Kenya's biggest publicly traded insurer by market value is planning an expansion in African nations, where the insurance penetration rate is low, to augment and diversify revenue.
Britam Holdings, which already has operations in seven African nations, will primarily focus on acquisitions rather than greenfield operations, according to a report by the news agency Bloomberg, quoting CEO Tom Gitogo.
He said at a briefing that it is publicly known that the group is looking at the Democratic Republic of Congo. “We intend to close this up as soon as possible because the opportunities that exist in the insurance space in DRC are enormous.”
The insurer also intends to grow revenue streams in the countries where it currently operates, he said. These markets are Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.