Jubilee Insurance 2010 Annual Report

8
JUBILEE HOLDINGS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST DECEMBER 2010
Chairman’s Statement (continued)
Corporate Social Responsibility
Giving back to the communities that it operates in is a crucial part of
Jubilee’s operations, and so Jubilee continued to commit resources to
key CSR projects that contribute to the wellbeing of local communities,
through partnerships with like-minded corporate organizations, as well
as implementing its trademark CSR projects. In 2010, Jubilee revived
the Jubilee Insurance Samaritan Award (JISA) and the program is
making quarterly awards recognizing ordinary members of society who
perform extraordinary acts of kindness. In addition Jubilee continued
its partnership in key impacting projects that include the Standard
Chartered Marathon and Mater Heart run, which target health-related
afflictions of cardiac illness and blindness.
Board of Directors
The Directors who held office in 2010 are listed on page 9 of this
Report. There were no changes to the composition of your Board of
Directors in the year under review. The Board continues to reflect your
Company’s regional outlook, while drawing from the key experience
and skills that continue to steer your Company to greater heights in
achieving its strategic objectives.
Outlook
The business and regulatory environment will remain challenging in
2011 and accurate forecasts of market trends remain difficult. However,
the increases in global fuel prices portend an erosion of the purchasing
power of East African citizens.
Jubilee’s diversified business model proved robust in 2010 and our
insurance companies will continue to focus on risk selection and
management, so as to balance our entrepreneurial approach to business
opportunities whilst protecting profitability. New business systems have
already been launched to ensure that the Group delivers enhanced
customer service to improve our customer experience reputation and
maintain our position as the leading multi-line insurance brand in
East Africa. It is this quality and financial stability that will continue to
strengthen our customer relationships and grow business.
Your Company now provides insurance protection to more than 300,000
clients across East Africa, and will continue to increase our reach for the
convenience of existing and potential customers in the region.
I am proud to advise that on 3 rd August, 2011 Jubilee will commence it’s
75 th Year and accordingly various initiatives have been planned which
will benefit all the stakeholders including customers, intermediaries and
employees.
We continue to have ambitious goals and we do not rest on our laurels
based on what we have achieved up to now. Jubilee will continue to
perform strongly in 2011 and generate sustainable and stable returns
for our shareholders.
Appreciation
Jubilee’s continued strong performance is a result of the support and the
partnerships that we receive from our various stakeholders: our business
partners, intermediaries and customers. I thank you for your continued
loyal support, which has been instrumental in reinforcing Jubilee’s
position as the unbeatable market leader in East Africa.
I also thank all our staff across the regions who continue to show
dedication and provide superior service to our customers. I would also
like to acknowledge with appreciation my colleagues in the Board and
those on the Boards of the subsidiaries for their diligence, guidance
and support.
Nizar N Juma
Chairman
1st April 2011
JUBILEE HOLDINGS