Listed Jubilee Insurance half-year net profits remained flat at KSh 1.8 Billion at the end of the half-year period ended 30th June 2020.
The firm’s gross underwritten business declined from KSh 7.7 Billion to KSh 7.5 Billion while its balance sheet grew from KSh 124.3 Billion to KSh 140.1 Billion.
Premiums earned from its general business declined from KSh 6.5 Billion to KSh 5.8 Billion during the period under consideration.
Earnings from the Medical Business rose from KSh 6.5 Billion to KSh 7 Billion with premiums from the firm’s short term business declining from KSh 13 Billion to KSh 12.8 Billion.
Its Long term Business recorded growth in Growth Life, Deposit Administration and Individual Life. However, declines in Group Life and Annuity, pushed down the Total Long Term business underwriting premiums to KSh 7.5 Billion from KSh 7.7 Billion.
Total Shareholders’ funds rose from KSh 27.6 Billion to KSh 29.7 Billion while a bearish Nairobi Securities Exchange(NSE) cut the underwriters market cap from KSh 29 Billion to KSh 17.5 Billion, a drop of 39%.
Last year, Jubilee net profits fell slightly by 1.3% to KSh4.18 billion in a period that presented the firm with exceptional challenges.
Jubilee Holdings Limited is an insurer with subsidiaries in Kenya, Burundi, Mauritius, Tanzania, Uganda and Pakistan.