Jubilee Holdings will change its chief executive on 1 December 2026. Group CEO Dr Julius Kipngetich retires on 30 November, and Deputy Group CEO Juan Cazcarra takes over the next day.
Kipngetich has led the group since January 2018, when the board appointed him regional CEO. He succeeded Dietmar Raich. Cazcarra joined in July 2021 as Group Chief Operating Officer and became Deputy Group CEO in April 2025.
What the board and the group said
Group Chairman Zul Abdul thanked Kipngetich for his leadership and service to Jubilee. The board credits his tenure with strengthening the group’s regional position, supporting growth the group can sustain and investing in the development of staff.
Jubilee Group also welcomed Cazcarra in its statement. It thanked Kipngetich for leading the group since 2018 and for the effect his work had on the group’s direction.
Kipngetich’s stated record
Kipngetich’s professional profile describes his work at Jubilee as a change in culture. He calls it “GenZification”, which he defines as a planned rebuild of the group’s culture around agility, transparency and innovation. He says he updated systems, trained younger staff and set values and performance standards across the group.
He also lists himself as a founding champion of The Blue Company Project, which promotes integrity and anticorruption practices in the private sector. He describes his approach as “doing the right thing, even when it’s hard”.
His earlier roles, as he lists them, include Chief Operating Officer at Equity Group Holdings, CEO of Kenya Wildlife Service, which he describes as a turnaround, and Managing Director of the Investment Promotion Centre. He ran Uchumi Supermarkets before joining Jubilee. He chairs the Northern Rangelands Trust and serves on the board of Ghetto Classics.
Cazcarra’s career across five countries
Cazcarra reports more than 20 years in insurance across Spain, France, Serbia, Indonesia and Kenya. He holds a law degree from Universidad de Zaragoza and an MBA from Universidad Pontificia Comillas.
From September 2012 to August 2016 he served as CFO and Chief Risk Officer at AXA Serbia in Belgrade. He sat on its executive board, with responsibility for strategy, corporate finance and mergers and acquisitions, finance, procurement and risk. He also presided over the Leasing and Insurance Committee at FIC Serbia from November 2014 to August 2016.
In Jakarta he served as CFO and COO of AXA General Insurance Indonesia from September 2016 to September 2019, managing about 100 staff. He then became CFO of Mandiri AXA General Insurance from October 2019 to June 2021, leading a team of 60.
As Group COO at Jubilee, he sat on the Group Executive Board. His brief covered operations, finance, transformation, procurement, forensics, strategy, IT, the Digital Lab, programme management, customer experience, marketing and corporate communication.
The results Cazcarra inherits
Jubilee’s net profit for the six months to June 2026 rose 13 percent to KSh3.45 billion, Khusoko reported. Profit before tax rose 30 percent to KSh4.43 billion. Total assets reached KSh272.69 billion, up 9 percent from KSh251.1 billion a year earlier. The board kept the interim dividend at KSh2 per share, a payout of KSh145 million.
The insurance service result, which measures underwriting profit after claims and costs, fell 60 percent to KSh445 million. Jubilee attributed the fall to claims and medical inflation in its health business. Growth of 52 percent in the life business offset part of it. Insurance revenue rose 1 percent to KSh16.9 billion, while net insurance finance income rose 46 percent to KSh2.34 billion.
For the year to December 2025, net profit rose 18 percent to KSh5.6 billion. Gross written premiums and deposit administration contributions grew 18 percent to KSh62.4 billion, and the dividend rose 11 percent to KSh15 per share. Cazcarra appeared at the results releases beside Kipngetich, Abdul and director John Metcalf. See more in Khusoko’s coverage of Jubilee Holdings.
What to watch
Cazcarra starts with health claims costs weighing on underwriting results and investment income carrying profit growth. The statements do not say whether Kipngetich will take another role or whether the board plans changes to strategy.
Results for the year to December 2026, due around April 2027 on past timing, will cover eleven months under Kipngetich and one under Cazcarra. The half year results to June 2027, due around August, will be the first period reported fully under him.
