Business

Jubilee posts 11pc gross premiums jump in six months

Jubilee posts 11pc gross premiums jump in six months
  • Jubilee Holdings recorded an 11 percent increase in gross written premiums to Sh20.7 billion

Jubilee Holdings recorded a marginal decline in comprehensive income in the first half of 2019 to post a 1.5 percent fall in net earnings of Sh1.83 billion.

The firm, however, recorded an 11 percent increase in gross written premiums to Sh20.7 billion for the same period in what has been attributed to continued investment in efficient service delivery models.

The firm which is East Arica’s largest underwriter also attributed the rise in premiums to innovation and diversification of its product portfolio.

Jubilee Holdings chairman Mr Nizar Juma said investment income performance was impacted by the NSE 20 Share Index that dipped seven percent within in the period, as well as the 24 percent drop recorded in 2018, cutting the firm’s top-line.

The firm’s regional chief executive Julius Kipng’etich said the insurer was optimistic that the firm would post improved results in the second half.

“Jubilee remains financially strong and focused on building a solid franchise of life, medical and general insurance business in all its core markets.”

“With the first half results now behind us, we will continue to build on the good progress we have made against our priorities,” said Dr Kipng’etich.

The group’s total comprehensive income rose by 42 percent from Sh1.2 billion to Sh1.7 billion.

The insurer expects to leverage on its growth in regional subsidiaries which showed strong contributions from Uganda, Tanzania and Burundi to scale its fortunes.

Uganda’s bancassurance business has recorded a 400 percent growth in less than a year of operation in partnership with over 15 banks.

Jubilee Insurance Company of Kenya is also in the final stages of implementing the composite split process that will see the company create three separate companies specialising in medical, general and life businesses.