Main menu



News

HALF YEAR FINANCIALS - 2017

Jubilee Holdings posts impressive 19% growth in half year pre-tax profit

East Africa’s largest Insurance Group, Jubilee Holdings has recorded a 19% increase in its half-year pre-tax profit to Kshs. 2.34 billion up from Kshs. 1.97 billion during the same period in 2016. Underwriting results grew by 23% to stand at Kshs. 1.1 billion. Gross Written Premium and Contributions grew 8% (Kshs. 1.42 billion) and are now Kshs. 18.6 billion while earnings per share rose to Kshs. 26 from Kshs. 21 in the previous year, an increase of 23%.

Total income recorded a 30% jump to Kshs. 14.9 Billion driven by the rally in the Nairobi Securities Exchange that saw a 13% growth in the first 6 months in 2017. The positive results were achieved against a backdrop of a volatile economic environment and an extremely competitive regional market.

“These impressive results were realized in an unpredictable business environment, currency volatility both in the regional and global market, as well as regulatory changes” said Mr. Nizar Juma – Chairman, Jubilee Holdings.

Mr. Juma attributed the growth to a relentless pursuit and focus on adapting to the ever-changing needs of the insurance market as well as a prompt response to the demands of the market.

Jubilee Holdings cemented its position as East Africa’s largest insurer, and in addition by assets with a 15% increase which now stand at Kshs. 101.1 Billion from Kshs. 87.6 Billion.

“Our balance sheet is a clear indication of our financial strength and our ability to protect the interests of our insured community. By leveraging on our strengths, we remain focused on our goals to grow and expand in the region” said Mr. Nizar Juma. “Our share price which continues to soar, even with the bear run at the Nairobi Securities Exchange demonstrates the confidence that we enjoy from our stakeholders” added Mr. Juma.

Jubilee Holdings long term business posted a sturdy performance growing by 26% from Kshs. 5.2 Billion to Kshs. 6.6 Billion to during the first six months of 2017, a development that was attributed to continued product development, pricing efficiency and adaptability to the evolving market trends.

“Fraud detection continues to draw additional focus of our management in our General Insurance business line. I am happy to report that we continue to invest in systems and mechanisms that facilitate fraud prevention, detection and effective action when it happens” said Mr. Juma. “I am also pleased to note that despite these challenges, our General business displayed resilience and recorded stable growth” added Mr. Juma.

Jubilee Holdings currently operates in 5 countries and is expanding into new markets, hence the move to establish an underwriting capacity in the Democratic Republic of Congo (DRC) by partnering with Sona, a state owned insurance company to provide medical insurance products.

“A non-competitive insurance market in the DRC has exposed the citizens to expensive and overpriced policies and our decision to extend products into that market has been driven by the need to provide innovative and affordable insurance solutions” said Mr. Juma.

Jubilee Holdings has embarked on cost reduction measures for medical insurance so as to provide affordable insurance premiums thereby increasing accessibility. Measurers include our efforts to encourage the use of generic drugs which have been found to be a fraction of the cost yet just as effective as the original brand drugs.

Technology and innovation remains a key priority for Jubilee Holdings. To this end, we have rolled out programs such as retail selling and internet selling so as to streamline our customer service experience by making it convenient for our customers to access our insurance packages and pay their premiums.

On the regional front, the Tanzanian insurance regulator recently directed that all premiums should be paid only to the underwriter. Brokers are no longer permitted to receive premiums and will be liable to penalties should they do so. Like Kenya, all imports now have to be insured by Tanzanian insurers. We expect that these changes will improve the operation of our investments within that market.

Jubilee Holdings marked its 80th Anniversary on August 3rd 2017. To celebrate this milestone, a number of activities have been lined up including the Live Free painting competition across the 47 Counties in Kenya, which earlier this week saw 25 pupils awarded full secondary school scholarships.

The winning schools were awarded with sports equipment – kits, nets and balls - and assorted story books to equip their libraries.
“We launched the painting competition targeting primary school children aged 6-14 years. Our main aim was to give them an opportunity to share their vision on what living free meant to them in the form of art. This is just one of the many projects that we are currently undertaking as part of our 80th Anniversary celebrations” commented Mr. Juma.

We have partnered with private and public institutions for medical initiatives set to impact needy children and young adults. In conjunction with the Kenya Society for the Blind, we will facilitate corrective surgery, free eye screening, medication and spectacles to children, with visual impairment, in public schools.

Moreover, Jubilee Holdings will collaborate with Operation Ear Drop Kenya to provide free ear surgeries to patients with auditory complications with a bias towards children.

“Our success as responsible corporate citizens has been tied to our relentless efforts to give back to the community to which we belong. We recognize that success not only involves improving ourselves, but also the lives of other people, and that is why we are rolling out the different medical initiatives and partnering with various institutions to impact the community positively” added Mr. Juma.

We are also working with the Jaipur Foot Trust who provide prosthetic limbs to individuals living with disabilities from needy backgrounds. We will pay for each limb fitted on a select number of children and young adults. In addition to that, we will also be working with the Aga Khan University Hospital to facilitate the medical care for pediatric oncology and cardiac cases.

About Jubilee Holdings:

Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling both long-term and short-term insurance.

Today, Jubilee Insurance is the number one insurer in East Africa with over 500,000 clients. Jubilee Insurance is also the largest provider of medical insurance across East Africa that includes many of the region’s blue chip companies.

Jubilee Insurance has a network of offices spanning Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania.

Popular Products

Receive our latest news and product updates

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries