British-American Investments Company Limited (Britam) has announced a 19.5 per cent growth in pre-tax profit for the year ended December, 2014, a financial statement from the firm indicates.

The diversified financial services group, with subsidiaries in Rwanda, South Sudan, Mozambique, Uganda, Tanzania, and Malawi, registered profit before tax of Ksh3.7 billion (Rwf26.8 billion), up from Ksh3.1 billion (Rwf22.4 billion) posted in 2013. The firm earned a comprehensive income of Ksh6.4 billion (Rwf46.3 billion) compared to Ksh3.7 billion (Rwf26.8 billion) in 2013, which represents a 74.3 per cent growth.

The group’s insurance business revenue grew by 58.8 per cent during the year to Ksh14 billion (Rwf101.3 billion) compared to Ksh8.8 billion (Rwf63.6 billion).

Contribution to revenue from regional subsidiaries was up by over 400 per cent to Ksh1.6 billion (Rwf11.6 billion) from Ksh294 million (Rwf2.1 billion) attributable to organic growth and business acquisition. They also contributed Ksh105 million (Rwf759.7 million) to profit after tax, the statement indicated.

Revenues from the asset management business expanded by 13.5 per cent to Ksh696.1 million (Rwf5 billion) compared to Ksh613.5 million (Rwf4.4 billion) recorded in 2013.

Britam Group managing director, Benson Wairegi, said Britam’s performance was driven by new business opportunities in regional growth and expansion, strategic partnerships, new product offerings and real estate investment.

"Our growth and diversification strategy remains on course. We have our eyes on Africa. Our focus for investment is in information technology, mergers and acquisitions, as well as regional expansion,” Wairegi said.

"Our goal is to support the continent’s economic take-off through provision of a wide range of financial products and services.”