Jubilee Holdings records Sh1.1bn profit as income from premiums rises

Jubilee Holdings made a profit of Sh1.1 billion in the first six months of the year, buoyed by an increase in gross premiums income.

The figure represents a 36 per cent increase from the Sh882.2 million profit it earned in a similar period last year.

In a statement on Monday, the company said that gross premiums went up by 29 per cent to Sh12.9 billion in the half-year through June, compared with Sh10.1 billion made over a similar period in 2013.

Gross revenue increased to Sh15.1 billion.

“The importance we have placed on delivering quality products with a strong service back-up has ensured that we remain the market’s best choice,” Jubilee Holdings chairman Nizar Juma said in a statement.

Tanzania’s insurance business recorded an outstanding 96 per cent growth, while Jubilee Burundi advanced by 34 per cent.

The company’s operations in Mauritius and Uganda also recorded positive growth of 31 per cent and 29 per cent, respectively.

UNCHANGED DIVIDEND

The company has, however, maintained an unchanged interim dividend of Sh1 per share, equivalent to Sh59.9 million for the period under review.

Mr Juma said Jubilee’s strategy of diversifying its investments and asset base had been the main source of the impressive investment income for the period.

Investment income grew to Sh1.9 billion, representing a 12 per cent jump from what was recorded in 2013.