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Jubilee Holdings was given a go ahead by the insurance watchdog in December 2019 to break up its Sh31 billion revenue business saying it would increase efficiency/COURTESY

Kenya

Jubilee Holdings profit drops by 1.6 per cent in half year 2019

Merchandise for Jubilee Insurance. Photo/COURTESY.

NAIROBI, Kenya, Sep 1- Jubilee Holdings has registered a slight drop in net profit for the first six months of 2019 to reach Sh1.83 billion.

This is a 1.6 percent decline from Sh1.86 billion that was recorded during the same period last year.

However, the insurance company has had its Gross Written Premiums grow by 10.7 percent to Sh20.7 billion in half-year results in 2019.

The company attributed this to increased investments through efficient service delivery models as well as innovation and diversification of the group’s product portfolio.

Its net insurance benefit and claims reduced to Sh9 billion from Sh9.8 billion in June last year.

Jubilee Holdings Chairman Nizar Juma said that investment income performance was impacted by the NSE 20 share index and targets to increase innovation within the organization.

“However, JHL said it remains optimistic of its investment strategy based on a well-diversified and conservative portfolio, to continue providing sustainable investment income in the future,” the firm said.

“The Medical Business segment continues to record strong growth and profitability while focusing on providing value-added services to members of Jubilee’s Wellness medical schemes, which has been well received by customers,” it said.

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