This archive report was first published on 31 August 2019.
On August 31, 2019, Jubilee Holdings reported a net profit of Sh1.83 billion in the first half of 2019, marking a slight decline from the Sh1.86 billion profit after tax in the same period in 2018.
The insurance firm's premiums grew by 11 per cent during the period under review, reaching Sh20.7 billion from Sh18.7 billion in the same period last year. Total assets increased by 9 per cent from Sh114.2 billion to Sh124.3 billion, solidifying the insurer's position in the market.
Speaking after the release of the 2019 half-year financial results, Jubilee Holdings Chairman Nizar Juma noted that investment income performance was impacted by a bearish stock market, with the NSE 20-Share Index dipping by seven per cent.
However, Mr Juma expressed optimism that the firm's investment strategy, based on a well-diversified and conservative portfolio, would continue to provide sufficient investment income in the future.
"Jubilee Holdings remains financially strong and remains focused on building a solid franchise of life, medical and general insurance business in all its core markets," said Dr Julius Kipng'etich, Jubilee Holdings Regional CEO.
"With the first half results now behind us, we will continue to build on the good progress we have made against our priorities. We reiterate our commitment to enhancing our standards as we strengthen our systems and processes," Dr Kipng'etich added.
As part of its strategic initiatives, Jubilee Insurance is in the final stages of implementing the composite split process, which will create three separate companies in Medical, General, and Life businesses respectively.
