23rd March, 2018
Britam holdings plc total comprehensive income grew by143 % to 1. 9 billion shillings in 2017, up from 784.7 million in 2016 even as the group’s profit before tax declined to 865.8 million compared to the 4.2 billion reported in 2016. The decline in profits is attributable to a change in valuation method for long-term liabilities to gross premium valuation method from the previously applied net premium valuation method in compliance with provisions of the insurance act as amended by the finance act 2015. This one-off change impacted the 2016 earnings positively by Shs 5.2 billion. The international businesses grew in both profits and revenues and accounted for 13% of the net insurance business revenue, 13% of total income and 8 % of the assets of the group in 2017.