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Britam Holdings records a loss of 1.19 billion shillings in its 2015 results

19, Apr 2016

Britam holdings has posted a 1.19 billion shillings loss in its 2015 results down from a 3.21 billion shillings pretax profit the previous year. The loss is attributed to falling asset values due to a slowdown in securities markets. Despite the loss Britam a financial services company posted increased revenue from insurance at 40 percent to 19.6 billion shillings lifting total revenue 38 percent to 20.32 billion shillings. Insurance is seen as a growth area in Kenya, where less than 10 percent of the population has any form of cover. Britam incurred a loss of 2.84 billion shillings on its financial assets from a gain of 4.1 billion shillings in 2014. Britam said that total assets rose to 77.63 billion shillings from 72.45 billion shillings, while it posted a loss per share of 0.5 shillings from 1.31 shillings in 2014 and recommended a dividend payment of 0.3 shillings, unchanged from the previous 2014. The Nairobi securities exchange's main NSE-20 index lost 20 percent last year.