#1Britam With you every step of the way XOXOXO BRITAN TOWER Britam Holdings Plc FY2022 Results Investor Presentation March 2023#2Disclaimer The information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of any person publishing, downloading or communicating the contents of this document or communication, or any part thereof, to ensure compliance with all applicable legal and regulatory requirements. The content of this presentation does not represent a prospectus or invitation in connection with any solicitation of capital. Nor does it constitute an offer to sell securities or insurance, a solicitation or an offer to buy securities or insurance, or a distribution of securities in any country or jurisdiction where it is contrary to local law. Such persons should inform themselves about and observe any applicable legal requirements. 1#3Contents Our Group Overview & Operating Environment Our EPIC² ... #OneBritam Strategy Our Financial Performance Our 2023 Focus Areas 2#4Our Group Overview 3#5Well Positioned for Regional Growth Opportunities We are a regional diversified financial services Group... Britam is a leading diversified financial services Group listed on the Nairobi Securities Exchange with a presence in seven countries. Britam Kenya Headquarters •Est. 1965 The #1 insurer in Kenya with 13% overall market share: 21% Life (#1) 5.8% GI (#6) Britam Uganda •Est. 2010 10% market share (#4) Britam Rwanda •Est. 2012 .6% market share (#7) Britam South Sudan •Est. 2012 •19% market share (#2) Britam Mozambique •Est. 2014 •3.2% market share (#9) Britam Malawi • Est. 2014 •13% market share (#2) Britam Tanzania •Est. 2014 ⚫4% market share (#11) Life Assurance General Insurance Health Insurance Retirement Planning Asset Management Property 4#6Our Group Board of Directors Mr. Kuria Muchiru Chairman Ms. Caroline Kigen Independent Non-Executive Director Mr. George Odo Representative of AfricInvest, III SPV 1 (Corporate Director) Mr. Edouard Schmid Non-Executive Director Ms. Josephine Ossiya Independent Non-Executive Director Dr. Peter K. Munga, EGH Non-Executive Director Mr. Jimnah M. Mbaru, EBS Non-Executive Director Mr. Julius Mbaya Mungai Independent Non-Executive Director Ms. Celestine Munda Non-Executive Director Ms. Hilda Njeru Company Secretary (Ag.) 5#7Our Group Executive Management Team Mr. Tom Gitogo Group Managing Director Mr. Charles Njuguna Finance Director Mr. Ambrose Dabani Retail Director Mr. Jackson Theuri Corporate Director Ms. Evah Kimani Partnerships and Digital Director Ms. Catherine Karita Strategy & Investor Relations Director Ms. Diane Korir Customer Experience Director Ms. Evelyne Munyoki Human Resources Director Mr. Saurabh Sharma Emerging Consumers Director Mr. Kenendy Aosa International Business Director Mr. John Kiugi Risk & Compliance Director (Ag.) Ms. Hilda Njeru Director- Legal and Com- pany Secretary (Ag.) 6#8Macro Indicators: Reflects a Challenging Operating Environment USD Strengthened against currencies in our markets Key Global & Regional Equities Indices perform poorly in 2022 113 123 3.558 3,693 2.305 2,332 1,025 1,062 1,027 815 KES UGX TZS RWF MWK 31 Dec 2021 31 Dec 2022 36.7% -11.9% -1.3% -1.9% PT -14.7% -17.7% -23.4% 130 130 64 64 MZN SSP Markets across our footprint experiencing inflationary pressures Inflation changes across our footprint 21.6% 30.2% 17.6% الي. 10.2% 2.9% 2.0% 5.7% 9.1% 31 Dec 2021 14.0 31 Dec 2022 13.0 12.0 11.0 -26.1% NSEASI NSE 20 USE ASI DSE ASI RSE ASI MSE ASI MSCI - MSCI Frontier World Rising Yields Impacting Asset Valuations NSE Bond Yield Curve 26% 10.0 10.9% 9.0 12% 7% 4.2% 4.8% 1 3 5 7 9 11 13 15 17 19 21 23 