Main menu



Jubilee Insurance achieves profit before tax of Kshs. 4.1 Billion.

Nairobi, March 31st, 2016: East Africa’s number 1 Insurance Group Jubilee Holdings Limited
(JHL) announced its 2015 performance figures, which saw the regional insurance group achieve
a turnover of Ksh 30.16 Billion. This growth represents a remarkable increase in the total
insurance results, which grew by 25 percent to Ksh. 1.72 Billion in 2015. The insurer has
announced that it has crossed the Ksh 4 Billion threshold and declared a pre-tax profits of Ksh.
4.15 Billion, an increase of 5 % over last year.


Speaking to the media following the JHL Board meeting, Jubilee Holdings Chairman,  Mr.  Nizar
Juma said  that the  year has been difficult for the insurance industry.  “The stock market has
taken a big hit, 18 listed companies  had to issue profit warnings, of these, four are from the
insurance industry and the majority of insurers have had a challenging year.”


In recent years Jubilee Holdings implemented a strategy to diversify investments to reduce
the  risk  of  volatility  from  stock  market  movements.  This  strategy  included  increasing
investments in 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  terms.  Mr  Juma  commented  “Jubilee  is  very  pleased  that  its
investment strategy has proven sound during a period of market volatility for the benefits of
both its shareholders and life insurance and pension clients.”

 
“Our insurance  companies in the region have performed well and have retained their No.1
position in Kenya, Uganda and Tanzania, despite a very challenging year, and Jubilee  remains
the  market leader in East Africa. We  have  maintained our revenues  in  general insurance,
generated strong net growth of 32 percent in medical insurance, ordinary life has grown by
14 percent and income from the pension business has doubled.


Overall profit before tax of  Ksh 4.15  Billion  is a demonstration of Jubilee Holdings’ ability
to show positive results during challenging times.


Jubilee now provides insurance protection to more than  1.1 million  lives  across the region
and has ambitious plans to extend its distribution network to increase access to insurance
and grow its client base nine-fold over the next 5 years.


“We continue  to invest in technology and  human resources  and  have a strong  Innovation
Committee in which three of the Board members participate. I am pleased to announce that
Jubilee Insurance has started to provide medical insurance in The DRC so as to gain market
experience  whilst  considering  full  entry  into  the  DRC  as  soon  as  the  legal  barriers  are
removed.” said Mr. Juma.


During 2015, Jubilee Insurance scooped  25  awards  in total.  The insurer won the 2015  Overall
Company of the Year Award (COYA) award when it was pitted against companies across all
industries.  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 Kenya.  The company also scooped the  Most Improved
Company  Award  and  Most  Innovative  Company  during  the  AKI  Agents  Awards  and
2014/2015  and  was  also  the  Uganda  Excel  Award  Winner  2014/2015  (Non  Individual)
during the Taxpayers Appreciation Awards.


The Jubilee Group declared a final dividend of  Ksh 7.50  for a combined interim and final
dividend of Ksh 8.50 per share.

Click to view the financial statements

Popular Products

Receive our latest news and product updates