Jubilee profits up by 19 percent - Jubilee Insurance

NEWS RELEASE
Jubilee profits up by 19 percent
22 nd August, 2012
Nairobi, August 22 – East Africa’s largest insurance group, Jubilee Holdings Ltd has
announced their performance figures for the first six months of 2012. The Jubilee Group’s
half year Profit before Tax rose by 19 percent to Kshs928 million from Kshs781 million in
2011. Gross revenue increased by 33 percent to Kshs10.6 billion from Kshs8.0 billion
recorded in the same period last year.
Jubilee Holdings Chairman Nizar Juma said “As we celebrate our 75 th anniversary we are
delighted to report that Jubilee remains the largest composite insurer, the largest General
insurer and Medical insurer in Kenya, Uganda and Tanzania, and in East Africa. We are also
pleased to be the leader in Pensions in Kenya and East Africa. Jubilee’s asset base has
grown from Kshs38 billion to Kshs43 billion in the first half of 2012.”
“Our results amply demonstrate that we have the wisdom and experience of a 75 year old
but the speed and agility of a 20 year old. This is how during the last eight years, Jubilee
has grown tenfold,” said Mr Juma.
Revenue from short term business grew by an impressive 37 percent in the first half of the
year to Kshs8.059 billion from Kshs5.896 billion in 2011, reflecting strategies implemented
to improve operating efficiency, rigorous focus on risk management, and an innovative
product development drive that saw Jubilee expand its products in agricultural insurance
and Small and Medium Enterprise (SMEs) insurance.
Jubilee’s successful medical franchise continued to do well, and J-Care, the retail medical
product tailored to young families has been well received in the East African market. Jubilee
has dominated the Kenyan medical insurance market in the last five years, with a 32
percent market share in 2011. Jubilee’s medical insurance business also grew by 40 percent
in Tanzania, and 50 percent in Uganda in the first half of 2012, compared to the same
period in 2011.
Jubilee’s long term business grew by 21 percent to Kshs2.499 billion during the first six
months of 2012, attributed to continued increase in the uptake of Jubilee’s products. Its
customer focused education and asset building products continued to perform well, boosted
by introduction of a product targeted for the youth, particularly university students. Dubbed
‘Baada Ya Campo’, the product helps university students save money for use after
graduation and during the time they are hunting for employment. Jubilee is making
significant investments in new operating systems and customer service capabilities, to
streamline its business.

Added Mr Juma “Despite being the number one insurer in all these countries, we are good
global Corporate Citizens. We pay all our taxes and observe the best practices in everything
we do. Most importantly, each day, we demonstrate to the world that it is possible to
develop and become a leader in our business in East Africa, without resorting to graft, for
which we have zero tolerance.”
Today Jubilee is also an equity partner in Kenya’s first independent power producer: Tsavo
Power Company in Kipevu, which has increased the generation capacity in Kenya by over
20% and the US$860 million Bujagali Power project in Uganda which is now providing
Uganda’s power needs. With its affiliate IPS, Jubilee is a major investor in SEACOM – the
first fiber optics submarine cable that stretches 15,000 kms from South Africa to France,
and provides communication to all the countries on its path at a fraction of the previous cost
(based on satellite). Jubilee also has investments in banking, tourism, food processing and
many other enterprises in Kenya and East Africa.
Investment income recorded a 47 percent growth to Kshs1.442 billion in the first half of
2012. Group profit after tax attributable to shareholders grew by 17.3 percent to
Kshs666.1 million in the first half of 2012 from Kshs568 million recorded in the same period
in 2011.
The Jubilee Group declared dividend of 110 percent, and a 1:10 bonus share issue in May
2012. Earnings per share rose to Kshs11.1 in the first six months of 2012 from Kshs9.5 in
the previous year.
Ends..
About Jubilee Insurance
Started in 1937, Jubilee Insurance has spread its sphere of influence throughout the region
to become the largest composite insurer in East Africa, and in Uganda, Tanzania and Kenya.
Jubilee’s operations in Burundi and Mauritius have also picked well since their launch in
2010. Today, Jubilee serves over 300,000 clients, and is also the number one Medical
insurer and General insurer in East Africa. It is the only ISO certified insurance group (with
two accreditations – UKAS (United Kingdom Accredited Standards) and ANAB (American
National Accreditation Board) and listed on the three East Africa stock exchanges – The
Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities
Exchange.
For further press information, please contact:
Catherine Ndioo on Email: Catherine.Ndioo@jubileekenya.com or Office: +254 (020)
3281000 DL: +254 (020) 3281089 Cell: +254 720 805940
Website: www.jubileeinsurance.com Media Center:
http://www.jubileeinsurance.com/ke/about-us/news/press-releases