Cost-cutting drive raises Britam's profit to Sh1.6b

Britam Group Chairman Kuria Muchiru Group Managing Director Tom Gitogo at the insurer's half-year briefing. [Wilberforce Okwiri, Standard]

Financial services firm Britam Holdings has reported a massive jump in profit after tax to Sh1.69 billion for the full-year period to December 2022 on the back of extensive cost-cutting measures.

The company's net profit stood at Sh72.12 million in 2021 after emerging from a Sh9.1 billion loss it made in the year to December 2020 following the underperformance of its asset management division.