Jubilee Holdings Limited (JHL) posted a Ksh.5.08 billion pretax profit for the period ended December 31, 2020, denoting a 1.4 percent increase in profitability compared to the same period in 2019.
The Insurance Group attributed the profit to the confidence placed in the Group by its clients, continued focus on sound underwriting practices, tightening of controls over claims and expenses, and the prudently diversified investment portfolio held by the Group.
During the period under review, Jubilee’s Gross Written Premiums were largely flat, declining by 0.53 percent to Ksh.29.97 billion compared to Ksh. 29.81 billion in 2019.
The onset of the pandemic saw more people seek medical insurance, with the Group’s medical insurance business growing by 10 percent. Life Insurance business maintained volumes, with Individual Life business reporting a 16 percent growth.
Jubilee Insurance declared a final dividend of Ksh.9, which will translate to a final dividend payout of KSh.580 million.
In a press statement, JHL Group Chairman, Mr. Nizar Juma said the year 2020 tested the resilience of the group as well the entire insurance industry in the region.
“The year 2020 evolved into the year of survival and cast a sharp focus on the ability of businesses to withstand the sudden and extreme changes in the business operating environment. For Jubilee Holdings, we were able to weather this storm through diversification of our product portfolio and our ability to rapidly deploy our business continuity plans to allow the majority of our staff to quickly adapt to the new working needs during the onset of the pandemic and ensuing lockdown, and in turn maintaining our industry leadership position,” said Juma.
2020 was also a momentous year for the Group as it signed the strategic partnership agreement with Allianz SE in connection with the General insurance business of Jubilee Holdings.
“The partnership was approved by the shareholders at the AGM on 15th December 2020 and the process of obtaining the necessary regulatory approvals and completion of the other conditions is progressing well”, he added.
The outbreak of the COVID-19 pandemic posed great challenges to the carrying out of insurance in the normal way, and as a result Jubilee put greater emphasis on providing value, strengthening its agency networks and delivering a seamless customer service experience.
“As a business, our first focus was on effectively coordinating the pandemic prevention measures for both our staff and clients, a move that saw us significantly optimize our operations to achieve improved performance,” said Jubilee Holdings Regional CEO Dr. Julius Kipng’etich.
The Insurance Group says it will accelerate its digitisation efforts to further enhance customer services and accessibility as well as continuously improving on the risk prevention and control systems as the world moves towards a post-pandemic era.
