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.