Dar es Salaam. The board of directors of the Dar es Salaam Stock Exchange PLC has appointed Peter Situmbeko Nalitolela as the new chief executive officer, effective August 1, 2024.
Mr Nalitolela succeeds Moremi Marwa, who held the position for nine years.
Mr Marwa’s tenure concluded in 2022, and since then, Ms Mary Mniwasa has been serving as the acting CEO.
The appointment was approved during the 30th Extraordinary Meeting held on June 24, 2024, the board said in a statement on July 25, 2024.
“Mr Nalitolela brings a wealth of experience and expertise from large public and private sector organisations, most recently serving as director and Head of Treasury and Financial Markets at the National Bank of Commerce (NBC),” a statement posted on DSE website said.
It was signed by chairperson of the DSE board of directors, Dr Ellinami Minja.
At NBC, where he served for six years, Mr Nalitolela managed funding risk, market risk, and the sales and trading business.
He was responsible for offering various market products such as foreign currency (FX), fixed income (FI) sales, and risk management products (derivatives).
Mr Nalitolela’s LinkedIn profile showcases his extensive experience, including six years at Barclays and lecturing at the University of Dar es Salaam.
His career also includes notable roles at Songas Limited, Airtel Tanzania, and the Unit Trust of Tanzania.
“He has financial markets experience with exposure to major sectors of the economy and international knowledge of global markets, having engaged in primary and secondary markets,” the the statement said.
Endowed with leadership skills rooted in humility and mindfulness, Mr Nalitolela is well-positioned to drive growth and innovation at the DSE.
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Britam half-year net profit hits Sh2bn on higher investment income
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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.”
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.
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