Composite underwriter Jubilee Holdings Ltd has reported a 35 per cent rise in its half-year pre-tax profit.

The profit hit Sh316 million compared to Sh233 million of first half of last year.

The insurer reported year-on-year premium growth of 57 per cent as the Jubilee Group marked its 70th year of operating in East Africa.

“Over the last 12 months Jubilee has made significant investments in people and systems to improve the underlying efficiency and profitability of its insurance operations and this has allowed the Group to post strong profits during a period of exceptional global market volatility,” group chairman Nizar Juma said.

Mr Juma noted the good performance had been achieved despite the company making ex-gratia payment to victims of the post-election violence.

Growth factors

Premium growth was well balanced in terms of class of business and territory.

General insurance experienced growth of 70 per cent year-on-year and significantly improved its underwriting profitability.

Medical business grew by 47 per cent maintaining Jubilee’s position as the market leader in the region.

Life business grew 44 per cent. Commenting on industry results recently released by the Association of Kenya Insurers (AKI) Mr Juma said, “We are delighted that during our 70th year, Jubilee is now the largest composite insurer in Kenya.

This is a great addition to the positions that Jubilee already holds – that is, the largest composite insurer in East Africa and the largest medical insurer in Kenya and East Africa”

Jubilee Holdings provides insurance protection to more than 125,000 clients across the East African region and is pushing to improve its reach for its existing and potential customers in the region.

Jubilee Holdings is the only ISO certified insurance-based financial institution listed on the Nairobi Stock Exchange, Uganda Securities Exchange and Dar es Salaam Stock Exchange.

The company is an affiliate of the Aga Khan Fund for Economic Development, the economic arm of the Aga Khan Development Network.

Source: http://www.nation.co.ke/business/news/-/1006/466582/-/jiyri5z/-/

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