KEN UG RW SSD TZ MOZ 24 Feb 23 30 Dec 22 MLW 30 Sep 22 30 Jun 22 7#9Our EPIC² Strategy: Progressively Stabilizing Profitability I Growing Topline & Consistent Profitability •2.7% growth in Gross Earned premium and Management fees to Shs 33.4 bn •192% rise in FY2022 PBT to Shs 2,954 mn (FY2021 1,011mn). Investments Strategy Growing Returns •19.6% growth in interest, dividend income •Moderates the adverse impact of shift in the Yield Curve. Improving Operating Efficiency 26.1% drop in Operating Expenses •Opex ratio at 32% (2021 - 44%) Continued profitability of international businesses •23% contribution to total Gross earned premiums (GEP). •Regional continues to contribute profitably. P 888 Embracing Sustainability ⚫Joined UN Global Compact •Part of Africa Business Leaders Coalition (ABLC) on climate change • Targeting under insured segments through climate change adaptation insurance products 8#10BRITAM 135 130 Shifting of Investment Strategy: Focus on Growing Interest & Dividend income Group Investment Portfolio+3.4% 4.5% 2021 1% 8.1% 13.6% 4.6% 1.8% 2022 2.4% 12.6% Fixed Income 72.8% 78.7% 2021 2022 Britam Tower 94% Commercial Office Building Space Britam Center 91% Britam Uganda - 100% Britam Britam Centre Britam Associates Cash & cash equivalents Equities Property Increased Focus on Investments • Growth despite significant yield curve shift related fair value losses • Increased allocation to Fixed Income Investments • Strong growth in interest & dividends income Hospitality Space Somerset Westview Nairobi 65% . The Hotel Aprtments began operations in March 2022. Operated by Ascott - renown international agent 9#11Our EPIC² ...#Onebritam Strategy 10#12Our EPIC²... #OneBritam Strategy All About Customer Centricity We are transforming Britam by putting Customer needs at the center of everything we do ⚫ Our Customers will experience "One Britam"; We will deploy deep customer insights and data analytics to understand their needs and provide the solutions they want. • We will leverage our People, Technology, and Culture and enable our partners to deliver meaningful interactions, and satisfying experiences, all the time. The 2021-2025 Strategy is about Delighting the Customer EPIC² ...#OneBritam 11#13Our EPIC² ...#OneBritam Strategy: All About Transformation, Growth Our Strategy draws on a transformational vision to grow customer base through focus on customer centricity - while strengthening our foundations Reground the business Fix the basics and fuel the journey Driver Customer-Centric Transformation Organise around the customer CICTIO OO I Leverage technology IOLIOI ΟΙΟ Turnaround key cost drivers Shift investment strategy Embed customer-centricity P&D Forge strategic partnerships Retail Corp EMC Optimise approach to customer Unlock next tier of customers Drive international growth 12#14The 2025 -2021 Strategy Client Experience (CX) Vision: We will Serve with Empathy & Care and Provide an EPIC² Experience E P Employees Partnerships Innovation Clients Build success from within and create a culture of excellence Cultivate trust to enhance partnership experience Create more value to our customers EPIC 2 ... #OneBritam C2 % Conduct Put customers first, think client in all decision making Treating Customers fairly 13#15performance ན ement Our Financial Performance 14#16PBT Growth: Driven by Topline, Investments & Opex Containment Gross Earned Premiums And Fund Management Fees Investment Income (Interest, Rent & Dividends) Fair Value Losses (From Yield Curve Shift) Operating Expenses Profit Before Tax +2.7% Up, to Shs 33.4 billion ↑ +19.6% Up, to Shs 13.0 billion +317% up to Shs 