This archive report was first published on 22 May 2020.
On May 22, 2020, Jubilee Insurance announced a Sh8 dividend, keeping its total shareholder payout unchanged at Sh9 a share.
The insurer's net profit dropped from Sh4.12 billion to Sh4 billion in the year to December, mainly due to higher claim settlements and a lower return from associates.
Despite a 9% increase in gross premiums to Sh29.1 billion, the earnings were weighed down by an increase in claims from Sh15.9 billion to Sh19.7 billion.
Additionally, incomes from associate businesses declined from Sh1.3 billion to Sh988 million during the period under review.
Insurance companies are facing challenging times, especially those in health insurance following the coronavirus outbreak that has affected 1,029 Kenyans, with 50 succumbing to the disease.
Medical bills, which amount to more than Sh1 million per person, may be challenging if the numbers are huge and the pandemic extends over a long time.
