Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Friday, May 20, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
https://theexchange.africa/

This jump was partly due to the gain of Sh2.074 billion, from the sale of 66 percent of its Kenyan General Insurance business to the Allianz group on May 4th, 2021 / CITIZEN

Jubilee Holdings posts Sh5.2bn net profit in six months to June

Profit Before Tax on the Insurance business grew by an impressive 32 percent from Sh2.377 billion to Sh3.132 billion.

by Wanjiku Njugunah
August 27, 2021
in Business, Kenya, Uganda
0
Share on FacebookShare on LinkedIn

East Africa’s largest insurer, Jubilee Holdings Limited has announced a Profit Before Tax of Sh5.206 billion, representing an increase of 119 percent for the Half Year ended June 30th, 2021.

This jump was partly due to the gain of Sh2.074 billion, from the sale of 66 percent of its Kenyan General Insurance business to the Allianz group on May 4th, 2021.

However, the Profit Before Tax on the Insurance business grew by an impressive 32 percent from Sh2.377 billion to Sh3.132 billion.

Total Gross Written Premiums and Deposit Administration contributions grew by 10 percent to Sh22.2 billion compared to Sh20.2 billion in 2020 due to a dynamic growth of 20 percent in Medical business and a 36 percent increase in Annualized Premium Equivalent sales.

This strong performance reflects Jubilee’s diversified business and investment portfolio that has proven robust against the backdrop of the Covid-19 pandemic and is now well positioned to benefit from the global and regional economic recovery.

Profit After Tax stood at Sh4.506 billion compared to Sh1.830 billion in 2020, while total comprehensive income after tax increased by 140 percent to Sh4.241 billion from Sh1.769 billion in 2020. Results were driven by robust operating performance across all business segments with a 17 percent increase in insurance results from Sh1.394 billion in 2020 to Sh1.625 billion in 2021, coupled with a 141 percent increase in investment income.

Whilst Jubilee Insurance registered an initial gain of Sh2,073 billion from the sale of 66 percent of its Kenyan General Insurance business to the Allianz Group: this transaction is currently undergoing regulatory approvals in the Group’s other markets with Uganda poised to complete next and the remaining markets by the end of 2021.

Jubilee Holdings bets on mobile Apps to expand business

The Group’s total assets increased by 8 percent to Sh151.72 billion from Sh140.1 billion as at 30th June 2020 and total shareholders’ equity and reserves increased 24 percent from Sh29.71 2020 billion to Sh36.8 billion as at 30 June 2021: which was reflected in a growth of 141 percent in JHL’s overall investment income.

The Group’s share of profit of associates grew strongly by 193 percent to Sh886 Million from Sh303 Million. These enhanced returns included higher earnings from investment in the Bujagali power project in Uganda, in which Jubilee attained an additional shareholding in June 2020.

Profit After Tax stood at Sh4.506 billion compared to Sh1.830 billion in 2020 / The Exchange

Commenting on the performance, Jubilee Holdings Limited Group Chairman Nizar Juma noted that, against a backdrop of continuing economic and social challenges due to Covid-19 and the resulting volatility in consumer activity, the significant growth achieved during the period strengthens JHL’s position as a regional market leader that is well positioned to execute its strategic focus on the Life and Medical business segments, whilst cooperating with Allianz our new strategic partner to create additional value in the General insurance segment.

“Our outstanding financial results in the first half of the year is evidence of the tremendous progress we’re making in executing on our growth Strategy. We continue to place emphasis on exceptional investment returns, expense discipline, and topline growth to provide value to both our shareholders and customers”. Juma noted.

“This is extremely important at a time of both prolonged uncertainty and the need for insurance businesses to build financial capacity in readiness for increased capital requirements arising from extensions of Risk Based Capital regimes across our markets and the, as yet unknown, impacts of IFRS 17 in 2023”

On his part, JHL Regional CEO Dr. Julius Kipngetich noted that with the rollout of COVID-19 vaccination programmes across the country, JHL expects a gradual return to more normal economic patterns. As a result, the company has already rolled out a vaccination drive for all its staff to ensure that they are well protected from the virus.

East Africa’s largest insurance company seals Bancassurance deal

“We have also accelerated our digital innovation journey and the quality of our distribution network within key customer touch points. We will continue to forge ahead with an even stronger focus on product differentiation. We are well ahead of our plans in developing the capability to become a fully digital company to be able to offer all our customers a seamless end-to-end online product experience,” Dr. Kipngetich noted.

Investing in our communities remains one of Jubilee’s key objectives. Jubilee Children’s Fund (JCF) enabled a total of 34 students to achieve their dream of secondary education through a scholarship program which includes their tuition fees and uniforms paid for the entire four-year academic journey. JCF donated foodstuff to Mama Elizabeth Children’s Home in Korogocho, which feeds over 600 disadvantaged children. The fund also equipped two digital libraries, a first of the kind, in Empukani Primary School in Kajiado County and St. Peter’s Ofwanga Mixed Secondary School in Migori County.

JCF have provided over 3,500 grafted fruit trees which were planted in 52 public primary and secondary schools in Machakos County. This project is in addition to protecting and managing the environment for the benefit of all will also provide nutrition to the children. JCF has also conducted 12 surgical ear camps for young children across the country and is working with partners to provide prosthetic limbs fitting and provide facilities to enable children to see through surgeries, spectacles and eyedrops.

Jubilee Holdings Board has declared an interim dividend of Sh1/= per share which will be payable on or about 11th October 2021.

Tags: FeaturedGeneral InsuranceJubilee Holdings LimitedKenyaUganda

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

Congo joins the EAC (www.theexchange.africa)
Business

What does it mean for regional trade, investment after DRC became EAC’s 7th Member State?

May 18, 2022
Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
www.theexchange.africa
Business

Technology: Liquid Intelligent acquires Israeli tech firm to expand its digital solutions offering

May 9, 2022
Next Post
www.theexchange.africa

Liquid Intelligent opens direct access to USA

www.theexchange.africa

Majority of SMEs in food, entertainment, optimistic about growth: Mastercard

www.theexchange.africa

KenGen reaches 2 million emission reduction credits

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In