Jubilee Insurance declares Ksh.14 dividend per share after posting Ksh.6.8 billion profit
Jubilee Holdings has declared a Ksh.1 billion dividend where shareholders will pocket Ksh.14 per share after it posted a 40.1 percent net profit to Ksh.6.8 billion for the year ended December 31, 2021.
This will be payable by July 25, 2021.
The company declared a final dividend of Ksh.8 per share and a special payout of Ksh.5 per share to reward shareholders.
“The board is also pleased to recommend for shareholders’ approval, a special dividend of Kes 5 per share to reflect the impact of the Jubilee Allianz transaction. Both the 2021 final dividend and special dividend will be paid on or about July 25, 2022, to members on the register of members at the close of business on June 22, 2022.” Jubilee Insurance in their financial release.
Previously the company had paid an interim dividend of Ksh.1 per share. The special payout raises the dividend to a total of Kes 14 per share, up from the Ksh.9 paid for the previous year.
The Ksh.6.8 billion profit record is compared to Ksh.4 billion it recorded in 2020.
“This commendable performance was the result of a growth of Ksh.1.4 billion in the Health Insurance Business, maintaining the Number One position in the Region, and Ksh.1.2 billion growth in the Life Insurance Business, to make up for the impact of the partial loss of the General Insurance Business,” said Jubilee’s chairman Nizar Juma.
The group has attributed the growth to investment income as they increased which was increased by Ksh.4.6 billion to Ksh.15.9 billion.
Its net premiums increased by 8.9 per cent to Ksh.21.9 billion.
Profit Before Tax increased by 66 percent to Ksh.8.4 billion in 2021 from Ksh.5.1 billion in 202 and was driven by the gain on the sale of controlling interests in the general businesses in Kenya and Uganda.
Total Assets in the group increased by over Ksh.9 billion to Ksh.155 billion, the highest in the industry.