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