Jubilee keen on global competitiveness with full compliance on new standards
Leading Insurance firm, Jubilee Group Holdings has posted a half year profit before tax (PBT) of Kes2.4 billion on strong growth in insurance service revenues and assets.
The company which has fully adopted international reporting standards, has however reported a 47.8 percent drop in net profit to KEs2.04 billion in the review period on applying the International Financial Reporting Standard (IFRS) 17.
Jubilee interim dividend
The International Accounting Standards Board (IASB) has set out the new standards to provide greater financial clarity, comparability and consistency in accounting for insurance contracts for Kenyan insurers.
Despite the decline, Jubilee Board announced the payment of an interim dividend of Kes2 per share totaling to Kes145 million, reinforcing shareholder confidence in the company’s stability and profitability under IFRS 17 new reporting standards.
“To ensure compliance, JHL has fully adopted the new IFRS 17 Standard across all its entities and taken a prudent approach to eliminate volatility in results and ensure future profitability,” JHL’s Chairman Nizar Juma said.
The Group’s insurance service revenue grew by 11 per cent from Kes8.8 billion to Kes9.8 billion while total assets grew by 12 percent from Kes161 billion to Kes181 billion cementing the company’s financial position and its ability to meet its obligations.
Mr Nizar said Jubilee Holdings is poised for greater growth as the company seeks to transforms into a digital company with better offerings for customers.
Read also: Jubilee Health Insurance honours intermediaries changing lives
Digital transformation agenda
JHL has successfully implemented the first phase of its digital transformation agenda. This included digitizing internal processes to improve business efficiency, security and agility.
This year, the Group embarked on the second phase which is geared towards delivering an end-to-end digital experience for its customers and other stakeholders.
This phase is focusing on customer experience, telematics, and data analytics which will empower the customer to access tailor-made solutions at the touch of a button.
“The first phase of the Changamk@ project has transformed our business processes while providing a launching pad that will make insurance simpler and more accessible to a wider customer segment. The second phase will leverage on data driven insights, artificial intelligence and seamless digital interfaces to transform how insurance is perceived and experienced by our different audiences. Our digital transformation journey is not only about adopting technology but also a commitment to always put our customers’ needs at the heart of our business,” Mr Nizar said.
Jubilee Holdings Group CEO Dr. Julius Kipngetich said as the company sets global standards in its reporting it plans to also leverage on environmental, social governance putting the insurer ahead on attracting global investment and business.
