Nairobi, Sept. 8 -- Britam Holdings has completed the elimination of accumulated losses from its balance sheet through a Sh5.87 billion reduction in its share premium account, clearing the way for the resumption of dividend payments after a six-year pause.

The Company Act bars an institution from paying dividends if it has accumulated losses.

The Nairobi Securities Exchange-listed insurer said on Tuesday the reduction became effective on September 7, after the Registrar of Companies registered a High Court order and the statement of capital approving the transaction.

The completion of the transaction, which was initiated in March, has seen Britam's share premium account fall to Sh7.36 billion from Sh13.24 billion, with the Sh5.87 billi...