Thursday April 5 2012

Jubilee to pay Shs132 in dividend

By Faridah Kulabako

Shareholders of insurance group, Jubilee Holdings, will earn Shs132.3 per share following the directors’ recommendation on the back of impressive financial performance.

According to the company financial results released recently, the group’s profit before tax for the year ended December 31, 2011 grew by 4 per cent to Shs62.9 billion, up from Shs58.8 billion the previous year.

The final dividend, however, awaits approval by shareholders at the next AGM scheduled for next month in Nairobi, Kenya.

The Group chairman, Mr Nizar Juma, attributed the impressive growth to enhancing the firm’s focus on its core business activity, resulting into first class risk management and selection practices.

This, according to Mr Juma, enabled the insurer to achieve a substantial increase in underwriting profits to about Shs16 billion during the year compared to Shs14 billion that was registered in 2010.

The insurer’s gross written premium also jumped from Shs335.1 billion to Shs467.4 billion over the period.

Its investment income also increased as a result of diversification into non-traditional areas, investing in medium term and long term government bonds, growing its investment income to about Shs30 billion.