Jubilee Holdings Full Year Profit Drops to Sh6.6B

Jubilee Holdings Limited recorded a net profit of Sh6.6 billion for the fiscal year that ended on December 31, 2022, a decrease of 2.9% from the Sh6.8 billion reported in 2021.

Gross written premiums dropped from Sh30.6 billion to Sh26 billion, which is what caused the drop.

As a result, overall income during the reviewed period decreased from Sh39.5 billion to Sh36.8 billion.

The life business of the insurer had a year-over-year gain of 26%, from Sh17 billion to Sh22 billion.

Total assets of the group climbed by 9%, from Sh155 billion to Sh170 billion, while total reserves and shareholder’s equity rose by 15.3%, from Sh39.5 billion to Sh45.5 billion.

Additionally, investment income increased by 41% to Sh4 billion.

Jubilee made Sh2.1 billion from the sale of its general insurance products last year, down from Sh3.2 billion the year before.

In 2020, the insurer began the process of selling ownership interests in its general insurance companies in Kenya, Uganda, Tanzania, Burundi, and Mauritius, ranging from 51 percent to 66 percent.

The listed insurer announced the payment of a total dividend of Sh9 per share and a special dividend of Sh3 per share totaling Sh870 million notwithstanding the decline in earnings.

“In a volatile and constantly challenging business environment, our company is constantly innovating, introducing digitization, managing expenses, and focusing on improving business efficiency. We are committed to creating maximum value for all our stakeholders and achieve long-term business success,” said Jubilee Holdings Chairman Nizar Juma.