Jubilee Holdings Regional C.E.O. Julius Kipng’etich during the underwriter’s AGM on Tuesday June 25, 2019 PHOTO | COURTESY Jubilee Holdings has overlooked its flat earnings for the year ending in December 2019 to retain its shareholder pay out at Ksh.579.8 million or an equivalent Ksh.9 per share.
On Thursday, the insurer announced a marginal 2.5 percent decline in annual profits across the past year to Ksh.4 billion from Ksh.4.1 billion in 2018.
During the year, the Group’s gross earned premiums rose by 9.4 percent to Ksh.29.1 billion to lift earned revenues from underwriting to Ksh.19.5 billion from Ksh.17.2 billion.
The company’s total income in the period stood at Ksh.32.8 billion from Ksh.27.9 billion.
Higher insurance benefit pay outs and claims on the insurer however dragged down the firm’s bottom-line having increased by 23.9 percent to Ksh.19.7 billion.
The stay on dividend is in spite of Jubilee’s earnings per share contracting to Ksh.49.07 from Ksh.51.83 and a greater retention of earnings.
Jubilee Holdings assets jumped to Ksh.130.1 billion over the year supported in large part by shareholders’ equity and reserves.
The Group marked growth across most of its business segments including medical and life insurance but for the exclusion of non-life underwriting especially in the domestic market.
Commenting on the performance, Jubilee Holdings Limited Chairman Nizar Juma termed the performance as solid against challenges including bloated claims in motor vehicle insurance.
“We are honoured by the faith our valued customers have bestowed on us to enable us to contribute positively impacting their lives through our products and services.” he said.
Despite a volatile outlook stemming from the Covid-19 pandemic, the insurer has moved to cushion its customers by reducing interest charges passed on policy backed loans through to the end of 2020.Video Of The Day: | CURFEW ECONOMY | The new normal under COVID-19 restrictions
