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Annual Report & Financial Statements BRITISH-AMERICAN2014 INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 I AM READY TABLE OF CONTENTS Corporate Information 7 - 11 Who we are 12 - 13 Directors’ Report 14 Statement of Directors’ Responsibilities 15 Five Year Financial Review 16 - 18 Chairman’s Statement 20 - 22 Director of Insurance Business & 23 - 25 Managing Director’s statement Board of Directors 26 Management team 27 4 Statement of Corporate Governance 28 - 34 Risk Management Report 35 Corporate Social Responsibility 36 - 42 Report of the Consulting Actuary 44 Embedded Value 45 - 49 Independent auditors’ report 50 Financial Statements 51 Statement of profit or loss 51 Statement of comprehensive income 52 Statement of financial position 53 - 55 Statement of changes in equity 56 - 58 Statement of cash flows 59 Notes to the financial statements 60 - 114 Short- Term Insurance Business Revenue 115 Account Long-Term Insurance Business Revenue 116 Account 5 Britam Tower 6 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 CORPORATE INFORMATION Directors Registered Office Peter K. Munga Chairman Britam Centre Dr. Benson I. Wairegi Group Managing Director Mara-Ragati road junction- Upper hill Stephen O. Wandera Director of Insurance Business P.O. Box 30375-00100 and Managing Director Nairobi Francis K. Muthaura Non- executive Dr. James N. Mwangi Non- executive Auditors Nduva Muli Non- executive Deloitte & Touche Tarun Ghulati Non- executive – Resigned Certified Public Accountants (Kenya) on 18 March 2015 Deloitte Place, Waiyaki Way, Muthangari Agnes N. Adhiambo Non- executive P.O. Box 40092 - 00100 Nairobi Audit Committee Legal Advisors Agnes N. Odhiambo Chairperson Kaplan and Stratton Advocates Peter K. Munga Williamson House Nduva Muli 4th Ngong Avenue P.O. Box 40111, 00100 Nairobi Investments and Strategy Committee Peter K. Munga Chairman Daly and Figgis Advocates Dr. James N. Mwangi ABC Towers, ABC Place, 6th Floor Dr. Benson I. Wairegi P.O Box 40034-00100, Nairobi Risk and Compliance Committee Consulting Actuaries Nduva Muli QED Actuaries & Consultants (Pty) Ltd Sandton, South Africa Compensation and Human Resource Committee Amb. Dr. Francis K. Muthaura Chairman Company Secretary Peter K. Munga Nancy K Kiruki Nduva Muli Certified Public Secretary (CPS (K)) Britam Centre P.O. Box 30375-00100 Nairobi Nomination and Governance Committee Amb. Dr. Francis K. Muthaura Chairman Peter K. Munga ICT Steering Committee Nduva Muli Chairman Dr. Benson I. Wairegi Dr. James N. Mwangi 7 I AM BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 READY CORPORATE INFORMATION (Continued) BANKERS INTERNATIONALLY RELATED PARTIES Commercial Bank of Africa Limited BRITISH-AMERICAN INVESTMENT CO. (MTIUS) LTD Upperhill 25 Pope Hennessy Street P.O Box 30347 - 00100 PO Box 331 Nairobi Port Louis Mauritius Equity Bank Limited Community Corporate BAI CO (MTIUS) LIMITED P.O. Box 75104-00200 British American Centre Nairobi 217 Royal road Curepipe Barclays Bank of Kenya Mauritius Barclays Plaza P.O. BOX 46661-00100 RELATED LOCAL COMPANIES Nairobi British-American Asset Managers Limited P.O Box 30375-00100 Citibank Kenya Limited Upper hill Upper hill Nairobi P.O. Box 30711-00100 Nairobi British-American Investment Company ( Kenya) Limited P.O Box 30375-00100 Standard Chartered Bank of Kenya Limited Upper hill Kenyatta avenue Nairobi P.O. Box 30001-00100 Nairobi Equity Group Holdings Limited P.O Box 75104-00200 Co-operative Bank of Kenya Limited Upper hill Upperhill Branch Nairobi P.O. Box 30415-00100 Nairobi Housing Finance Company of Kenya Limited P.O. Box 30088-00100 National Bank of Kenya Limited Nairobi Kisii Branch P.O. Box 2435-40200 Kisii Housing Finance Company of Kenya Limited Kenyatta avenue P.O. Box 30088-00100 Nairobi 8 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 CORPORATE INFORMATION (Continued) BRANCH NETWORK NAIROBI NAKURU EMBU Ambank House CK Patel Building Union Bank Bulding University Way Kenyatta Highway Kenyatta Highway P.O. Box 46942 P.O. Box 304-20110 P.O Box 1668-60100 Tel: (020)-226998/223287 Tel: (051) – 2212200 Tel: (068) -31839/31458 Fax: (020)-224691 Fax: (051) – 2217260 Fax: (068)-31864 [email protected] [email protected] [email protected] NAIROBI KISUMU THIKA Barclays Plaza Mega Plaza Thika Arcade Loita Street Oginga-Odinga Road Kenyatta Avenue P.O. Box 20664 P.O. Box 1111 P.O Box 1487-01000 Tel: (020)-2224153/2224312 Tel: (057) – 45121 Tel: (067) - 21866/22768 Fax: (020)-2224691 Fax: (057) – 44034 Fax: (067) -21392 [email protected] [email protected] [email protected] NAIROBI NYERI BUNGOMA Phoenix House Co-operative Bank Building HIBHO Plaza Kenyatta Avenue Kenyatta Road Moi Avenue P.O. Box 46942 P.O. Box 16-10100 P.O Box 104-50200 Tel: (020)-226998/223287 Tel: (061) – 2032154 Tel: (055) 30246/30397 Fax: (020)-2224691 Fax: (061) – 2032764 Fax: (055) 30243 [email protected] [email