Jubilee Holdings has announced plans to lay off 52 of its employees, claiming that their roles have become redundant. The move comes after the firm split its business into two; Jubilee Health Insurance Limited (offering medical covers) and Jubilee General Insurance Limited (offering general insurance covers).
On the other hand, Jubilee Insurance Company of Kenya Limited (JICKL), which previously housed all of the insurance businesses, will now focus on long-term products including life assurance and pensions.
Group Chairman Nizar Juma said they will pay the affected staff a salary up to the end of the month, any outstanding leave days, one month salary in lieu of notice, and severance pay of 15 days for every year of completed service.
“As a result of this comprehensive exercise, opportunities for increased operational efficiency were identified, including the realignment of Jubilee Insurance Company Kenya (JICK) human resource talent base in line with the operational needs of the new companies,” Business Daily quotes a statement from the firm.
Jubilee Holdings Limited is a financial services holding company, with its headquarters in Nairobi, Kenya. The company maintains subsidiaries in Kenya, Uganda, Tanzania, Burundi, Mauritius, and Pakistan. Its activities are mainly in the insurance sector.