Jubilee Holdings nets Sh2.5Bn in H1, declares interim dividend
Jubilee Holdings has posted a 22.7 percent increase in net earnings to Kes2.5 billion for the half-year period ending June 30 attributable to higher insurance service earnings.
The company noted that the increase was primarily driven by strong performance in sales in its core lines of businesses: life and health insurance. Jubilee also cited gains realised in the period due to claims control as well as strong business performance due to technology driven efficiency.
As a result, the Board of Jubilee Holdings has declared an interim dividend of Kes2 per share, amounting to Kes145 million, marking the first time since 2021 that the company’s earnings were unaffected by the General Insurance deal with Allianz.
“This performance reflects the resilience of our core businesses and the success of our strategic initiatives, particularly in claims management and cost control. As we move forward, we will continue to capitalize on our solid financial foundation and broaden our product offerings to maintain this positive trajectory,” explained Jubilee Holdings Ltd Chairman Zul Abdul.
He added, “We are confident that Jubilee Holdings is well-positioned to conclude the year on a high note, further enhancing shareholder value and solidifying our leadership in the industry.”
Jubilee Holdings saw its insurance service revenue increase by 28 percent to Kes12.6 billion from the Kes9.8 billion reported in June last year. At the same time, however, insurance service expenses icreased by 15.5 percent to close the half at Kes11.3 billion.
Additionally, the Jubilee maintained a strong balance sheet, with total assets recording a 6 percent growth to Kes202 billion from Kes191 billion during a similar half in 2023.
In the period, the Asset Management unit experienced notable expansion riding on the introduction of new products and branches that helped push up retail Assets Under Management (AUM) to the Kes4 billion.
Read also: Jubilee’s bold plan to empower customers with smart financial decisions
JHL Group Chief Operating Officer Juan Cazcarra highlighted that the company’s digital transformation agenda is centered on the convergence of advanced technology and human touch to deliver unparalleled value to customers.
“Our company is combining innovative digital tools with our deep industry expertise to enhance operational efficiency and address real market needs with precision and care. This approach keeps us agile and responsive, allowing us to create meaningful customer experiences while driving sustainable growth for the company.”
To further enhance customer value and experience, the Group will invest significant resources into the launch of a strategic thematic campaign titled “There’s Living and There’s Living Free.” This initiative aims to demystify the complexities of insurance, financial literacy, and investment solutions by presenting them in an accessible and relatable language throughout East Africa. It will leverage the company’s heritage to enhance awareness in a sector often perceived as complex.
On his part, JHL Group Chief Executive Officer Dr. Julius Kipngetich said that the Group remains committed to Environmental, Social, and Governance (ESG) priorities and actively works to become a responsible corporate citizen.
“We have integrated Environmental, Social, and Governance (ESG) priorities into our core operations, ensuring that we not only fulfil our responsibilities as a corporate citizen but also make a tangible impact on the long-term well-being of the communities we serve. JHL remains committed to prioritizing ESG initiatives and will continue to proactively address challenges within our industry and society at large.”
