA – Financial service group, Britam Holdings has posted a profit of Ksh3.5 billion (US$33.06m) in earnings for the period ending December 31st 2019 from higher investments gain. In 2018, the insurer fell into Ksh2.2 billion (US$20.76m) loss after taking a sizable hit from its investments in publicly listed firms. The Group’s total income grew by 38 per cent in 2019 to Ksh36.4 billion (US$343.81m) as the firms marked a Ksh4.8 billion (US$45.34m) fair value gain from its financial assets from a Ksh3 billion (US$28.34m) loss in 2018. Further, Britam…

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