Jubilee Holdings Announces Special Dividend as Profits Hit Sh6.83 Billion

Jubilee Holdings shareholders are set to receive a total dividend of Sh1.015 billion including a special dividend of Sh14 per share after the underwriter reported a 7 per cent jump in net profits for the full year ended December 31, 2021.

The underwriter on Thursday announced that its net profit for the year rose to Sh6.83 billion from Sh4.08 billion

The increase was partly driven by the gain on the sale of controlling interests in the general businesses in Kenya and Uganda, transactions that were completed last year.

Jubilee Holdings Limited Group CEO Julius Kipng'etich noted that the business continues to advance its customer-focused strategy through accelerated technology and digital transformation agenda.

"In 2021, our primary focus was on product and service improvement through the deployment of new offerings especially in the SME and Micro segments. As a result of leveraging on enhanced distribution capabilities through our digital platforms, we were able to transact premiums of over Sh150 million. This represented a 700 per cent YoY growth compared to 2020", Kipng'etich said.

Income Total Gross Written Premiums and Deposit Administration contributions recorded a modest increase of Sh825million up to Sh38.8 billion.

The performance was the result of a growth of Sh1.4 billion in the Health Insurance Business and Sh1.2 billion growth in the Life Insurance Business, to make up for the impact of the partial loss of the General Insurance Business.

Total comprehensive income after tax grew substantially to Sh7.4 billion from Sh5.8 billion in 2020, while investment income registered a growth of Sh4.6 billion from Sh11.3 billion to Sh15.9 billion.

The Group's Balance Sheet continues to remain solid and resilient as Total Assets increased by over Sh9billion to Sh155 billion.

"The excellent results cement Jubilee as the most stable and reliable insurer in East Africa. We continue to demonstrate the strength of our balance sheet, the commitment of our people, and the agility of the business even in the face of adversity," said Group Chairman Jubilee Holdings Limited Group Chairman Nizar Juma.

While the period under review was characterized by social and economic uncertainties occasioned by Covid-19, JHL was able to significantly reposition itself to focus on sustainable growth, enhanced earnings, and the creation of value for all stakeholders.

The partnership between Jubilee Holdings Limited and Allianz is well within its implementation schedule with Kenya, Uganda and Burundi already completed.

The transactions in the remaining two markets, Tanzania and Mauritius, are currently undergoing the necessary regulatory approvals and are expected to be completed in the first half of 2022.