Jubilee Holdings Limited has reported 2.48 billion in net profit for the first half of 2024, representing a 22.7% increase from Kshs 2.0 billion posted in the corresponding period last year.
The growth in earnings was attributed to the 28.4% surge in the Insurance Service Revenue to Kshs. 12.6 billion from Kshs 9.8 billion.
The Group’s total assets were Kshs 202.5 billion, a 6% increase from Kshs 191 billion reported in the last year’s period.
Despite the strong performance, the Group saw its Insurance Service Expenses rise to Kshs 11.3 billion, from Kshs 9.8 billion. Additionally, the net expenses from reinsurance contracts stood at 353.7 million compared to 158.6 million registered in the first half of 2023.
“The performance reflects the resilience of our core businesses and the success of our strategic initiatives, particularly in claims management and cost control,” the Group chairman Zul Abdul said during the official release of the results.
Jubilee Holdings Limited is one of the leading insurers in the region, with subsidiaries in Kenya, Burundi, Uganda, Mauritius, and Tanzania. The Group has over 1.6 million clients across the region, according to data on its website.
The officials said the company has taken advantage of innovative digital tools to improve operational efficiency and tackle the market needs. “The approach keeps us agile and responsive, allowing us to create meaningful customer experiences while driving sustainable growth for the company,” said Juna CazCarra, the Group’s GCOO.
Africa’s insurance sector continues to struggle as insurance uptake remains low. In Kenya, the insurance penetration is about 2.3% which is way below the global average of 7%.
Jubilee Holdings Limited announced plans to broaden products and services as the customers’ needs evolve. The Group’s chairman said, “As we move forward, we will continue to capitalize on our solid financial foundation and broaden our product offerings to maintain this positive trajectory.”
