#3
BRITAM
Today, Britam stands tall, both literally and figuratively, with its iconic Britam Towers gracing the Nairobi skyline and symbolising the company’s ambition and resilience.
Britam has evolved from humble beginnings as a service provider for sugarcane plantation workers in the Bahamas to an over KES 174 billion asset-rich African financial services giant present in seven countries.
With a rich history spanning over a century – 60 of those years in Kenya – Britam has cemented itself as a market leader, safeguarding the dreams and aspirations of millions.
The Group offers a wide range of financial solutions in Life Assurance, General Insurance, Micro Insurance, Health Insurance, Retirement Planning, Property, Asset Management and Banking.
Britam’s Kenyan story began in 1965 as a small home-based insurance firm stationed in Uganda House, Nairobi. In 1979, Britam’s exceptional growth began with the registration of Britam Life Assurance Company (Kenya) Limited.
Following years of organic growth, in 1995, British-American Investments Company (Kenya) Limited was incorporated as a holding company.
Britam went public in 2011 after listing on the Nairobi Securities Exchange (NSE), marking a new era of expansion. In 2015, the firm’s name changed to Britam Holdings PLC in conformity with the Companies Act.
Britam’s regional expansion started in 2010 with Britam Insurance Company (Uganda) Limited. Regional expansion continued with entries into South Sudan in 2012 and Rwanda in 2013.
In 2014, Britam acquired a 99 percent stake in Real Insurance Company, expanding into Tanzania, Malawi, and Mozambique.
Britam is now eyeing entry into the lucrative Democratic Republic of Congo (DRC) market, Africa’s second-largest country by land mass.
Customer Centricity, driven by Britam’s EPIC² #OneBritam strategy, is the heartbeat of Britam’s success and market leadership. EPIC² stands for Employees, Partnerships, Innovation, Clients, and Conduct, encapsulating the core elements that propel Britam forward.
Britam posted a KES 4.82 billion profit before tax for the year ended 31 December 2023, a 65 percent increment from the KES 2.92 billion recorded in the previous financial year ended 31 December 2022. The improved performance is attributed to a growth in top line revenue from both insurance and investment activities.
This year, Britam emerged as the 3rd strongest Kenyan brand with a 35 percent surge in brand value to KES 3.8 billion, according to the London-based Brand Finance, a world leading brand valuation consultancy.
Britam was also listed as the 6th fastest-growing Kenyan brand of 2024, indicating enhanced customer perceptions and heightened brand strength and awareness.
Britam, the largest life insurer in Kenya with a market share of about 22 per cent, has been recognised as the Life Insurance Company of the Year for 17 consecutive years by the Association of Kenya Insurers (AKI).
The company has the largest network of financial advisors – fondly known as the Blue Eagles – who number over 3,000.
Innovation, a pillar of Britam’s EPIC² Strategy, has been a cornerstone of Britam’s rise. Britam has pioneered game-changing products and services while expanding its reach through partnerships and innovative solutions. For instance, Britam has partnered with Airtel Money and Inclusivity Solutions to offer affordable mobile-based insurance products for low-income individuals.
To address climate challenges, Britam launched the Index-Based Flood Insurance (IBFI) policy with Oxfam in Kenya and Swiss Re, aiming to cushion small-scale farmers in Tana River County from floods.
Additionally, in the healthcare sector, Britam’s Pharmacy First program allows customers to access medical services at pharmacies for minor ailments, and the Milele Junior child-only health plan ensures that no child is left uninsured.
Britam recently won two awards at the Customer Experience (CX) Transformation Excellence Awards 2024 by Phoenix Business Intelligence: Best Employee Experience Strategy and Best Social Media Campaign & Initiative.
At the 2023 Intelligent Customer Experience (ICX) Kenya Gala Dinner, Britam was first runners-up in the Customer Service Innovation category.
Moreover, Britam Life Assurance Company won the Life Insurance Company of the Year Award at the 2023 AKI annual awards for the 17th consecutive year, and the Agent of the Year award for the second consecutive year.
Britam Life Assurance also won the Most Improved Company in Group Life award and 2nd Runner-up in the Innovation Award, while Britam General Insurance was 1st runners-up for the General Insurance Company of the Year award.
Not leaving the firm’s employees behind, Financial Advisor Ruth Mumbe Nyingi won four individual awards, including Agent of the Year for the second consecutive year and the AKI Lifetime Award.
Britam’s success is driven by its seasoned executive leadership, chosen from the industry’s elite, leveraging their deep financial expertise to steer the company through a challenging period.
Britam Board Chairman Kuria Muchiru, with his extensive experience across diverse sectors, and Group Managing Director and CEO Tom Gitogo, a recognised transformative leader, have spearheaded strategic initiatives propelling Britam’s growth.
Kuria, recognised as one of Kenya’s Top 25 Most Impactful Board Chairs by Business Monthly EA, joined Britam in 2021 during a turbulent period. His 35 years at PricewaterhouseCoopers (PwC) proved invaluable, and he led a multi-pronged approach to restore confidence.
Kuria chairs a diverse portfolio of companies, including Kenya Wine Agencies (KWAL) and the Njenga Karume Trust. Kuria further fosters the entrepreneurial spirit by chairing Kuria Capital, a venture capital firm founded by his son and provides early-stage funding to budding startups.
It was during Kuria’s visionary leadership that Tom Gitogo, a trained civil engineer with over 30 years of experience in various roles in the financial services industry across Africa and Europe, joined Britam as Group Managing Director and CEO in September 2022.
Gitogo’s proven track record made him ideal for navigating the challenges that followed Britam’s restructuring. He brought to the table not only his financial expertise, honed as the former Finance Director at Britam until early 2007, but also his experience at the corner office of some of Africa’s top listed insurers.
He championed the customer-centric Britam EPIC² Strategy which has seen the blue-chip firm deliver robust financial results despite a tough economic environment. Under his steady hand, Britam has seen a clear growth path.
Britam has expanded its reach by focusing on the needs of various customer segments, including emerging market consumers, and has made a concerted effort to boost product uptake through partnerships and digital channels.
Looking ahead, Gitogo aims to leverage Britam’s success in Kenya as a springboard for growth across Africa. The firm is particularly interested in expanding its life insurance business regionally, with Uganda being the first target market.
In addition to his role at Britam, Gitogo also serves on the boards of CIB Bank, where he is Chairman, and Housing Finance Group PLC.