3.9 billion ↑ Down -26.1%, to Shs 8.3 billion +192% Up, to Shs 2.95 billion 15#17Top-line, Investment Income: On a Positive Trajectory Growth in GEP and Management Fees -Shs bn 7.5% +2.7% 32.51 28.82 27.67 24.99 33.40 Interest and Dividend Income -Shs bn 18.2% 10.87 9.40 6.97 6.67 +19.6% 13.01 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Gross Earned Premiums by business line-Shs bn /% 23% 32.74 7.80 31% 46% 15.12 10.02 Group Total Assets -Shs bn 11.2% +3.3% 158.42 153.43 136.96 125.24 103.66 Life GI-Kenya GI-Regions FY2022 GEP 2018 2019 2020 2021 2022 16#182022 Vs 2021 PBT: Key Impacts from Opex, Topline & Investments 1,011 3,116 625 (2,728) +192% 2,952 283 287 289 69 FY2021 PBT Opex&finance costs NEP + FM Invest income Comm & Other inc Net Claims & Interest Comm expense Share of Associates FY2022 PBT Key movements on PBT: Reduction in operating expenses. Revenue growth from Life (+9%) and GI - Kenya (+7%) Improved share of results of associates Fair value loses on investments (Bonds and Equities) 17#19Life Embedded Value (EV): Impacted by Macros, Support for future Growth EV records a minimal decline of 4.8 Percent on worse than expected economic environment and business focus on foundation for future growth (86) 1,355 1,094 17,199 1 2 (62) (1,743) 1,196 (2,597) 3 4 5 16,356 Total EV - Dec 2021 Expected Return Value of New business Operating Operating Economic Economic Experience Assumption Experience Assumption Variance Change Variance Change Exceptional items Total EV Dec-2022 - 1 Positive change over the reporting period in the net of taxation present value of the shareholder's interest in the expected future cashflows 4 Positive growth in net assets due to the higher decline in liabilities compared to assets from the impact of the rising yield curve. 2. Impact of New Business written on a profitable basis. • 3 Economic variables in the period worse than 5. The key modelling change relates to the review of the management spread. expectations from poor investment returns on equities & bonds portfolios. 18#20Life Performance: Rising Yields Lower PBT 13.84 Life GEP-Shs bn +9% 1.18 14.41 FY2021 PBT Growth FY2022 PBT Growth in gross earned premiums driven by increased product uptake especially annuities and deposit administration and focus on distribution model Life PBT-Shs bn -7% -0.17 2.37 2.20 FY2021 PBT Change Exc. FV Losses FV Losses FY2022 PBT Life PBT impacted negatively by fair value losses. 19#21PBT - Shs bn GEP - Shs bn General Insurance: Continue to Support Group Profitability GI-Kenya +5% GI-Regions -6% Combined GI -0.1% 0.51 8.13 0.53 0.51 0.53 9.5 10.01 7.60 17.63 17.61 FY2021 Change FY2022 FY2021 Change FY2022 FY2021 GI- GI- Kenya Regions FY2022 +15x +143% +245% 0.50 0.53 0.41 0.99 0.58 0.44 0.50 1.52 0.58 0.03 FY2021 Change FY2021 GI - FY2022 FY2021 Change FY2022 Kenya GI- Regions FY2022 20#22Key Ratios: Majorly inline with Overall Performance Key Metric 2022 Opex Ratio Loss Ratio Solvency-Life & GI (K) Group Life GI Kenya GI Regions 2021 2022 2021 2022 2021 2022 2021 21% 26% 30% 35% 47% 45% 32% 44% 68% 68% 51% 60% 2022 2021 2022 2021 154% 119% 152% 149% 21#238 8 FY23 Strategy Focus Areas 22#24FY23 Strategic: Focus Areas Growth and Expansion • Seeking opportunities for Regional Expansion. • Growth through Partnerships & Digital and Emerging Market Consumers 001 101101 010 Leveraging on technology க. • Optimize the current IT platform and continue with the transformation journey in line with the new business operating model Embedding Sustainability • Focus on Sustainability and Micro-insurance 888 23#25Britam With you every step of the way THANK YOU