Nairobi, May 31st, 2016:
East Africa’s Leading Insurer, Jubilee Holdings Limited held its
Annual General Meeting (AGM) in the Nairobi Serena Hotel on 31stMay, 2016. Jubilee
Holdings achieved a turnover of Ksh 30.16 Billion and total insurance results grew by 25%
to Ksh 1.72 Billion. The insurer also increased its pre-tax profits by Ksh 196 million to Kshs.
4.145 billion, which is the highest in the insurance industry. Jubilee’s share price appreciated
by 8 percent in the 2015 financial year.
In 2015, the East African economy faced a number of challenges, which amongst other
impacts resulted in a 22 percent fall in the Kenyan stock market. 18 listed companies
declared a profit warning in 2015, including 4 insurance companies. Despite the volatility
experienced in the industry last year, Jubilee Holdings retained its No. 1 position in Kenya,
Uganda and Tanzania, maintained its revenues in general insurance, generated strong net
growth in medical insurance and a 14 percent growth in ordinary life business.
In his address, Chairman of the Board of Directors, Mr. Nizar Juma underlined the notable
operational and financial successes the Jubilee Group achieved in the year 2015. “I am
pleased to report that Jubilee Holdings is in very good shape, the Group has not only achieved
a 5 percent increase in PBT in 2015 but it also achieved a 32 percent growth in the medical
business and now provides insurance protection to more than 1.1 million lives across the
region. In addition, the first full year of our new Life insurance companies in Uganda and
Tanzania saw the Group increase Life first year premiums by 50% over 2014. The progress
made by Jubilee Holdings in 2015 reflects the strength of our multi-line business strategy,
which provides the Group with the flexibility and robustness to flourish in even the most
difficult of market conditions. In 2015 we created a strong foundation for further profitable
growth, which we intend to build upon further in 2016.”
In recent years, Jubilee Holdings has implemented a strategy to diversify investment s to
reduce the risk of volatility from stock market movements and this under-pinned the
Group’s investment performance in 2015. This strategy includes increasing government
bonds and diversifying into investments in the energy sector, such as Tsavo power and
Bujagali and in other infrastructure projects such as SEACOM that are giving returns in dollar
“In 2016, we will make further strategic investments in technology including integrating a
financial system which will not only efficiently support online, real-time transactions, but
will also help us to be a leader in online insurance selling. Leveraging Technology will also
help us lessen the ever increasing incidence of fraud in all our businesses.’ Mr. Juma
emphasized, which is of increasing importance when the Kenyan Insurance industry lost
Kshs. 324 million through fraud in 2015, compared to Kshs. 102 million in 2014.Motor and Medical insurance classes were the most affected. Jubilee Group has reinforced its measures
Jubilee Insurance scooped 26 awards in total in 2015. The insurer won the 2015 overall
company of the year award (COYA) which is a coveted award through which the winner
company is selected from all companies in Kenya. Jubilee insurance also took home the
Medical Underwriter of the Year award, Major Loss Award, General Insurer of the Year and
the Socially Responsible Corporate award at the Think Business Insurance Awards 2015.
Jubilee Insurance also won the Individual Pension Scheme of the Year award at Think
Business Investment Awards. In addition, Jubilee Insurance won the COYA Financial
Management award, COYA Corporate Citizenship and Environment Focus and Innovation
award and COYA Information Technology and Knowledge Management award. With the
company focusing on continuous improvement in customer focus, Jubilee Insurance won the
2015 Service Excellence Award in the Insurance sector presented by Customer Service
The Jubilee Group declared a final dividend of Ksh 7.50 for a combined interim and final
dividend of Ksh 8.50 per share.
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