Jubilee Holdings Limited, East Africa’s largest insurance group, has reported a 9.9 per cent growth in the Financial Year 2018/2019.
The company, with operations in Uganda, Kenya and Tanzania, saw its insurance premiums increase from Ksh34.75 billion (Shs1.2 trillion) to Ksh38.19 billion (Shs1.3 trillion).
The statistics released by the board yesterday point to a rise in the business from 13.6 per cent to Ksh15.89 billion (Shs563.5 billion), which included Individual Life growth of 16.3 per cent and Group Life growth of 19.4 per cent.
Mr Nizar Juma, the firm’s group chairperson, attributed the growth to the investment in providing value to its customers as well as its shareholders.
“We are honoured by the faith our valued customers have bestowed upon us to enable us to contribute towards positively impacting their lives through our products and services,” he said.
“This transformation has taken well over a year and has resulted in the business shedding loss-making business and relationships as the focus is now firmly on business quality and sustainability,” Mr Juma stated.
In the report, the firm posted a growth of 8.9 per cent from Ksh9.94 billion (Shs352.4 billion) to Ksh10.82 billion (Shs383 billion) with impressive underwriting profit of Ksh721 million (Shs25.5 billion) from all countries.
Revenues from jubilee general business grew by 6 per cent to Ksh11.48 billion (Shs407 billion) but with an underwriting loss of Ksh480 million (Shs17 billion).
The regional chief executive officer, Dr Julius Kipngetich, said the company has taken several measures to ensure continuation of service to all our clients, which include the re-launch its online portal which will be used by its clients to purchase motor insurance online and have a digital motor certificate delivered to them via email.