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Britam Holdings Plc FY2017 Analyst Round-Table Meeting

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Britam Holdings Plc FY2017 Analyst Round-Table Meeting Britam Holdings Plc FY2017 Analyst Round-table Meeting Presentation 1 Contents Section 1: a. Overview of Business b. Economic & Industry Highlights Section 2 a. 2017 Operating Environment & Update on Strategic Initiatives b. 2017 Financial Performance Section 3 a. 2018 Strategy Focus 2 Section 1: • Who we are • Economic & Industry Highlights 3 About Britam Holdings Plc Britam is a leading diversified financial services group listed on the Nairobi Securities Exchange. The group has presence in seven countries in Africa namely; Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial solutions in Life Assurance, General Insurance, Health Insurance, Retirement Planning, Asset Management and Property. These solutions enable our customers to protect and grow their wealth and achieve their financial goals every step of the way. 4 Group Structure 5 Section 1: • Who we are • Economic & Industry Highlights 6 Macro-Economic Review 2017 GDP Rates (%) Mozambique 3.7 Malawi 4.5 Rwanda 5.2 Tanzania 6.7 Uganda 4.8 Kenya 4.9 2 3 4 5 6 7 Source: Country Stats Political environment coupled with the prolonged drought impacted Kenya’s economic performance. Most currencies in the region were stable despite global uncertainties around Brexit and US Tax reforms. 7 Industry Highlights- Kenya Projected penetration rate for 2017 at 2.9% compared to 2.7% in 2016. Insurance 2017, insurance premiums grew by 6.6 % compared to the 12.3% growth in 2016. Life insurance premiums at Shs 83 billion a growth of 13.6%. General insurance premiums at Shs 124 billion a growth of 2.5%. Asset Management- AUM continue to grow driven by increased uptake especially for retail. Other Business Property market witnessed a slow down in 2017. However, the sector is expected to improve 2018 partly driven by the Government focus on housing. Regulatory In Kenya there was a refinement of the Risk Based Capital (RBC) regulation. 8 Industry Highlights- International Business South Sudan- Political instability and prolonged fighting continue to cripple the Economic Highlights economy. Mozambique- Oil & Gas sector expected to spur economic growth. Tanzania- Government protectionism still remains a key challenge. Insurance Regional penetration rates below 2%. In Uganda, introduction of RBC. Regulatory Rwanda National bank halted the registration of new insurance companies Introduction of cash and carry policy in Tanzania. Introduction of new solvency computation guidelines in Malawi 9 Kenya Business Units Market Share- 2017 Life General Asset Management Jubilee 9.2% Britam 22.1% CIC 24.2% ICEA Lion 15.7% CIC 8.1% Britam 18.7% Old Mutual Jubilee 15.3% UAP 7.8% 14.5% ICEA 9.6% Pioneer 6.5% APA 6.6% Stanlib Investments 5.9% CIC 5.9% Britam 6.4% Sanlam 5.7% Sanlam 5.7% ICEA 4.8% CBA Unit Trust Scheme 5.5% Kenindia 5.6% Heritage 4.7% Equity Investment Bank 4.3% Britam Life maintained its industry Britam General grew its market share to Britam Asset Managers maintained leadership position. 6.4% and attained 5th in position its 2nd Position in revenue and PBT. 10 General Insurance Kenya Market Share- 2017 Motor Medical CIC 24% Jubilee 23.0% UAP 14% AAR 19.4% Britam 13% UAP 16.6% APA 11% APA 11.7% Britam 8.3% Jubilee 10% CIC 7.7% ICEA 9% Heritage 7.0% Heritage 7% GA 4.6% GA 6% ICEA 1.7% AIG 6% 0% 10% 20% 30% 0.0% 10.0% 20.0% 30.0% Britam General grew its market share in Britam General grew its market share in Motor to 13% and attained 3rd in position Medical to 8.3% and attained 5th in position 11 International Business Market Share- 2017 Uganda Tanzania Rwanda Jubilee 15.31% Jubilee 38.12% Alliance 10.52% Heritage 8.30% UAP 12.65% AAR 8.23% Phoenix 5.35% Britam 8.11% UAP 5.13% Strategis 4.75% Goldstar 6.88% Reliance 4.33% ICEA Lion 4.13% Lion 6.49% NIC 3.76% Britam 3.48% Sanlam 5.83% Sanlam General 3.19% ZIC 3.01% ICEA 4.96% Tanzindia 2.86% Britam Uganda Grew their market Britam Tanzania maintained a Britam Rwanda maintained a share to 3rd position in Q3 2017. market share of 3.48%. (2016) market share of 6%. (2016) 12 Ordinary Life & Pension Market Share -2017 14.04% 15.58% 13.74% 34.73% 11.41% 7.49% Ordinary Life 3.57% Pensions 2.78% 2.51% 7.68% 25.13% 1.87% 5.77% 1.81% 1.07% 4.83% 3.58% 2.56% 4.28% 25.18% Liberty UAP Life Pioneer OLD Mutual Sanlam APA Life Madison GA Life UAP Life CIC Kenindia Sanlam ICEA Lion Liberty Life Kenindia Britam Life ICEA Lion Jubilee Jubilee Britam 13 Section 2: • 2017 Operating Environment & Update on Strategic Initiatives • 2017 Financial Performance 14 Section 2: • 2017 Operating Environment & Update on Strategic Initiatives • 2017 Financial Performance 15 2017 Operating Environment & Milestones • Prolonged political activity and drought conditions impacted Kenya’s business environment. • Despite these challenges the Group recorded various milestones; – Launched Britam Asset Managers Company (Uganda) Ltd. – Launched our digital and mobile platforms. – Completed the Britam Tower. 