Insurance firm, Jubilee Holdings recorded a four per cent increase in profit from the core business despite the completion of the transfer of the general business to Allianz.
Investors at the firm's Annual General Meeting (AGM) held yesterday were told that the Gross Written Premium for 2022 reached Sh37.7 billion, three per cent lower than the previous year.
This was impacted by the transfer of the General Insurance business to the Allianz Group. Excluding this impact the topline grew by 16 per cent.
Overall, the non-general business grew by Sh7.2 billion or 21 per cent since 2020, when the sale of General business to Allianz began.
The Group’s total assets increased by 9.8 per cent to Sh170.5 billion, which is the largest in the industry.
Shareholders confirmed the payment of a dividend of Sh9 per share plus a special dividend of Sh3 per share recommended by the board.
This brings the total dividend for the year 2022 to Sh12 per share.
The firm completed the partnership in the remaining countries with Allianz in the General insurance businesses in Burundi, Mauritius and Tanzania recording a gain of Sh2.2 billion.
Jubilee Holdings chairman Nizar Juma said that although 2022 was a recovery year, the Group achieved excellent results enabling the company to maintain its leadership position across East Africa in terms of Profit Before Tax, Assets and Return on Equity.
“East Africa’s economy experienced slowed growth in 2022 because of inflation coupled with high-interest rates and increasing debt. While the road to recovery was difficult, our company navigated uncertain market conditions while adapting to a rapidly changing landscape,'' Juma said.
Allianz completed the transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in October last year.
This is after it agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of Jubilee Holdings.
The acquisition in Kenya was completed in May 2021, in Uganda in October 2021, in Burundi in March 2022, in Tanzania in May 2022 and in Mauritius in September 2022.
The firm is now operating as Jubilee Allianz General Insurance Company of Kenya.