Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

Jubilee Insurance approves dividend of Sh9 per share

R-L Chairman Jubilee Holdings Nizar Juma & CEO Jubilee Insurance Kenya Patrick Tumbo

NAIROBI, Kenya, May 31 – Jubilee Holdings has announced a total dividend payout of Sh9 per share for the 72.5 million shares issued for the year ending December 2017.

The insurance company, which announced a pre-tax profit of Sh5.16 billion during the period, will pay a total of Sh652 million in dividends compared to Sh560 million in 2016.

Jubilee Holdings Group Chairman, Nizar Juma, says the double-digit growth in profit and the dividend is a result of continuous investments in technology and continuous engagement with customers.

“We continue to monitor our insurance portfolio closely to better manage the challenges of fraud, implementing effective cost management and tightening controls, whilst staying focused on providing excellent customer service when processing and paying all valid claims” added Juma.

Investment income and fair value gains from investment assets increased 94% from a total of KShs 5.08 Billion to Sh9.86 Billion reflecting the recovery in the Kenyan stock market and an increase of funds under management.

A large portion of this investment income was credited to the Pension business which declared a very attractive annual return of 12% to the members, once again one of the highest in the industry.

“We continue to search for high-quality conservative investments that offer consistent and competitive returns and also provide a suitable asset-liability match to some of our longer-term insurance liabilities.”

During the year in review, Jubilee Holdings embarked on cost reduction measures for medical insurance business by strengthening systems, processes and controls to detect and prevent fraud.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...