Nairobi Securities Exchange listed insurance firm, Jubilee Holdings Limited has announced a 10% growth in profit before tax grow to Ksh 1.972billion.
Gross Written Premium grew by 6.8% to Ksh 17.184 Billion with a 30% growth in investments while life insurance business grew by 27.8%. General business growth was at 8% and Medical segment an increase of 6.1%.
Its asset base during the six months to June grew 6.3% to Ksh87.6 billion, the highest in the insurance sector.Jubilee Holdings payment of claims grew by 17.6% to Ksh7 billion.
Jubilee Holdings Chairman Mr. Nizar Juma said that the company was well capitalized and has achieved and surpassed the minimum new risk based capital required for both life and general business.
In the second half of the year, management says its confident about revenue growth underpinned by amongst others, Jubilee Holdings launch of the specialist (or referral) model in Bancassurance, through partnerships with several other banks, which is expected to boost the life insurance business segment.
The company said that it will invest an additional Ksh5.5 billion in Uganda’s 250-megawatt Bujagali hydro-electric power project which is an additional 8.8% in the equity of the project. Jubilee has a joint 30-year concession deal to operate the plant that provides 40% of Uganda’s power.
The Jubilee Group declared an interim dividend of 20% or Ksh 1.00 per share.
