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Friday, August 28, 2020
Jubilee Holdings’ profit flat at Sh1.8b
By Peter Theuri
Jubilee Holdings’ net profit remained flat at Sh1.8 billion for the
first six months of 2020 compared to same period last year amid
devastating effects of coronavirus pandemic.
The insurer saw its net premium revenue rise slightly from Sh9.56 billion to Sh10.14 billion as at the end of June 2020.
Group Chairman Nizar Juma said the pandemic had severely impacted insurance operations globally.
“The first half of the year was characterised by significant
macroeconomic and financial impacts resulting from the Covid-19
pandemic,” he said.
Despite the unprecedented circumstances, he said, the company’s
half-year results demonstrated a “resilient operating performance and
confirms the group’s conservative and prudent approach to both the
insurance and investment components of our business”.
The pandemic had mixed impact on the firm’s different lines of business.
While overall growth in premiums stalled, the group registered lower
claims in motor and health insurance.
It however experienced increased surrenders and withdrawals within the life insurance operations.
The company said it had initiated efficiency measures across all
companies to control expenses, which resulted in savings against budget
at the half year.
Jubilee Holdings Regional Chief Executive Julius Kipng’etich said they
had put in place the necessary “work from home” measures to ensure all
business processes continued without interruptions.
“Additionally, the group accelerated the innovation and digital
transformation process to provide online sales to customers through the
launch of the self-service digital portal,” he said.
The Life business accounted for 37 per cent of the group’s gross written
premiums as the firm put in place measures to protect its policyholders
and introduced a raft of waivers.
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