This archive report was first published on 29 August 2021.
Published on August 29, 2021, Jubilee Insurance has achieved a remarkable 150% increase in its half-year net earnings, reaching KSh 4.5 billion. This significant growth surpasses the KSh 1.8 billion recorded during the same period last year.
The insurance underwriter's presence in Kenya, Uganda, Tanzania, Burundi, and Mauritius has contributed to its success. With a strong presence in these countries, Jubilee Insurance has posted a 119% increase in pre-tax profit, reaching KSh 5.2 billion.
Notably, gross written premiums and contributions to Jubilee Insurance increased from KSh 20.2 billion to KSh 22.2 billion, while net insurance premium revenue rose to KSh 11.2 billion, up from KSh 10.1 billion in the last six months of 2020.
According to the company's unaudited consolidated accounts for the period ending June 30, 2021, operating profit increased by 32% to KSh 3.1 billion, while the balance sheet size increased by KSh 5.8 billion to KSh 151.7 billion.
Furthermore, total comprehensive income more than doubled to KSh 4.2 billion from KSh 1.8 billion in H1, 2020. Shareholders' funds also increased to KSh 36.8 billion compared to KSh 29.7 billion in H1, 2020.
Directors of the underwriter have recommended the payment of an interim dividend of 20% or KSh 1.00 per share, amounting to KSh 652.3 million, subject to withholding tax where applicable.
