NAIROBI, Kenya, April 20 – Jubilee Holdings Limited posted a Sh6.6 billion net profit in the full year ended December 31 2022, a 2.9 per cent decline from the Sh6.8 billion posted in 2021.
The decline is attributed to a reduction in gross written premiums which reduced from Sh30.6 billion to Sh26 billion.
As a result, total income dropped from Sh39.5 billion to Sh36.8 billion during the period under review.
During the year, the insurer’s life business recorded a 26 per cent increase from Sh17 billion to Sh22 billion.
Group total assets grew by 9 per cent from Sh155 billion to Sh 170 billion while total shareholder’s equity and reserves increased by 15.3 per cent from Sh39.5 billion to Sh45.5 billion.
Further, investment income grew by 41 per cent to Sh4 billion.
Jubilee’s gain from the sale of the general insurance businesses last year stood at Sh2.1 billion, down from Sh3.2 billion a year earlier.
The insurer in 2020 started the process of selling stakes ranging from 51 percent to 66 percent in its general insurance subsidiaries in Kenya, Uganda, Tanzania, Burundi, and Mauritius .
Despite the drop in earnings, the listed insurer announced the payment of a total dividend of Sh9 per share and a special dividend of Sh3 per share totaling to Sh870 million.
“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.
