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Britam-Annual Report-2013.Pdf CONTENTS Corporate information 1 - 3 Report of the consulting actuary 55 Our people 4 - 6 Report of the independent auditor 57 Notice of the Annual General Meeting 8 - 11 Financial statements: Financial highlights 12 - 15 Consolidated income statement 58 Chairman’s statement 16 - 22 Consolidated statement of comprehensive income 59 Group Managing Director’s statement 25 - 33 Consolidated statement of financial position 60 Statement of corporate governance 35 - 43 Company statement of financial position 61 Enterprise risk management report 44 - 47 Consolidated statement of changes in equity 62 - 63 Statement of corporate social responsibility 49 - 52 Company statement of changes in equity 64 Directors’ report 53 Consolidated statement of cash flows 65 Statement of directors’ responsibility 54 Notes to the financial statements 66 - 122 3. Corporate Information REGISTERED OFFICE LOCAL SUBSIDIARIES REGIONAL SUBSIDIARIES Local subsidiaries share physical and postal BRITISH-AMERICAN INVESTMENTS addresses with the Company BRITAM INSURANCE COMPANY BRITAM INSURANCE COMPANY BRITAM INSURANCE COMPANY COMPANY (KENYA) LIMITED (UGANDA) LIMITED LIMITED (SOUTH SUDAN) (RWANDA) LIMITED Britam Center BRITISH-AMERICAN INSURANCE Course View Towers,1st Floor The Britam Place, Union Trade Center, 5th Floor Junction of Mara and Ragati Roads COMPANY (KENYA) LIMITED Plot 21 Yusuf Lule Road Hai Malakal P.O Box 913, Kigali, Rwanda Upper Hill Managing Director: Mr. Stephen O. Wandera Kampala Uganda Juba, South Sudan GM/Principal Officer: Mr. Reuben Kibiru PO Box 30375, 00100 Nairobi E-mail: [email protected] CEO / Principal Officer: Mr. Allan Mafabi GM/Principal Officer: Mr. John Githinji Tel: (+250) 252 579 031/2/3 Tel: (+254) 020 2833000/2710927 Tel: (+256) 417 702600 Tel: (+211) 956444457/8 Email: [email protected]. Fax: (+254) 020 2717626 BRITISH-AMERICAN ASSET MANAGERS Email: [email protected] Email: [email protected] E-mail: [email protected] LIMITED Website (Group) : www.britam.co.ke Managing Director: Mr. Edwin H. Dande E-mail: [email protected] BRAMER PROPERTIES LIMITED Tel: (+254) 020 2833000/2710927 E-mail: [email protected] INTERNATIONAL RELATED PARTIES LOCALLY RELATED PARTIES BRITISH-AMERICAN INVESTMENT CO. BAI CO. (MTIUS) LIMITED GLOBALCAPITAL LIFE INSURANCE LIMITED HOUSING FINANCE EQUITY BANK OF KENYA LIMITED (MTIUS) LIMITED British American Center Testaferrata Street Rehani House Equity Centre BA Executive Suites 217, Royal Road, Curepipe Ta’ Xbiex Kenyatta Avenue/Koinange Street Upper Hill - Hospital Road 217, Royal Road, Curepipe MAURITIUS XBX 1403 Nairobi Kenya Nairobi Kenya Tel: (+254) 020 317474, 2221101 MAURITIUS President & Chief Executive Officer: MALTA Tel: (+254) 020 2262000, Email: [email protected] Chief Operating Officer: Mr Seemadree Mr. Rishi Sookdawoor Chief Executive Officer: Mr. Bashar Khatib Email: [email protected] Rajanah Tel: (+230) 602 3000 Tel: (+356) 21 342 342 ACORN GROUP LIMITED Tel: (+230) 602 3000 Fax: (+230) 670 3384 Fax: (+356) 21 333 100 Acorn House Fax: (+230) 674 2482 E-mail: [email protected] E-mail: [email protected] James Gichuru Road, Nairobi Kenya E-mail: [email protected] Tel: (+254) 020 2592671/2, 2632717 Email: [email protected] SHARE REGISTRAR AUDITOR BANKERS Image Registrars Limited PricewaterhouseCoopers Commercial Bank of Africa Ltd Barclays Plaza, 5th Floor PwC Tower, Waiyaki Way/Chiromo Equity Bank Ltd Loita Street Road, Westlands Barclays Bank of Kenya Ltd P.O Box 9287-00100, Nairobi Nairobi, Kenya Citibank Tel: (+254) 020 2230330 Tel: (+254) 20 285 5000 Kenya Commercial Bank Ltd Email: [email protected] Fax: (+254) 20 285 5001 National Bank of Kenya Ltd [email protected] Standard Chartered Bank SECRETARY Co-operative Bank of Kenya Nancy K. Kiruki ACTUARIAL SERVICES Britam Center Aon Hewitt/QED Actuaries and P.O. Box 30375, 00100 Consultants (Pty) limited Nairobi Sandton, South Africa LEGAL ADVISORS Triangle Actuarial Services Kaplan & Stratton, Advocates Wake Forest Daly & Figgis, Advocates North Carolina, USA Walker Kontos, Advocates Katende, Ssempebwa & Company Advocates Coulson Harney 1. Corporate Information Britam Rwanda 100% * * The acquisition of 99% stake in Real Insurance Company Limited is expected to be completed within the first half of 2014 2. Our Footprint Corporate Information Uganda Kenya Rwanda Tanzania The acquisition of 99% stake in Real Insurance Malawi Company Limited is expected to be completed within Mozambique the first half of 2014, at which point Britam will be present in Tanzania, Malawi and Mozambique. 