Elections 2017

Jubilee posts Sh1.8 billion net profit in six months

Jubilee Holdings has announced a net profit of Sh1.83 billion in the first half of 2019.

This was a marginal drop from a profit after tax of Sh1.86 billion the insurer registered in the same period in 2018.

The insurance firm's premiums grew by 11 per cent during the period under review to Sh20.7 billion from Sh18.7 billion in the same period last year.

Total assets increased by 9 per cent from Sh114.2 billion to Sh124.3 billion, helping the insurer to cement its pole position in the market.

In the same period, total comprehensive income of the group increased by 42 per cent from Sh1.2 billion to Sh1.7 billion.

Speaking after the release of this year’s 2019 half-year financial results, Jubilee Holdings Chairman Nizar Juma noted that investment income performance was impacted by a bearish stock market with NSE 20-Share Index dipping by seven per cent.

However, Mr Juma was bullish that the firm’s investment strategy, which is based on a well-diversified and conservative portfolio, would continue to provide it with sufficient investment income in the future.

The short term business recorded an 8 per cent growth from Sh12.1 billion to Sh13 billion. At the same time, the long term business performance increased from Sh6.6 billion to Sh7.7 billion.

"Jubilee Holdings remains financially strong and remains focused on building a solid franchise of life, medical and general insurance business in all its core markets," said Dr Julius Kipng’etich, Jubilee Holdings Regional CEO.

"With the first half results now behind us, we will continue to build on the good progress we have made against our priorities. We reiterate our commitment to enhancing our standards as we strengthen our systems and processes."

Jubilee Insurance is now in the final stages of implementing the composite split process that will create three separate companies in Medical, General and Life businesses respectively.