Jubilee Holdings, East Africa’s largest Insurance group, has declared a final dividend of KSh580 million for the year 2020, after posting a 2% rise in full-year net profit to KSh4.1 billion. The company’s shareholders will receive KSh8 dividend for every ordinary share held.
In September 2020, Jubilee insurance entered into a strategic partnership with Allianz, one of the world’s largest insurance firms, with the aim to reinforce Jubilee Holdings’ top position in East Africa and to broaden the insurance market in the region.
The Kenyan insurer reported flat revenue growth in 2020 as gross written premiums climbed to KSh29.97 billion, a 1% increase from KSh29.81 billion the year before. Nonetheless, gross written premiums from medical insurance increased by 10%. The insurer’s Ugandan business posted remarkable growth with the gross written premiums rising by 20%.
Jubilee holdings cut its total expenses and commissions to KSh8.9 billion last year, from KSh9.1 billion in 2019.
The company’s assets grew by 12% to KSh 146 billion at the end of 2020 from KSh130 billion at the end of 2019. Similarly, its liabilities increased by 11% to KSh110 billion.
Jubilee holdings generated KSh1.5 billion cash from operating activities in 2020, an improvement from the KSh591 million loss posted the year before. The company spent KSh6 billion in investing activities in the last year.