Jubilee Holdings PLC, the owner of Jubilee Insurance, has released half-year financial results which show a positive outlook.
The company has bounced to high profits after a year of economic downturn caused by Covid-19.
Jubilee has recorded half-year profits of KES4.5 billion after tax. This shows a jump of 150% from the same period last year.
According to Jubilee Holdings Chairman Nizar Juma, the significant increase in profits was partly caused by a rise in the sales of the company’s general insurance business to Allianz Group, which happened at in May 2021.
Other factors that contributed to the huge profits this half-year include robust operating performance, asset management, and increased insurance premium.
According to the report, Jubilee Holdings experienced an increase of its insurance results from KES 1.4 billion in 2020 to KES1.6 billion in 2021. The bank also recorded a growth in Gross Written Premium from KES20.2 billion to 22.2 billion from last year.
Despite the continuing rampage of Covid-19, Jubilee Holdings has announced a surge in its total assets by 8%, reaching KES 151.72 billion in June 2021; up from KES140.1 billion in the same period last year.
Furthermore, total shareholders’ equity and reserves increased by 24% from KES 29.7 billion to KES 36.8 billion.
The Group’s chairman says that the firm is well positioned to execute its strategy in life and medical insurance, as well as partnering with Allianz in the General Insurance business.
Jubilee’s key strategy is to leverage on high investment returns, manage assets efficiently, focus on sustainable growth, and minimize expenses to provide value to shareholders and customers.
The insurance company currently trades at KES 360 per share in the Nairobi Stock Exchange, the highest share price in the insurance sector.