Jubilee Holdings half-year profit rises by 30% to Ksh.4.4B

In a statement, JHL said its profit before tax rose by 30 per cent to Ksh.4.4 billion, while total assets grew by 9 per cent to Ksh. 272.7 billion from Ksh.251.1 billion in the same period last year.

The board also declared an interim dividend of Ksh. 2 per share, amounting to a total payout of Ksh.145 million.

Insurance revenue rose marginally by 1 per cent to Ksh.16.9 billion. The growth was supported by a 14 per cent increase in the life insurance business, although this was partly offset by a deliberate focus on profitable portfolios in the health business.

However, the group's insurance service result declined by 60 per cent to Ksh.445 million due to high claims and rising medical costs in the health insurance segment.

Jubilee said the decline was partly cushioned by a 52 per cent growth in its life insurance business.

The company's asset management business recorded strong growth, with retail assets under management more than doubling by 116 per cent to Ksh.33 billion. Overall assets under management increased by 18 per cent.

Jubilee Holdings Chairman Zul Abdul said the half-year results reflected the resilience of the business and progress in implementing its long-term strategy.

“The Group’s performance in the first half of the year reflects the resilience of our business and the progress we are making in executing our strategy. More importantly, it demonstrates the solid foundation we are building for long-term growth,” Abdul stated.

He added that the company had continued to refine its investment portfolio, including the sale of its remaining stake in SanlamAllianz Uganda.

Further, Jubilee's Uganda business recorded a significant turnaround following the merger of its life and health insurance companies. The business also attained the number one position in the market.

During the period, Jubilee Insurance also transitioned its corporate brand to Jubilee Group as part of its strategy to offer more diversified financial services.

The company said technology and artificial intelligence would remain central to its strategy, with investments in analytics expected to improve customer experience, strengthen fraud detection and increase operational efficiency.

Jubilee said its Net Promoter Score, a measure of customer satisfaction and loyalty, had reached 64.

The group is also expanding partnerships aimed at increasing financial inclusion, including a collaboration with FSD Africa, as it works towards doubling the number of lives it reaches by 2027.

Beyond its financial performance, Jubilee said 3,209 children had benefited from healthcare and education initiatives through the Jubilee Children's Fund.

The company has also launched an on-site creche for employees and their families, while two-thirds of the energy used at its headquarters is now generated through solar power.