Jubilee Insurance records Kes2.34Bn profit before tax

Jubilee Insurance Monday announced half-year pre-tax profit to Kes 2.34 billion up from Kes1.97 billion the insurer recorded during the same period last year, a 19 per cent growth.

The insurer attributed the growth to a relentless pursuit and focus on adapting to the ever-changing needs of the insurance market as well as a prompt response to the demands of the market.

The firm’s underwriting business grew by 23 per cent to stand at Kes1.1 billion, while Gross Written Premium and Contributions grew by 8 per cent to Kes1.42 billion and are now Kes18.6 billion while earnings per share rose to Kes 26 from Kes21 in the previous year, an increase of 23 per cent.

Total income recorded a 30 per cent jump to Kes14.9 Billion driven by the rally in the Nairobi Securities Exchange that saw a 13 per cent growth in the first 6 months in 2017. The positive results were achieved against a backdrop of a volatile economic environment and an extremely competitive regional market.

“These impressive results were realized in an unpredictable business environment, currency volatility both in the regional and global market, as well as regulatory changes” said Mr. Nizar Juma – Chairman, Jubilee Holdings.

Jubilee Holdings cemented its position as East Africa’s largest insurer, and in addition by assets with a 15 per cent increase which now stand at Kes 101.1 Billion from Kes 87.6 Billion.