During the virtual 2021 Annual General Meeting (AGM) held in Nairobi, the shareholders of Jubilee Insurance approved the payment of the final dividend of Kes 13.0 per share as recommended by the Board. This brings the total dividend to Kes 14.0 (including a special dividend of Kes 5.0) following the exceptional results last year where the Profit Before Tax stood at Kes 8.4 billion, increasing by 66% from the Kes 5.1 billion reported 2020.
This strong performance, despite the increase of medical and life claims relating to COVID-19 cases, was partly driven by the gain on the sale of controlling interests in the general businesses in Kenya and Uganda, transactions that were completed last year: Jubilee retains a 34% interest in both companies.
In 2021, Jubilee’s Gross Written Premium reached Kes 38.8 billion, an increase of Kes 825 million. The growth, despite the loss of the general insurance business in Kenya and Uganda, was driven by the good performance in the health and life insurance business, which grew by Kes 1.4 billion and Kes 1.2 billion respectively.
The group’s total assets increased by Kes 9 billion to Kes 155 billion from Kes 146 billion in 2020, the largest in the industry.
General insurance business is within its implementation schedule with Kenya, Uganda and Burundi already completed by the end of 2021. The sale of the General insurance in Tanzania and Burundi was completed in the first half of 2022 and Mauritius will be completed in the next few months. At completion, JHL will have received funds of approximately Kes 7.7 billion for its value of the shares sold.