Britam posts record loss of Sh9bn after asset division hit
Thursday April 29 2021
By VICTOR JUMA
The company did not give details of what went wrong at the asset management unit.
The disclosure of the losses at the fund came after the insurer overhauled its executive and board, including the investment committee.
Britam Holdings #ticker:BRIT reported a record net loss of Sh9.1 billion in the year ended December when its asset management division underperformed.
The insurer had made a net profit of Sh3.5 billion a year earlier. The performance saw the company suspend dividend payouts, having made a distribution of Sh630.8 million or Sh0.25 per share the year before.
HF gets Sh1bn capital from Britam
Thursday January 21 2021
HF chief executive Robert Kibaara (left) with Britam group managing director Benson Wairegi during the signing of a Sh1 billion capital deal yesterday at Britam Towers, Nairobi. PHOTO | DIANA NGILA | NMG
By VICTOR JUMA
Summary
Mortgage financier HF Group has received Sh1 billion from its top shareholder Britam Holdings to boost the lender’s capital and loans outside real estate.
The cash injection will enable HF to deepen its strategy of expanding into mainstream banking including retail and SME lending while cutting reliance on the soft real estate market.
The mortgage financier will channel the bulk of its lending to small and medium enterprises and those buying houses through the State-backed affordable homes scheme.