US Vice President Kamala Harris arrives in Tanzania today for a two-day official visit. Her trip is significant in that it is the first time a sitting US vice president is visiting Tanzania.
Ms Harris is more than just a US vice president. She is the first woman to hold the second highest office in the world’s biggest economy and only superpower. This makes her one of the most powerful and influential individuals in the world.
Her visit is yet another ringing endorsement of the economic diplomacy policy pursued by President Samia Suluhu Hassan, who is currently the only female head of state in Africa. Ms Harris is fittingly visiting as Tanzania marks President Hassan’s highly successful first two years in office.
Ms Harris’ tour is further testimony – if any were needed – to the long-standing and cordial bilateral relations between Tanzania and the US, which can be traced back to the early 1960s.
It also shows that Tanzania is firmly back in the international community fold after embracing – with disastrous consequences – isolationist and inward-looking policies for a number of years.
Gone were the days when Tanzania, despite being a developing nation, punched far above its weight in international diplomatic circles. The country had to all intents and purposes retreated into a shell and stayed there, watching the world go by.
All that has now changed, which partly explains why Tanzania is one of three countries Ms Harris will visit during her weeklong and first official tour of Africa as US Vice President.
It is worth noting that Tanzania has so far hosted three sitting US presidents – a very rare feat in Africa. Mr Bill Clinton came here in 2000, followed by Mr George W. Bush and Mr Barack Obama in 2008 and 2013, respectively.
Solid foundation
Tanzania’s founding President, Mwalimu Julius Nyerere, made an official visit to the US in 1963 in one of his very first foreign tours after coming into office and laid a solid foundation for relations between the two nations.
It is therefore no wonder that the US has consistently been one of Tanzania’s most important development partners for more than six decades.
The numbers speak for themselves. At least 266 American investment projects worth $4.778 billion (Sh11.178 trillion) have been registered with the Tanzania Investment Centre (TIC). Nearly 60,000 jobs have been created as a result of these investments.
Also, 100,600 Americans visited Tanzania in 2022, making the US our biggest source of tourists coming from outside Africa.
Tanzania is also a major beneficiary of the US President’s Emergency Plan for Aids Relief (Pepfar), the US President’s Malaria Initiative (PMI), Feed the Future initiative and other US-funded programmes.
We could go on and on, but suffice it to say that Tanzania is truly honoured to host Ms Harris and her entourage. To her, we say, “Karibu sana Tanzania, the Land of Kilimanjaro, Zanzibar and the Serengeti.”
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
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.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
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.
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