Jubilee Holdings Chairman Nizar Juma. FILE PHOTO | NMG
Jubilee Holdings recorded a marginal decline in comprehensive
income in the first half of 2019 to post a 1.5 percent fall in net
earnings of Sh1.83 billion.
The firm, however, recorded
an 11 percent increase in gross written premiums to Sh20.7 billion for
the same period in what has been attributed to continued investment in
efficient service delivery models.
The firm which is
East Arica’s largest underwriter also attributed the rise in premiums to
innovation and diversification of its product portfolio.
Jubilee
Holdings chairman Mr Nizar Juma said investment income performance was
impacted by the NSE 20 Share Index that dipped seven percent within in
the period, as well as the 24 percent drop recorded in 2018, cutting the
firm’s top-line.
The firm’s regional chief executive
Julius Kipng’etich said the insurer was optimistic that the firm 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.”
“With the first half results now behind us, we will continue to
build on the good progress we have made against our priorities,” said Dr
Kipng’etich.
The group’s total comprehensive income rose by 42 percent from Sh1.2 billion to Sh1.7 billion.
The
insurer expects to leverage on its growth in regional subsidiaries
which showed strong contributions from Uganda, Tanzania and Burundi to
scale its fortunes.
Uganda’s bancassurance business has
recorded a 400 percent growth in less than a year of operation in
partnership with over 15 banks.
Jubilee Insurance
Company of Kenya is also in the final stages of implementing the
composite split process that will see the company create three separate
companies specialising in medical, general and life businesses.
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