Jubilee sets eyes on new markets

Jubilee Holdings chairman Nizar Juma (right) during an Annual General Meeting (AGM) at the Serena Hotel, Nairobi on June 6, 2013. Photo/SALATON NJAU  NATION MEDIA GROUP

By NATION CORRESPONDENT
 

 

Jubilee Insurance plans to venture into new markets across Africa to tap into the growing sector.

Speaking during the annual meeting on Thursday, Jubilee Group chairman Nizar Juma said the firm is conducting market research in several countries in Eastern and Central Africa where it intends to roll out operations in 2013 or 2014.

“We will actively engage with market expansion strategy and research is being undertaken in target markets and scanning of opportunities in West Africa,” Mr Juma said.

Some of the countries under its radar are Democratic Republic of Congo, Rwanda, South Sudan, Madagascar and Mozambique.

The insurer, which opened offices in Burundi and Mauritius two years ago, has operations in Kenya, Uganda and Tanzania.

Early this year, Jubilee entered into a partnership with international healthcare firm, Bupa International, in which the insurer provides the firm’s products to its customers in Kenya and later in other countries.

During the meeting, shareholders recommended payment of Sh7 in dividend per share, a 40 per cent increase from last year.

Shareholders, however, will have to wait longer before a share split can be carried out due to what the management termed as “not enough shares” available for sale.

“The real reason why there’s no enough liquidity in Jubilee is that people don’t want to sell their shares. Everybody is holding on,” Juma said.