Jubilee Holdings posts Sh740m first half profit

August 22, 2012
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Gross revenue increased by 33 percent to Sh10.6 billion from Sh8 billion recorded in the same period last year/COURTESY

, NAIROBI, Kenya, Aug 22 – Jubilee Holdings has announced a 19 percent increase in its after-tax profit for the first half of 2012 to Sh740 million up from Sh623 million in the same period last year.

Profit before tax went up to Sh928 million from Sh781 million in 2011.

Gross revenue increased by 33 percent to Sh10.6 billion from Sh8 billion recorded in the same period last year.

Jubilee Holdings Chairman Nizar Juma said the improved performance was due to strategies implemented to improve operating efficiency, focus on risk management and an innovative product development drive.

“As we celebrate our 75th anniversary we are delighted to report that Jubilee remains the largest insurer in Kenya, Uganda and Tanzania. Jubilee’s asset base has grown from Sh38 billion to Sh43 billion in the first half of 2012,” Juma said.

Juma said following the performance the shareholders will receive a dividend of Sh5.50 per share.

Group profit after tax attributable to shareholders grew by 17.3 percent to Sh666.1 million in the first half of 2012 from Sh568 million recorded in the same period in 2011.

Investment income recorded a 47 percent growth to Sh1.442 billion in the first half of 2012.

Revenue from short term business grew by 37 percent in the first half of the year to Sh8.059 billion from Sh5.896 billion in 2011.

Jubilee, which has been in the Kenyan market for the last five years, has a 32 percent market.

The group has its footprints in Uganda, Tanzania, Kenya, Burundi and Mauritius.

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