Jubilee Holdings Income Dips to KSh4 billion on Rising Claims and Low Share of Profits

Jubilee Holdings Income Dips to KSh4 billion on Rising Claims and Low Share of Profits

Regional insurer Jubilee Holdings saw its profit after tax marginally drop to KSh4.02 billion in 2019 from KSh4.13 billion in 2018.

This was attributed to lower insurance results of KSh2.63 billion compared to KSh2.89 billion in 2018, and a lower share of profits from investments in associates.

The medical business posted a growth of 8.9 percent from KSh9.94 billion to Sh10.82 billion, with an underwriting profit of KSh721 million from all countries.

General business grew by 6 percent to KSh11.48 billion, however with an underwriting loss of KSh480 million.

Group Chairman Nizar Juma termed the results “solid” despite the marginal drop in profitability, saying they had come against a challenging operating environment.

“We are honoured by the faith our valued customers have bestowed upon us to enable us to contribute towards positively impacting their lives through our products and services,” he said.

Its gross profit declined from KSh 5.3 Billion to KSh 5 Billion while gross premium earned climbed to KSh 29.1 Billion in 2019 from KSh 26.6 Billion in 2018.

Net claims rose to KSh 19.7 Billion from KSh 15.9 Billion the previous year.

Total Income increased to KSh 32.8 Billion from KSh 27.9 Billion.

Balance Sheet of Jubilee Holdings rose to KSh 130.1 Billion in 2019 compared to KSh 114.2 Billion the previous year.

Directors of Jubilee Insurance declared a dividend payment of KSh 8 per share. 

This brings the total dividend to KSh9 per share to be paid on or about 30th July 2020.