Jubilee Insurance records a 24 per cent increase in half-year pre-tax profit to Sh1.146 billion

By LILLIAN KIARIE

Jubilee Holdings Ltd recorded a 24 per cent increase in half-year pre-tax profit to Sh1.146 billion up from Sh928 million in 2012. Gross revenue increased by 13 per cent to Sh11.9 billion from Sh10.6 billion recorded same period last year.

Jubilee Holdings Chairman, Nizar Juma attributed the growth to the ambitious product development strategies, enhanced relations with brokers and intermediaries, a proactive Jubilee team and excellent investment performance.

“The importance we have placed on delivering quality products with an excellent service back-up has paid off,” Mr Juma said.

The Composite Insurer continues to lead in the Kenyan medical insurance market with significant regional performances. Jubilee Mauritius more than tripled her medical premiums, Tanzania grew by 32 per cent and a 12 per cent growth in Uganda, in the first half of 2013, compared to the same period last year.

Jubilee’s long-term business grew by 30 per cent to Sh3.254 billion during the first six months of 2013, which is attributed to significant investments in new operating systems and customer service capabilities, to streamline its business.

Investment income recorded a 16 per cent growth to Sh1.676 billion in the first half of 2013.  Group profit after tax attributable to shareholders grew by 19 per cent per cent to Sh793.8 million in the first half of 2013 from Sh666.1 million recorded in the same period in 2012.

Earnings per share rose to Sh13.3 in the first six months of 2013 from Sh11.1 in the previous year.