Ugunja. Zanzibar requires a strong and effective democratic foundation that respects the decisions of the people in order to build lasting peace, stability, and a good future for its citizens.
This was stated by Zanzibar’s first Vice President Othman Masoud Othman, during a meeting with a delegation from the US Senate, at his office in Migombani, Western Urban Region, Unguja.
He noted that it is clear that the agreements reached when ACT Wazalendo was invited to join the Government of National Unity have not been implemented, which undermines trust among their partners and the majority of citizens regarding the Government and the upcoming elections.
Mr. Othman emphasized the efforts his party, ACT Wazalendo, is making to promote unity and solidarity within the Zanzibar Government of National Unity, while stating that these efforts have not yet reached the required levels.
“Indeed, time has passed; it has been four (4) years since we entered the Government of National Unity in Zanzibar, and the agreements made with our partners have yet to be executed. However, if there is a genuine political will, there is still time to restore the trust of the people of Zanzibar,” Mr. Othman stressed, outlining urgent issues that need to be addressed.
Among these issues, he mentioned the right of citizens to have access to the voter registration list, including the issuance of Zanzibar residency identification, the removal of ghost voters from the voter registry, improvements in the Electoral Commission including transparency in hiring honest staff, transparency in candidate selection, access to ballot papers, free and fair elections, and respect for the decisions of citizens in election results.
Additionally, Mr. Othman urged various stakeholders in democracy to continue believing that ACT Wazalendo is working diligently to seek justice, stability, and lasting peace, emphasising that the islands of Zanzibar heavily rely on tourism for their economy, thus peace is crucial for economic growth.
Furthermore, Senior Officer of the US Senate Foreign Relations Committee, Ms. Heather Flynn, stated that the United States will continue to cooperate with Zanzibar on various issues, promising closer engagement as the General Elections in 2025 approach.
She was accompanied by various US officials, including Ms. Andrea Freeman and Mr. Jonathan Howard.
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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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