Jubilee Holdings Limited has recorded growth in its pre-tax profit to Sh5.16 billion in 2017 from Sh5.14 billion the previous year.
This is an increase of 4.8 per cent in its financial year 2017/2018 said to be greatly supported by a strong contribution from insurance results at Sh2.9 billion.
Jubilee Holdings Limited overall GWP, including Deposit Administration contributions, increased to KShs 34.8 billion (2017 – KShs 33.8 billion), whilst pre-tax profit increased 4.8% to KShs 5.41 billion (2017 – KShs 5.16 billion), supported by a strong contribution from insurance results at KShs 2.9 billion (2017 – KShs 2.7 billion).
The Group’s total assets increased by 9% to KShs 114 billion from KShs 105 billion and total shareholders’ equity and reserves increased 11% from KShs 23.6 billion to KShs 26.1 billion.
On the investment front, the industry as a whole was affected by the decline in the stock market and lower yields on Government bonds across the region, which resulted in subdued growth in investment income.
Jubilee Holdings Chairman Nizar Juma expressed his joy of the companies despite operating in a challenging environment in the last financial year.
“I am pleased to report that Jubilee Insurance can stand up and be counted on for the strength of its balance sheet, reliability on payment of claims and a consistent and firm stand against corruption. Jubilee’s growth in Uganda and Tanzania has strengthened our market leadership and demonstrated our business resilience and agility to adapt to the market forces during tough times,” he said.
The company’s long term business posted a growth of 2pc to Sh14 billion, which included Individual Life growth of 19pc as the Group continues to implement the strategy to increase insurance penetration, particularly in Uganda and Tanzania where the insurance penetration is less than 1pc of GDP and where Jubilee’s life business grew by more than 50pc in each country.
The organization maintained its regional market leader in medical business and posted a growth of 4pc from Sh9.5 billion to Sh9.9 billion, with an underwriting profit of Sh753 million.
Jubilee Kenya outperformed and posted excellent underwriting results, whilst the industry, excluding Jubilee Kenya, posted an underwriting loss of Sh1.9 billion.
The Jubilee Holdings Board has declared a final dividend of Sh8.00 per share for a combined interim and final dividend of Sh9.00 per share.