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TOM GITOGO
GROUP MD & CEO, BRITAM HOLDINGS
It’s a story of chance and grit. On September 1, 2022, Tom Gitogo strolled into Britam Towers, starting yet another chapter in his journey.
With almost three decades under his belt in the financial services arena, Tom’s story began at PricewaterhouseCoopers (PwC), where he became part of the team shortly after earning his Bachelor of Science (BSc) degree in Civil Engineering from the University of Nairobi (UoN). Eager to sharpen his skills, he pursued a Master of Business Administration (MBA) degree with a focus on Strategic Management from Moi University, Kenya.
Returning to Britam felt like a homecoming for the self-professed village boy, though this time, with its unique set of challenges.
In his early professional years, this amiable and personable gentleman – Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Kenya (ICPAK); Member of the Institute of Certified Public Secretaries of Kenya (ICPSK) and the Institute of Directors of Kenya (IoD) – had already left an indelible mark during his previous 10-year tenure at Britam. His diverse roles, including that of Finance and Strategy Director, had provided a solid foundation for his incredible ascent as a stalwart in the insurance industry.
Like a ship embarking on a global voyage before returning to its port of origin, Tom’s departure from Britam was a quest for knowledge and new horizons. His first port of call was Pan Africa Life (now Sanlam Insurance), a firm listed on the Nairobi Securities Exchange (NSE). Here, he commanded the role of Chief Executive Officer (CEO) for a prolific seven-year stretch.
Throughout his tenure at Sanlam, he oversaw the significant growth of the Group’s premium income, investment returns, and overall profitability. This strategic acumen contributed substantially to the ascent of the group’s share price over that period. Tom’s exceptional leadership did not go unnoticed; he was named ‘CEO of the Year’ by the Kenya Institute of Management (KIM), following a regional survey conducted by the Institute.
Tom subsequently set his sights higher, propelled by a mission to impact the industry and, with it, millions of lives. Over the following five years, he served as Group Managing Director (MD) and CEO of the NSE-listed powerhouse, CIC Insurance Group. In this capacity, he was responsible for operations spanning Kenya, Uganda, South Sudan, and Malawi. Under his guidance, the company experienced a period of exponential growth, accompanied by a consistently profitable performance.
In between his executive roles, Tom served as Vice Chairperson of the Association of Kenya Insurers (AKI), Chairperson of the Life Insurance Council (LIC) at AKI, Vice Chairperson of the International Cooperatives and Mutual Insurance Federation – ICMIF, and as the Kenyan representative at the Life Forum of Africa Insurance Organization (AIO).
He currently serves on several boards, including CIB Bank, where he is the Board Chairman. He has also recently joined the board of Housing Finance (HF) Group PLC.
These responsibilities and experiences suitably prepared Tom for his most important assignment yet, Group MD and CEO of the region’s largest integrated financial services company: Britam.
Following an extensive voyage, he docked once more at Britam’s harbour to oversee the Group’s endeavours across seven African nations – Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. His first assignment was to deftly steady the ship’s course and set forth on an ambitious journey of accelerated growth.
In outlining his business vision, the new Captain defined the purpose statement ‘Safeguarding Dreams and Aspirations’, echoing Britam’s founders’ original goal of realising customers’ dreams and aspirations. He reiterated dedication to the 2021-2025 customer-centric transformational strategy, #OneBritam EPIC2, representing Employees, Partnerships, Innovation, Client, and Conduct. The strategy centres on four crucial initiatives: organising the business around the customer, leveraging technology, turning around key cost drivers, and optimising the profile and returns of its investments. Tom has been upbeat about the #OneBritam EPIC2 strategy, citing two consecutive years of promising results. He rallies his team to sustain momentum for increased revenues, profitability, and overall stakeholder value.
For the new Captain, the journey has been both exhilarating and challenging, yet his preparation has been impeccable. In the fiscal year ending December 2022, Britam announced an impressive pre-tax profit of KES 2.95 billion, nearly tripling the previous year’s KES 1.01 billion. Revenues also surged, as gross earned premiums and fund management fees rose by 2.7 percent, reaching KES 33.4 billion. These robust results underscore the strategy’s success, particularly notable amidst a challenging global and local landscape.
Quite evidently, the sky is not the limit for this civil engineer turned insurance business leader.1
