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Jubilee Half Year profit up 17 percent to Sh2.4b

Individual Life Insurance business recorded a double-digit growth year on year with a 20 per cent jump in the first half of 2018

NAIROBI, Kenya, Aug 31 – Regional insurer Jubilee Holdings has announced a half-year profit of Sh2.42 billion, a 17 per cent improvement from 2017 where it posted a Sh2.34 billion during the same period.

Consolidated gross written premium and contributions grew marginally to Sh18.6 billion as General Insurance continued to drive the underwriting performance.

Individual Life Insurance business recorded a double-digit growth year on year with a 20 per cent jump in the first half of 2018 mainly driven by distribution channels as well as the growing Bancassurance arm.

Total assets no stand at Sh113 billion, a 12 per cent growth compared to the same period last year.

“Jubilee Holdings strong financial position sets us apart in the industry and we are constantly working to further strengthen this to ensure that we continue to keep our promises to our customers, one of them is to have the ability and intention to pay their claims in the shortest time possible,” said Nizar Juma, Chairman, Jubilee Holdings.

Jubilee Chief Executive Julius Kipng’etich says the company will continue to encourage product innovation driven by data and analytics to provide solutions that matched needs of customers.

“In situations where products and prices are similar, customer experience often is the key differentiator,” said Kipng’etich.

The share price has gone up 15pc increase from Sh440 in June 2017 to Sh505 in June 2018.

Jubilee Holdings Board has proposed an interim dividend of 20 per cent or Sh1 per share equivalent to the 2017 interim dividend.

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