The Board of Jubilee Holdings Limited announced a total dividend of Kes. 1.015 billion including a special dividend of Kes. 14.0 per share payable on the 25th of July 2022.
The company declared a final dividend of Kes 8 per share and a special payout of Kes 5 per share to reward shareholders after signing an agreement to sell majority stakes in its general insurance subsidiaries to Allianz SE.
“The board is also pleased to recommend for shareholders’ approval, a special dividend of Kes 5 per share to reflect the impact of the Jubilee Allianz transaction. Both the 2021 final dividend and special dividend will be paid on or about July 25, 2022 to members on the register of members at the close of business on June 22, 2022.” Jubilee Insurance in their financial release.
Previously the company had paid an interim dividend of Kes 1 per share. The special payout raises the dividend to a total of Kes 14 per share, up from the Kes 9 paid for the previous year.
The Nairobi Exchange Listed company reported a 67% rise in Profit After Tax to kes 6.8 billion backed by Investment income as they increased by Kes 4.6 billion to Kes 15.9 billion. Net premiums on the other hand increased 8.9 per cent to Kes 21.9 billion.
Profit Before Tax stood at Kes. 8.4 billion from Kes. 5.1 billion representing an increase of 66%. This increase is partly driven by the gain on the sale of controlling interests in the general businesses in Kenya and Uganda.
“This commendable performance was the result of a growth of Kes. 1.4 billion in the Health Insurance Business, maintaining the Number One position in the Region, and Kes. 1.2 billion growth in the Life Insurance Business, to make up for the impact of the partial loss of the General Insurance Business.” Jubilee’s chairman Nizar Juma said at an investor briefing on Thursday.
Total Assets in the group increased by over Kes 9 billion to Kes 155 billion, the highest in the industry. While total shareholders’ equity and reserves increased Kes 6 billion to Kes 39 billion.
Jubilee has expressed hope in the company’s performance in 2022 saying the Kenya, Uganda and Burundi transactions were already completed and are looking forward to completing Tanzania and Mauritius in the first half of 2022.
