No Dividends as Britam makes Sh 1.6 Billion loss

 

Britam declares losses
Britam Centre. FILE

 

Insurer Britam declares a Ksh.1.6 billion loss for the first 6 months of operations in 2020, falling from a Ksh.1.7 billion profit last year.

Depression to loss-making is mostly related to the disclosure to the stock market and properties declining to Ksh.3.2 billion on financial assets in the period.

 

A majority of Ksh.3.1 billion was lost to the depressing realisation of the market which began into safer asset classes while Ksh.929 million was lost to a distressed property market accompanied by low occupancy levels and rental yields.


Britam, however, marked improved earnings from underwriting as gross earned revenues by 9 per cent to Ksh.13.8 billion from increased premium earnings in its general insurance business.


The insurer has learned a trend of falling victim to its stock market and investments exposure in times of an economic slowdown by falling into losses.


The company’s earnings per share (EPS) has dropped to a negative 65 cents.

Post a Comment

What is your say on this

Previous Post Next Post