protected] [email protected] NAIROBI ELDORET MACHAKOS Timau Plaza, Argwingskodhek Road Imperial Court, Nairobi Road Kiamba Mall, Ngei Road P.O. Box 21428-00505 P.O. Box 1117 P.O.Box 1327-90100 Tel: (020) - 3860452/3/4/9 Tel: (053)-2030770 Tel: (044)21634/33 (020) - 3860452 Fax: (053)-2062914 [email protected] [email protected] [email protected] NAIROBI KISII KITENGELA Victor House Uhuru Plaza Red Heron Centre 2nd Floor, Kimathi St Kisumu-Nairobi Road Namanga Road P.O. Box 10445-00400, Nairobi P.O. Box 252 P.O. Box 849 00242 M: +254- 0703-094029 Tel: (058) -30555 M: +254-0722-270553 Fax: (058) -30488 Fax: ( 020) 2005513 [email protected] [email protected] [email protected] VOI Maghamba Plaza, 2nd Floor 2nd Floor P.O. Box 717-80300, Voi M: +254- 0703-094028 [email protected] 9 I AM BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 READY CORPORATE INFORMATION (Continued) BRANCH NETWORK WESTLANDS MERU NYAHURURU Soin Arcade Kenyatta Highway Kenyatta Avenue Westlands P.O. Box 1224-60200 P.O.Box 397 20300 P.O. Box 20480, Nairobi Tel: (064) -32434 Tel: (065) - 2022165 Tel: (020) - 3744393/3750730 Fax: (064) -31312 Fax: (065) 2022166 Fax: (020) - 3743628 [email protected] [email protected] [email protected] MALINDI NAIVASHA KAKAMEGA Malindi Complex Eagle Centre Mega mall Lamu Road MbariaKaniu Road Kisumu-Kakamega Road P.O. Box 1072-80200 P.O.Box 2329 – 20117 P.O.Box 511-50100 (042) 2833023 (050) – 2030513 Tel: 056-31839 M: +254 703 094 023 (050) 2030515 (056) 31839 [email protected] [email protected] [email protected] ISIOLO NANYUKI BRANCH KITUI Halcha Building Silver Plaza Muli Mall, 1st Floor Moyale Road. Nairobi-Nanyuki Road Makuti Street P.O. BOX 706 – 60300 P.O. BOX 3123-10400 P.O. BOX 1669-90200 (064) 2833026 (062) 2833390 (044) 2833025 M: +254 - 703 094 026 M: +254 703 094 390 M: +254 703 094 025 [email protected] [email protected] [email protected] MURANGA KERICHO MOMBASA CDM Centenary House Ark Plaza Biashara Bank Building Uhuru Avenue John Kerich Road Nyerere Street P.O.Box 202 - 10200 P.O.Box 1193-20200 P.O. Box 9013 M: +254-720-340038 (052) – 21421 Tel: (041) - 220321 (060) 2030074 [email protected] Fax: (041) -223558 [email protected] [email protected] 10 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 OUR BRAND INTERNALIZE Values • Respect • Integrity • Continuous improvement & Innovation • Passion VISION To be YOUR most trusted BRAND financial services partner POSITION Operating principles YOUR JOURNEY is our journey • Market leadership • Professionalism • Synergy • Operational excellence MISSION BRAND IDEA To provide outstanding fincancial services to our customers EXTERNALIZE Personality • Visionary • Approachable 11 I AM BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 READY WHO WE ARE OUR JOURNEY TO BUSINESS EXCELLENCE With close to over 50 years of service in Kenya, British-American established as an investment holding company and assumed control Insurance Company (Kenya) Limited is the insurance subsidiary of British-American Insurance Company (Kenya) Limited and the newly company of British-American Investments Company (Kenya) Limited, formed investments advisory and asset management company, British- better known as Britam. American Asset Managers Limited. Britam, the holding company, is a leading diversified financial services In 2008, a further rationalisation of the equity ownership of the group group, listed on the Nairobi Securities Exchange. The group has interests saw the majority of shares passing to Kenyan investors, with British- across the East and Southern Africa region, with offices in Kenya, American Insurance Company (Mtius) Limited remaining as a key Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. strategic partner. British-American Insurance Company started operations in Kenya in In 2010, Britam’s regional expansion started with the group venturing 1965 and has since undergone tremendous transformation, evolving into Uganda with the incorporation of Britam Insurance Company from a home service insurance company to its current position as a (Uganda) Limited. leading composite insurance company in Kenya providing all classes of insurance The year 2011 marked an important watershed in the history of the company, with the Group listing at the Nairobi Securities Exchange The company’s growth journey started in 1979, when British-American in a move aimed at unlocking the shareholders value, and attracting Insurance Company (Kenya) Limited was registered as a private limited additional capital for the group’s expansion strategy. liability company in Kenya in order to comply with the government’s directive that all branches of foreign owned insurance companies be Britam Insurance Company (South Sudan) Limited was incorporated incorporated locally. in 2012 and is licensed to underwrite all classes of life and non-life insurance products.
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