Jubilee Holdings, arguably East Africa’s largest Insurance company has recorded a 19% increase in its half-year pre-tax profit to Kshs. 2.34 billion up from Kshs. 1.97 billion during the same period in 2016.
Underwriting results grew by 23% to stand at Kshs. 1.1 billion. Gross Written Premium and Contributions grew 8% (Kshs. 1.42 billion) to Kshs. 18.6 billion while earnings per share (EPS) rose by 23% to Kshs. 26 from Kshs. 21 in the previous year.
Total income grew by 30% jump to Kshs. 14.9 Billion driven by the rally in the Nairobi Securities Exchange that saw a 13% growth in the first 6 months in 2017.
The Group cemented its position as East Africa’s largest insurer, and in addition by assets with a 15% increase which now stand at Kshs. 101.1 Billion from Kshs. 87.6 Billion.
Jubilee Holdings long term business posted a sturdy performance growing by 26% from Kshs. 5.2 Billion to Kshs. 6.6 Billion to during the first six months of 2017, a development that was attributed to continued product development, pricing efficiency and adaptability to the evolving market trends.
Jubilee Holdings currently operates in 5 countries and is expanding into new markets, hence the move to establish an underwriting capacity in the Democratic Republic of Congo (DRC) by partnering with Sona, a state owned insurance company to provide medical insurance products.
“A non-competitive insurance market in the DRC has exposed the citizens to expensive and overpriced policies and our decision to extend products into that market has been driven by the need to provide innovative and affordable insurance solutions” ” said Mr. Nizar Juma – Chairman, Jubilee Holdings.
