Earnings UpdateJubilee Holdings Posts a 150% Rise in Profit to Kes 4.5 Billion, Following Allianz Acquisition

Jubilee Holdings has posted a profit before tax of Kes 4.5 billion for the half-year ended June 30, a 150 % jump compared to Kes 1.8 billion reported same period last year. The notable rise was pegged to the sale of a 66 % stake in its former subsidiary Jubilee General Insurance Limited to Munich-based multinational Allianz.

“Our outstanding financial results in the first half of the year is evidence of the tremendous progress we’re making in executing on our growth strategy. We continue to place emphasis on exceptional investment returns, expense discipline, and topline growth to provide value to both our shareholders and customers. This is extremely important at a time of both prolonged uncertainty and the need for insurance businesses to build financial capacity in readiness for increased capital requirements arising from extensions of Risk-Based Capital regimes across our markets and the, as yet unknown, impacts of IFRS 17 in 2023” Jubilee Holdings Limited Group Chairman Mr Nizar Juma.

Total gross premiums and deposit Administration in the insurer grew by 10% to Kes. 22.2 billion during the half-year period compared to Kes. 20.2 billion posted in 2020. The growth was attributed to the dynamic growth of 20% in the Medical business and a 36% increase in Annualized Premium Equivalent sales.

Total comprehensive income in Jubilee holdings increased by 140% to Kes. 4.241 billion during the first six months from Kes. 1.769 billion recorded in 2020. The company attributed the results to a robust operating performance across all business segments with a 17% increase in insurance results from Kes 1.394 billion in 2020 to Kes 1.625 billion in 2021, coupled with a 141% increase in investment income.

Total assets in the Nairobi Securities Exchange-listed firm increased by 8% to Kes. 151.72 billion from Kes. 140.1 billion as of 30th June 2020 while total shareholders’ equity and reserves increased 24% from Kes. 29.71 billion in 2020 to Kes. 36.8 billion during the first half of 2021.

Jubilee Holdings Outlook and Dividend

Jubilee noted they have accelerated their digital innovation journey and the quality of their distribution network within their key customer touchpoints. They said they will continue to forge ahead with an even stronger focus on product differentiation.

The Board of directors declared an interim dividend of Kes. 1/= per share payable on or about 11th October 2021.

 

 

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