Browsing: Jubilee insurance sells majority stake

Investment income and higher net premiums contributed to Jubilee’s increased net profit of Sh6.8 billion for the year that ended in December, which was up 67% from the previous year.

As a result of the performance, the company has declared an extraordinary dividend of Sh5 for each share. In addition to its regular dividend of Sh9 per share, the company distributed this amount.

After reaching an agreement to purchase a majority stake in Jubilee’s general insurance businesses, Allianz negotiated a contract with Sanlam Limited of South Africa to establish a joint venture. This agreement may have repercussions for the Kenya-based subsidiaries of both of the aforementioned companies.…

Jubilee Holdings Ltd announced it is selling between 51 per cent to 66 per cent stake of its operating subsidiaries engaged in short term general insurance business across the region to Allianz Group for about $99.35 million.

The regional insurer is selling its general insurance units in Kenya, Tanzania, Uganda, Mauritius and Burundi while retaining full ownership of its life and health insurance businesses except in Burundi and Mauritius.

Jubilee insurance chairperson Nizar Juma said that the operating subsidiaries are subjects to transaction accounts which are only 12.3 per cent of its combined net assets worth 297.13 million as at end of June this year.

“We are very pleased with this historic development for Jubilee Insurance. Over the past decade, we have been approached by a number of international insurers looking to partner with Jubilee to expand into East Africa. With Allianz, we have now identified a partner whose …