Jubilee Holdings profit up 24 per cent

By Morris Aron

Listed insurance firm Jubilee Holdings has posted a 24 per cent increase in its pre-tax profits for the year ending December 31.

The company posted Sh1.16 billion in profits for the period covered with its gross written premium increasing by 21 per cent to Sh9.1 billion.

Jubilee’s also recorded a 36 percent increase in underwriting profits, which rose to Sh359 million last year from Sh265 million in 2008.

"We have improved our market share in all our regional markets in spite of the fragile global economy that is yet to fully recover from the acute financial crisis of early last year," said Jubilee Holdings Chairman Nizar Juma.

Market share

Jubilee Kenya reported a 26 per cent growth in general business, a 24 per cent in its life business and in the process grew its market share by 11 per cent.

The Ugandan market share grew by 39 per cent while Jubilee Tanzania grew by 21 per cent.

"We are especially delighted with our performance in Tanzania where we saw our market share increase by 16 per cent," said Mr Juma.

Jubilee end-year results translate into a 28 per cent increase in the profit attributable to shareholders, with the earnings per share increasing to Sh18.33 from Sh14.14.

Following the development, the company has declared a dividend of 90 per cent of the issued share capital, about Sh4.50 per share in addition to a bonus share issue of one for every ten held.

Jubilee Insurance last issued a share bonus in 2006. The company has a paid up capital of Sh700 million and is one of the most capitalised insurance firms in the region.