(3 minutes read)
· Jubilee Holdings of Kenya has posted a reduced profit of
Sh4.02 billion for the 2019 financial year as against Sh4.13 billion
posted a year ago
· The fall in profit is due to lower insurance results of
Sh2.63 billion compared to Sh2.89 billion in 2018 and a lower share of
profits from investments in associates.
Jubilee Holdings of Kenya has posted a reduced profit of Sh4.02
billion for the 2019 financial year as against Sh4.13 billion posted
a year ago. The fall in profit is due to lower insurance results of
Sh2.63 billion compared to Sh2.89 billion in 2018 and a lower share of
profits from investments in associates.
The Group during the current year (2019) posted a growth of 9.9
percent on total Gross Written Premiums and deposit administration
contributions increasing to Sh38.19 billion. The medical business
posted a reduced profit -a growth of 8.9 percent. It fell to Sh9.94
billion in 2019 from Sh10.82 billion a year ago. General business,
however, grew by 6 percent to Sh11.48 billion, but registered an
underwriting loss of Sh480 million due to continued challenges faced
by insurers in the highly competitive Kenyan
The Group has taken a decision to transform its Kenya business by
leveraging technology and new business processes with existing
strengths. The Group realizes that this level of loss making is not
sustainable in the long run, eroding the capital of many companies
within the industry and the capacity of these companies to adequately
serve the insured. Jubilee Holdings Board has declared a final
dividend of Sh8 per share, which is in addition to an interim dividend
of Sh1.00 per share paid in October 2019, bringing the total dividend
for the year to Sh9 per share.
