East Africa’s largest Insurance Group, Jubilee Holdings Limited has recorded a 35% increase in half year pre-tax profit to Kshs 1.545 billion up from Kshs 1.146 billion in 2013. Gross revenue increased by 27% to Kshs 15.1 billion from Kshs 11.9 billion recorded in the same period last year.
Jubilee Holdings Chairman, Nizar Juma described the results as outstanding and attributed the growth to the ambitious and innovative product development strategies, enhanced relations with intermediaries and a proactive Jubilee team. ‘The importance we have placed on delivering quality products with a strong service back-up has ensured that we remain the market’s best choice”, said Mr Juma. Jubilee’s strategy of diversifying its investments and asset base has been a source of an impressive investment income for the period under review.
Jubilee continues to lead in the Kenyan medical insurance market with strong regional performances. Tanzania’s Insurance business recorded an outstanding 96% increase, Jubilee Burundi recorded a 34% increase, Jubilee Mauritius recorded a 31% increase, while Jubilee Uganda recorded a 29% growth, in the first half of 2014, compared to the same period last year.
Jubilee’s long term business grew by 28% to Kshs 4.157 billion during the first six months of 2014, which is attributed to excellent customer relations and service delivery.
Investment income recorded a 12% growth to Kshs 1.872 billion in the first half of 2014. Group profit after tax attributable to shareholders grew by 36% to Kshs 1,076.5 million from Kshs 793.8 million, while Earnings per share rose to Kshs 18.0 from Kshs 13.3 in the previous year.
Jubilee Insurance was the most decorated at the Annual Insurance Awards by Think Business, scooping nine awards. Jubilee Insurance Group acknowledged as the overall winner in four categories: Claim Settlement Life, Fraud Detection and Prevention, Socially Responsible Corporate Award and Training Award. Jubilee was also first runner up in Marketing Initiative Award, Medical Underwriter Award and General Insurer of the Year Award; and Second Runner up in Customer Satisfaction Award and Major Loss Award.
“These honors are a testimony of Jubilee’s sensitivity to customer needs which has led us to developing highly innovative products in the market,” said Jubilee Insurance Kenya Chief Executive Officer Patrick Tumbo.
About Jubilee Holdings Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling both long-term and short-term insurance. Today, Jubilee is the number one insurer in East Africa with over 500,000 clients. Jubilee Insurance is also the largest provider of medical insurance across East Africa that includes many of the region’s blue chip companies. Jubilee Insurance has a network of offices spanning Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania.