Arusha — The East African Legislative Assembly (EALA) has elected new members of its Commission as its first Session of the fifth Assembly kicked off here last week.
The new Commission Members replace those whose tenure ended in December 2022. They shall serve for the balance of two and a half years up to June 2025.
The functions of the EALA Commission include to manage the affairs of the Assembly; to organize the business and programme of the House, to nominate members of the Standing and other Committees; and to do any other function that is incidental to the furtherance of the above.
Commission Members from all Partner States were unanimously elected by acclamation on the floor of the House.
The move followed the nomination of two Members each by the respective Partner State.
Those who made to the commission include Karerwa Mo Mamo and Ntisezerana Gabriel from Burundi, while Fatuma Ndangiza and Musangabatware Clément formed a team from Rwanda.
Uganda was represented by Denis Namara and George Odongo while Tanzania, which also hosts the EAC headquarters featured Dr Makame Abdulla Hasnuu and Dr Maghembe Ng’waru Jumanne.
The functions of the Commission include managing and organising the business and programes of the Assembly, nominating Members of Standing and other Committees and making recommendations to the Council on terms and conditions of service of Members of the Assembly.
In line with Section 3 (2) of the Administration of the East African Legislative Assembly Act, 2012, the Commission is composed of the Speaker, the Chairperson of the Council of Ministers who shall be an ex-officio and two Members of the Assembly from each Partner State elected by the Assembly.
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The East African Legislative Assembly is the Legislative Organ of the East African Community. Its Membership consists of a total of 72, of whom 63 are elected Members (9 from each Partner State) and 9 ex-officio members (the Ministers responsible for EAC Affairs from the Partner States, the Secretary General of the Community and the Counsel to the Community).
The East African Legislative Assembly has legislative functions as well as oversight of all East African Community matters.
The enactment of legislation of the Community is put in effect by means of Bills passed by the Assembly and assented to by the Heads of State, and every Bill that has been duly passed and assented to become an Act of the Community and takes precedent over similar legislations in the Partner States.
EALA has to date passed 79 pieces of legislation.
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The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
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Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
