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Jubilee Insurance Achieves Premium Growth Of 30% And Ksh 30bn Turnover

East Africa’s Insurance Group Jubilee Holdings Limited announced it’s 2014 performance figures, which saw the regional insurance group achieve a turnover of Ksh 30.3 billion, a growth of 30% over 2013. This strong top-line growth was complemented by an exceptional increase in insurance results as short-term underwriting profits grew by 37.8 per cent to Ksh 1.2 billion in 2014. The insurer has announced a 25.3 per cent increase in its pre-tax profits to Kshs 3.95 billion. Gross revenue increased by 37 per cent to Kshs 24.8 billion.

Speaking to the media following the JHL Board meeting, Jubilee Holdings Chairman, Nizar Juma said “For a number of years, we have been the number one insurer in East Africa, leading the markets in Kenya, Uganda and Tanzania as well as holding the top position in Short Term and Medical Insurance; we are now delighted to also be the number one Long Term insurer in Kenya for the first time. We are also pleased to be able to announce that for the first time our turnover figures have topped Kshs 30 billion!”

He attributed this outstanding growth to the insurer’s business strategy that is designed around innovation and technology. Under this strategy, Jubilee has launched the ‘Tumainiya Jamii ‘life insurance product, which aims to make insurance more accessible for lower income groups, and a 24hr PSV passengers’ medical cover named ‘Jubilee Msafiri’, which is a benefit designed to cover travellers while on a long distance bus journey within East Africa. In addition, Jubilee also launched Lady Jubilee in Kenya and Tanzania, the first motor insurance product that offers cash back rewards to accident free drivers and which is designed specifically to meet the insurance needs of Ladies; this product is accessible via the internet on www.ladyjubilee.co.ke.

“Our dedication to innovation, excellence in customer experience in our everyday operations and empowering our people, has ensured that we remain the premier company in the market. Whilst, we are pleased with our performance in 2014 we are by no means complacent and we are already building our staying power and enhancing it in the coming year through the expansion of our product lines, investment in technology, human resource development and expansion into new markets. We are very much aware of the strong environment of mergers and acquisitions in today’s market,” Mr Juma said.

Jubilee as the leading insurance company in each of the East African Countries grew in Kenya by 37 per cent and by 20 per cent in Tanzania. Jubilee Uganda grew by 7 per cent, in Mauritius it grew by 19 per cent and Jubilee Burundi grew by 30 per cent in 2014, compared to the same period in the previous year. Jubilee now provides insurance protection to more than 650,000 clients across the region.

During 2014, Jubilee Insurance scooped 9 new annual insurance awards. These awards were important in that they have enabled this top insurer to win every single award category introduced till date by Think Business. In addition, the insurer also won the Company of the Year Award (COYA) in Human Resource Management, Financial Management and the Kirit Dave Manager of the Year Award organized by The Kenya Institute of Management. Jubilee was also won the Financial Services Award at CIO 100 and best use of ICT in Insurance presented by Information Communication Technology Association of Kenya. Jubilee Uganda won the Claims Handling and Settlement Award by the Insurance Brokers Association.

Short-term underwriting profits for the region grew by an impressive 37.8 per cent to Ksh 1,236 million under-lining Jubilee’s focus on sustainable performance and robust risk management model and medical case management systems, which enable the group to lead the sector in core insurance operating performance.

Investment income recorded a 35.5 per cent growth to 1.64 billion in 2014. Group profit after tax grew by 24 per cent to Kshs 3.1 billion in 2014 from Kshs 2.50 billion recorded in the same period in 2013. Earnings per share rose to Kshs 48 as at December 2014 from Kshs 38 in the previous year.

Looking to the future, Jubilee has established an Innovation Centre that is designed to incubate new technology and business initiatives with the aim of fast-tracking new distribution models and product concepts that will provide increased choice and purchasing options to the growing numbers of retail, Tech-savvy, insurance consumers in East Africa.

The Jubilee Group declared a final dividend of Kshs 7.50 compared to Ksh 7per share last year for a combined interim and final dividend of Ksh8.50 per share and a 1 for 10 bonus share issue in 2015.

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