3. Annual Report & Financial Statements 2013 Board of Directors Amb. Dr. Francis K. Muthaura Dawood A. Rawat Benson I. Wairegi Peter K. Munga Jimnah M. Mbaru Tarun Ghulati Dr. James N. Mwangi Bocar E. Dia Agnes N. Odhiambo Moussa Rawat Nduva Muli 4. Business Leaders Annual Report & Financial Statements 2013 Benson I. Wairegi Group Managing Director Stephen O. Wandera Edwin H. Dande Regional Director - Insurance Managing Director - Asset Management John K. Githinji Reuben W. Kibiru Allan Mafabi GM/Principal Officer GM/ Principal Officer CEO/Principal Officer Britam South Sudan Britam Rwanda Britam Uganda 5. Annual Report & Financial Statements 2013 Corporate Leaders Benson I. Wairegi Group Managing Director Gladys M. Karuri Muthoga Ngera Nancy K. Kiruki Jack W. Maina Group Finance & Director, Marketing & Director, Legal & Human Resources Group Chief Information Strategy Director Corporate Affairs and Company Secretary Officer Steve Magati Carol Misiko Benson Kamau Paul K. Gacheru Group Internal Group Risk & Compliance Group Business Planning Group Chief Accountant Audit Manager Manager & Analysis Manager Jacqueline Nyaguthii Arthur M. Chege Property Manager Group IT Manager (Enterprise Support) 6. Board of Director’s British-American Investments Company (Kenya) Limited • For the year ended 31 December 2013 THE ROAD AHEAD. PROMISING Our promise is to provide outstanding financial services to our customers and be with them every step of the way. 10. Notice of the Annual General Meeting NOTICE IS HEREBY GIVEN THAT THE 18th ANNUAL GENERAL MEETING of the iv) Amb. Dr. Francis K. Muthaura having been appointed to fill a casual Company will be held at Safari Park Hotel, Nairobi on Friday, 20th June 2014 vacancy in accordance with Article 115 of the Company’s Articles of at 10.00 a.m. to transact the following business: Association is retiring and being eligible, offers himself for re-election as a director. 1. To table the proxies and note the presence of a quorum; v) Mr. Dawood A. Rawat having been appointed to fill a casual vacancy in 2. To read the Notice convening the meeting; accordance with Article 115 of the Company’s Articles of Association is 3. To receive, consider and if approved, adopt the consolidated audited retiring and being eligible, offers himself for re-election as a director. financial statements for the year ended 31st December 2013, together vi) Mr. Moussa I. Rawat having been appointed to fill a casual vacancy in with the Chairman’s, Directors’ and Auditors’ reports thereon; accordance with Article 115 of the Company’s Articles of Association is 4. To approve the payment of a final dividend for the year ended 31st retiring and being eligible, offers himself for re-election as a director. December 2013 of Kshs. 0.25 per ordinary share of Kshs. 0.10 each, 6. To approve the remuneration of the Directors for the year ended 31st subject to withholding tax where applicable, in respect of the financial year December 2013; ended 31st December 2013 to shareholders on the register of members at the close of business as at 2nd May 2014; 7. To note that the auditors, Messrs PricewaterhouseCoopers, being eligible and having expressed their willingness, will continue in office in accordance 5. To elect Directors: with Section 159 of the Companies Act (Cap 486) and to authorise the i) Mr. Jimnah M. Mbaru retires by rotation in accordance with Articles directors to fix their remuneration; 92 and 93 of the Company’s Articles of Association and being eligible, 8. To consider any other business for which due notice has been given. offers himself for re-election as a director; ii) Mr. Peter K. Munga retires by rotation in accordance with Articles 92 By order of the Board and 93 of the Company’s Articles of Association, and having attained the age of 70 years on 5th May 2013 further retires in terms of section 186(2) of the Companies Act (Cap 486 of the Laws of Kenya) and being eligible, by virtue of special notice given under section 186(5), offers himself for re-election as a director; Nancy K. Kiruki iii) Mr. Bocar E. Dia retires by rotation in accordance with Articles 92 and Company Secretary 93 of the Company’s Articles of Association and being eligible, does not P.O. Box 30375 00100 offer himself for re-election as a director; NAIROBI 23 May 2014 8. Notice of the Annual General Meeting NOTES: 1. A member entitled to attend and vote at the meeting and who is unable Limited, Barclays Plaza, 5th Floor, Loita Street, Nairobi, not later than 10.00 to attend, is entitled to appoint a proxy to attend and vote on his or her a.m. Wednesday 18th June 2014, failing which it be invalid. Alternatively, behalf. A proxy need not be a member of the Company. duly signed proxies can be scanned and emailed to [email protected] in pdf format. In the case of a corporate body, the proxy must be under its A Proxy Form may be obtained from the Company’s website www.britam. common seal; co.ke, registered office of the Company, Britam Centre, Mara/Ragati Roads, Upperhill, Nairobi, P.O. Box 30375 – 00100, Nairobi, or offices of 2. In accordance with Article 151 of the Articles of Association of the the Company’s shares registrar firm, Image Registrars Limited, Barclays Company, a copy of the entire Annual Report & Accounts may be viewed Plaza, 5th Floor, Loita Street, Nairobi. at the Company’s website at www.britam.co.ke or a printed copy may be obtained from the registered Office of the Company, Britam Centre, Mara/ To be valid, a form of Proxy, must be duly completed by the member Ragati Roads, Upperhill, Nairobi, P.O.
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