PRESS RELEASE Britam joins Rank of Billion Dollar Companies Friday 29th March 2019, Nairobi: Britam Holdings has today reported a growth in total assets of Shs 103.6 billion in 2018 up from Shs 99 billion in 2017. This makes Britam Holdings a USD 1 billion total asset company cementing its market leadership position in the industry. However, Britam Holdings has reported a loss before tax of Shs 2.3 billion compared to a profit before tax of Shs 866 million in 2017. Announcing the results, Britam’s Group Managing Director, Dr. Benson Wairegi, explained that the Group performed well in its core business. The shareholders’ funds increased by 6 percent on the back of issuance of new shares to new investors. In the recent past, the company has attracted several international investors who include International Finance Corporation, AfricInvest and Swiss Re. During the year under review, gross earned premium and fund management fees registered a growth of 4 percent to Shs 25 billion from 24.1 billion reported in 2017. The Asset Manager business has recorded a sterling performance closing at Assets Under Management (AUM) of Shs 146.64 billion, a 14 percent increase from 2017. The life assurance business recorded a premium growth of 6 percent, which was generally higher than the industry average signifying our dominance in the market. The embedded value increased to Shs 13.8 billion, a return of 10.5 percent an indication that the life assurance business is writing profitable business that will generate additional value to the shareholders’ in future. Britam operates in six countries outside Kenya. These international insurance business contributed 18 percent of the Group’s gross revenue. Dr. Wairegi said the 2018 performance is largely attributable to the poor performance in the stock market where the Group reported unrealised loss from investment in listed equities of Shs 3.2 billion compared to a gain of Shs 0.9 billion in 2017. The NSE declined by 18 percent. In addition, the property business did not perform well due to the depressed property market. The performance was also impacted by one-off restructuring cost of Shs 681 million. Commenting on the results, Dr. Wairegi said that, “The Group’s fundamentals remain strong. We are on track in the execution of our ‘Go for Gold’ Strategy and coupled with an improved operating environment the Group’s performance outlook is positive.” ENDS…// Note to Editors Britam Holdings Limited Britam 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. 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. These financial solutions enable our customers to create and protect their wealth and lives every step of the way. For more information please visit http://www.britam.com .