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Britam Holdings Plc, the Nairobi-based financial services group backed by prominent Kenyan investors including Jimnah Mbaru, Peter Munga, and James Mwangi, is looking to deepen its footprint in Africa with a planned entry into the Democratic Republic of Congo (DRC).
The company, Kenya’s largest publicly traded insurer by market value, sees the DRC as an attractive growth market where insurance services remain limited. Britam is considering acquisitions as its entry point, with CEO Tom Gitogo noting that discussions are underway.
“It’s public that we’re looking at Congo,” Gitogo said. “We intend to close this up as soon as possible because the opportunities that exist in the insurance space in DRC are enormous.”
Low insurance penetration, high growth potential
Insurance penetration across several African markets remains below 1 percent, offering what Britam calls an untapped growth opportunity. “We are not yet even scratching the surface,” Chairman Kuria Muchiru said. “If we targeted a penetration of 15 percent in the next five years, that would still be more than 10 times higher than current levels.”
Britam already operates in seven African countries, including Uganda, Rwanda, Tanzania, Mozambique, and Malawi. The insurer plans to prioritize acquisitions over greenfield projects, while also growing revenues in its existing markets.
Diversified portfolio strengthens market position
Beyond insurance, Britam has interests in asset management, banking, and real estate, cementing its footprint in East and Central Africa’s financial landscape. Its influential shareholder base—including Equity Group boss James Mwangi and corporate heavyweights like Peter Munga and Jimnah Mbaru—underpins its market dominance.
The company recently acquired a 30 percent stake in Continental Re Kenya for Ksh764 million ($5.9 million), boosting its reinsurance portfolio at a time of tightening regional competition. Britam also reversed a $16.2 million loss tied to its HF Group stake, benefiting from a rebound in the mortgage lender’s profitability and a 31 percent rally in its share price.
Strong market performance despite profit dip
Britam’s first-half net income fell more than 10 percent to Ksh1.74 billion ($13.5 million, even as insurance revenue climbed 11 percent. Despite the earnings dip, investor confidence has remained strong. The insurer’s shares have surged 57 percent this year, reaching Ksh9 ($0.07).
With Congo now firmly on its radar, Britam is positioning itself to tap Africa’s underinsured populations while strengthening its role as a leading regional financial powerhouse.
