NAIROBI, Kenya, Dec 15-Jubilee Holdings Limited (JHL) shareholders have approved a long-term strategic partnership between JHL and Allianz SE in respect of Jubilee’s short-term general insurance businesses in Kenya, Uganda, Tanzania and its short-term general and medical insurance business in Burundi and Mauritius.
Allianz will become a co-shareholder in five companies that are currently, or to be established as, subsidiaries of Jubilee by purchasing controlling interests of between 51percent and 66percent in these Companies, in which Jubilee Holdings will remain a significant minority shareholder.
“JHL has frequently been approached by international insurers wanting to partner with us, but who did not fully appreciate our belief and vision of helping East Africans protect themselves and plan for a financially secure future. With Allianz, we have identified a strategic partner whose strategic objectives and vision for the General Business are closely aligned with those of Jubilee, and together we intend to grow both the market and our joint market share There will be no change in the ownership of the Life and Medical Businesses in Kenya, Uganda, and Tanzania,” said Jubilee Holdings Limited Group Chairman Nizar Juma.
The proposed partnership aims to build best practice in underwriting and claims processing, and Allianz is committed to transferring specific skills and capabilities that will help Jubilee’s businesses increase the range and depth of products they are able to deliver to a range of both Corporate and retail clients.
The strategic partnership intends to draw on Allianz’s proven expertise in retail, digital insurance, and in micro-insurance that they already deploy in several developing markets across the world; this, coupled with Jubilee’s well established reputation, market presence, distribution networks and local experience and expertise will allow the partnership to offer innovative, affordable and technically advanced products to a growing section of the regional population.
During the virtual 2019 Annual General Meeting (AGM) held in Nairobi, the shareholders confirmed the payment of the final dividend of Sh 8.00 per share as recommended by the Board.
This brings to Sh9.00 the total dividend per share and Sh652.3Million as total dividend for the year.
The 2019 final dividend was paid on July 24th, 2020 to shareholders on the register at of close of business on June 30th, 2020.
Taking into consideration the unprecedented and highly uncertain times we are currently witnessing, the Jubilee Holdings Limited Board are grateful for the efforts of the entire Jubilee team that have enabled your company to declare a dividend […]