The Kenya democracy index continues to trail Tanzania for four consecutive years on poor scores on electoral process and pluralism, civil liberties and functioning of government, the report shows.
The Democracy Index 2023 report by the Economist Intelligence Unit (EIU), shows that Kenya scored an overall democracy index of 5.05 behind Tanzania’s at 5.35. This score shows no improvement from last year’s index, which has been remained the same since 2020.
Regionally, Kenya was ranked position 14 and globally 92.
EIU is the research and analysis division of The Economist Group, a leading source of international business and world affairs information.
According to EIU, “the democracy index is a thick measure of democracy that assesses each country across five categories-electoral process and pluralism, functioning of government, political participation, political culture and civil liberties.”
The electoral process and pluralism metric analyse ability to hold free and fair elections. The functioning of government involves assessing corruption, transparency and accountability by the state. Civil liberties comprise indicators related to freedom of expression and media freedoms.
Photo credit: John Waweru | Nation Media Group
Kenya scored poorly on electoral process and pluralism with 3.5 out of 10 in 2023.
Other areas that the country scored dismally are civil liberties (4.1 out of 10) and functioning of government (5.3 out of 10).
The report notes; “The failure of political incumbents to uphold democratic values and deliver good governance and economic progress has discredited electoral democracy for increasing numbers of Africans.”
Based on the 2023 National Ethics and Corruption Survey,57.3 percent of respondents perceived corruption level to be high in the country, with 24.7 percent citing high cost of living as the main reason.
Notably, the freedom of assembly though guaranteed by the Constitution has been undermined in Kenya. The police responded to Opposition protests in March 2023 with tear gas and live ammunition.
Three years after the Covid-19 pandemic, which translated to a rollback of freedoms across the world, the 2023 democracy results for Kenya indicate a continuing democratic malaise and no forward momentum.
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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.
