Jubilee Holdings posted a 22.7 per cent jump in net profit in the first half of 2024 to KSh2.5 billion from KSh 2.0 billion recorded in the same period in 2023.
- •The uptick was primarily driven by a 28.4 per cent jump in Insurance Service Revenue which stood at KSh12.6 billion, up from KSh9.8 billion.
- •However, insurance service expenses increased 15.6 per cent to KSh11.3 billion from KSh9.8 billion.
- •Similarly, net expenses from reinsurance contracts rose 123.0 per cent to KSh353.7 million, up from KSh158.6 million recorded in H1 2023. This brings the net insurance service result to KSh959.9 million – a recovery from a KSh107.2 million loss in 2023.
“This performance reflects the resilience of our core businesses and the success of our strategic initiatives, particularly in claims management and cost control,” Jubilee Holdings Chairman Zul Abdul said.
The company declared an interim dividend of KSh2.00 per share, amounting to KSh144.9 million, payable on or about 11th October 2024 to members on the company’s register on 6th September.
Jubilee Holdings, which is listed at the Nairobi Securities Exchange under ticker symbol JUB, closed the previous trading session at KSh152.50, a year to date loss of 17.6 per cent.
“As we move forward, we will continue to capitalize on our solid financial foundation and broaden our product offerings to maintain this positive trajectory,” he added.
The asset management business has seen decent growth on the back of new products, pushing retail assets under management to the KSh4 billion mark.
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