16 2017 Performance against Strategic Priorities Objectives Performance 1. Make all businesses profitable • Most businesses in profitable position in FY PROFITABLE 2. Be the market leader in all our chosen 2017. GROWTH markets 3. Be a truly diversified financial services • Increased revenue contribution from regional group entities. 1. Ensure a “one stop shop” and a seamless • Implemented; CUSTOMER experience for clients • 24-hour Contact Centre and SERVICE 2. Engage in continuous brand building to • Customer Relationship Management (CRM) become the trusted partners to our clients system 1. Increase our share of wallet by designing Launched; products with customers in mind and • Mobile distribution channels e.g. our new USSD deliver them in a timely manner portal (*778#). INNOVATION 2. Develop innovative partnerships and distribution channels to increase our • Digital portals i.e. FA, Customer and Marine market penetration Portals. 1. Improve operational efficiency and Key initiatives include implementation of ; • Express motor assessment centre and OPERATIONAL cost-to-income ratio to 20% by 2020 EXCELLENCE 2. Ensure optimum underwriting quality and reduce loss ratios to below 50% • triaging approach to claims processing etc. • Rolled out ERP across all regional entities. 1. Create a high performance, proactive • Successfully launched internal systems such as ENABLING culture and motivated team. Taleo (HR) and isupply. TRANSFORMATION 2. Develop an IT ecosystem that support • INSIS medical and motor system digital enterprise (Project Jawabu) 17 Section 2: • 2017 Operating Environment & Update on Strategic Initiatives • 2017 Group Financial Performance 18 Summary Group Consolidated Financial Results % Shs Millions Dec 2017 Dec 2016 Change Gross earned premiums 23,298 20,292 15% Fund management fees 761 929 (18%) Investment income 19% 0.6 5,054 4,233 Net insuranceKenya claims, 2.6% increase in policy holder's benefits and loss adjustment 1.0% 14,962 6,744 122% expenses1.0% & Interest payments/ increase in unit value Operating expenses & finance costs 8,542 8,272 3% Tanzania 1.0% Profit before tax 866 4,239 (80%) Total comprehensive income 1,908 785 143% 19 Statement of Profit or Loss and Comprehensive Income. Condensed Consolidated Statement of Profit or Loss- Group 12 Months to 12 Months to Shs’000 31-12-2017 31-012-2016 Gross earned premium and fund management fees 24,058,941 21,221,078 Less: reinsurance premium ceded (3,000,191) (2,898,259) Net earned revenue 21,058,750 18,322,819 Investment income 5,053,975 4,232,846 Net (loss)/income from investment property (607,261) 991,129 Gains/ (losses) on financial assets at fair value through profit or loss 1,324,833 (2,412,009) Commissions earned 744,492 718,839 Other income 261,885 506,590 Total income 0.6 27,836,674 22,360,214 Expenses Net insurance claims and increaseKenya in policyholder's 2.6% benefits 12,498,761 5,001,165 Interest payments/ increase in unit value 2,462,961 1,742,978 Operating and1.0% other expenses 7,355,818 7,094,697 Finance costs1.0% 1,186,147 1,177,264 Commissions expense 3,520,150 3,547,258 Total expenses 27,023,837 18,563,362 Profit before share of the profit of associate 812,837 3,796,852 share of profit of associate 53,006 442,281 Profit before tax 865,843 4,239,133 Income tax (expense)/Tanzania credit 1.0% (338,369) (1,758,929) Profit for the year 527,474 2,480,204 Gains/ (losses) on revaluation of financial assets at fair value through other 1,291,967 (1,452,150) comprehensive income Others 88,709 (243,381) Total other comprehensive income 1,380,676 (1,695,531) Total Comprehensive income for the year 1,908,150 784,673 20 Gross Earned Premiums & Fund Management Fees +26% CAGR 24,059 21,221 20,324 14,792 Figures in Shs Millions Shs in Figures 9,461 2013 2014 2015 2016 2017 21 Gross Earned Premium and Fund Management Fees Total GEP & Fund management fees 24.1bn Life Assurance GI Kenya Regional GI AMC Britam Property Kenya 11.1bn 8.1bn 4.1bn 848mn 79mn 45.9% 33.5% 16.8% 3.5% 0.3% South Sudan Uganda Tanzania Mozambique Malawi Rwanda 597mn 1.2bn 1.0bn 240mn 699mn 294mn Note: The above figures do not include inter company transactions. 22 Profit Before Tax (Shs) Profit Before Tax 866mn Life Britam Corporate Assurance GI Kenya Regional GI AMC Property (674mn) Kenya 545mn 254mn 340mn (72mn) 473mn South Sudan Uganda Tanzania Mozambique Malawi Rwanda 167mn 107mn 69mn (14mn) (42mn) (33mn) 23 Total Assets at Shs 99bn +21% CAGR 99,025 83,643 77,632 72,450 46,903 Figures in Shs Millions Shs in Figures 2013 2014 2015 2016 2017 24 AUM up 18% to Shs 129bn +37% 140,000
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