This archive report was first published on 29 August 2019.
On August 29, 2019, Jubilee Holdings released its first-half results for 2019, showing a mixed performance.
The firm, East Africa's largest underwriter, recorded a 1.5% decline in comprehensive income, resulting in a net earnings fall of Sh1.83 billion.
However, the company saw an 11% increase in gross written premiums to Sh20.7 billion, attributed to continued investment in efficient service delivery models and innovation in its product portfolio.
According to Jubilee Holdings chairman Mr. Nizar Juma, the firm's investment income performance was impacted by the NSE 20 Share Index, which dipped 7% within the period, as well as the 24% drop recorded in 2018.
Despite this, the firm's regional chief executive Julius Kipng'etich expressed optimism that the company would post improved results in the second half.
“Jubilee remains financially strong and focused on building a solid franchise of life, medical and general insurance business in all its core markets,” said Mr. Kipng'etich.
The group's total comprehensive income rose by 42% from Sh1.2 billion to Sh1.7 billion, with the insurer expecting to leverage on its growth in regional subsidiaries to scale its fortunes.
Uganda's bancassurance business has recorded a 400% growth in less than a year of operation in partnership with over 15 banks.
