Jubilee to pay shareholders Shs31.6b in dividends

Jubilee Holdings will pay shareholders a total of Shs31.6b (Ksh1.015b) in dividends including a special dividend of Shs435.96 (Ksh14) per share (2020: Shs280.26 (Ksh9).

This comes on the back of a record performance in which the insurer posted a 67 percent rise in profit after tax for the year ended December 31, 2021.

During the period, profit before tax stood at Shs261.5b (Ksh8.4b) from Shs158.8b (Ksh5.1b), representing an increase of 66 percent 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 retains a 34 percent interest in both companies. This performance was also achieved due to tight expense control measures, improved return on investment, despite increase of medical and life claims relating to Covid-19 cases.

During the period total gross written premiums and deposit administration contributions recorded a modest increase of Shs25.6b (Ksh825m) up to Shs1.2 trillion (Ksh38.8b), despite not having the general insurance business.

This was attributed to growth of Shs43.5b (Ksh1.4b) in the health insurance business, maintaining the number one position in the region and Shs37.3b (Ksh1.2b) 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 Shs230.4b (Ksh7.4b) from Shs180.6b (Ksh5.8b) in 2020, while investment income registered a growth of Shs143.2b (Ksh4.6b) from Shs351.8b (Ksh11.3b) to Shs495.1b (Ksh15.9b).

The group’s performance remained solid and resilient with total assets increasing by more than Shs280.2b (Ksh9b) to Shs4.82 trillion (Ksh155b). Shareholders equity and reserves increased from Shs186.8b (Ksh6b) to Shs1.21 trillion (Ksh39b).

In a statement yesterday, Mr Nizar Juma, the Jubilee Holdings Group chairman, the results cement Jubilee’s as the most stable and reliable insurer in East Africa.

“Over a long period of time we have demonstrated our ability to deliver profits consistently,” he said.