JHL AGM 2022 Press Release FNL
Jubilee Holdings Ltd records a 24% topline growth on completion of transfer of the General Business to Jubilee Allianz
Nairobi, Kenya, Friday, 30th June 2023
JHL has recorded a 4% increase in profit from the core business despite the completion of the transfer of General Business to Allianz. The Group’s Profit Before Tax remains ahead in the insurance sector.
During the 2022 Annual General Meeting (AGM), JHL shareholders confirmed the payment of a dividend of KSh. 9 per share plus a special dividend of KSh. 3 per share recommended by the Board. This brings the total dividend for year 2022 to KSh. 12 per share.
During the year, the company completed the partnership in the remaining countries with Allianz in the General insurance businesses in Burundi, Mauritius and Tanzania recording a gain of KSh. 2.2 billion, which gave a combined Profit Before Tax of KSh. 7.5 billion for 2022.
In 2022, the Gross Written Premium reached KSh. 37.7 billion, 3 % lower than 2021, impacted by the transfer of the General Insurance business to the Allianz Group; excluding this impact the topline grew by 16%. Overall, the non-general business has grown by
KSh. 7.2 billion or 21% since 2020, when the sale of General business to Allianz began. The Group’s Total Assets increased by 9.8% to KSh. 170.5 billion, which is the largest in the industry.
During the AGM, Jubilee Holdings Chairman Nizar Juma noted that although 2022 was a recovery year, the Group achieved excellent results enabling the company to maintain its leadership position across East Africa in terms of Profit Before Tax, Assets and Return on Equity as well as the number 1 Health insurer in the region.
“East Africa’s economy experienced a slowed growth in 2022 because of inflation coupled with high interest rates and increasing debt. While the road to recovery was difficult, our company navigated uncertain market conditions while adapting to a rapidly changing landscape. We are delighted that the Group’s balance sheet remains solid and resilient,” noted Mr. Juma.
During the year, under Phase I of the Changamk@ project, Jubilee Holdings focused on Robotics, Cloud, Artificial Intelligence and Data capabilities. The Group has successfully migrated its core applications and infrastructure to the Cloud enabling the business to pursue efficiency, agility, security, and end-to-end digital transformation. So far, over 50 robots have already been deployed across the region to improve business efficiency, security and to deter fraud. The Group has also introduced Artificial Intelligence to improve the claims process, further enhancing the customer’s experience.
This year, the company has embarked on the second Phase of the digital transformation agenda focusing on customer experience, telematics, and data analytics. This stage will support the development of more innovative and affordable insurance products improving accessibility and financial inclusion across the region.
Jubilee Holdings Limited has continued to play a positive role in the CSR. Through the Jubilee Children’s Fund, the company has made significant progress in the delivery of Health and Education pillars. This has provided children from underprivileged communities access to quality education and healthcare services. Additionally, the Group has taken an active role in wellness advocacy amongst all its stakeholders. As part of the 85th Year celebration, Jubilee Insurance last year became the title sponsor of The Jubilee Live Free Race. The inaugural cycling event and over 1,200 cycling enthusiasts from seven countries including the East African community (Kenya, Uganda, Tanzania, Burundi, and Rwanda), Ethiopia and Eritrea convened families for a day of fun and competition. The company will continue to leverage cycling sport to support wellness and environmental conservation.
In line with the Group’s commitment to proactively safeguard our people and the environment, Jubilee has set an ambitious target to be carbon neutral by 2030. To support the attainment of this ambition, the company has partnered with Net Zero International to compute its carbon emissions and draw a roadmap detailing action to prompt emission reductions, the required investment as well as mitigation needs. The company has also taken significant steps to integrate environmental sustainability into its business practices, including the promotion of eco-friendly policies, adoption of paperless operations and the exploration of innovative solutions to reduce environmental degradation.
“Companies have a responsibility to contribute to the wellbeing of the society and the environment. Our company will continue to play its part as a responsible corporate citizen while addressing the concerns of our stakeholders. We are confident that all the initiatives we have undertaken will reduce environmental impact and protect the overall health of our planet,” said Mr. Juma.