Jubilee full-year profits drop to Ksh6.6bn
Jubilee Holdings Limited has posted a Ksh6.6 billion net profit in the insurer’s full year earnings. The 2.9 per cent drop in net profits is attributed to a reduction in gross written premiums which reduced from Sh30.6 billion to Sh26 billion. CNBC AFRICA spoke to the firm’s CEO DR. Julius Kipng’etich for more.
Thu, 20 Apr 2023 16:16:57 GMT
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AI Generated Summary
- Jubilee Holdings reported a 2.9% drop in net profits to Ksh6.6 billion, attributed to a reduction in gross written premiums following the ceding of the general insurance business to Allianz.
- The company's investment income increased by Sh13.1 billion, leading to a conservative dividend payout approach to preserve cash and ensure stability amidst challenging market conditions.
- Jubilee Holdings is focusing on tapping into the SME market and exploring opportunities in micro-insurance to drive future growth, while also keeping a close eye on macroeconomic factors that could impact the business.
Jubilee Holdings Limited, one of the key players in the insurance industry in East Africa, recently announced its full-year earnings with a net profit of Ksh6.6 billion, reflecting a 2.9% decline compared to the previous year. The drop in net profits was attributed to a reduction in gross written premiums, which decreased from Sh30.6 billion to Sh26 billion. CNBC Africa had the opportunity to speak with the firm's CEO, Dr. Julius Kipng’etich, to delve deeper into the financial results and the company's strategies moving forward. Despite the challenges faced by the insurance sector in the region, Dr. Kipng’etich expressed gratitude to the customers for their continued support. He highlighted that the decrease in gross written premiums was largely due to ceding the general insurance business to Allianz, resulting in a reduction in the top line revenue. However, he emphasized that the profitability of the company remained robust, underpinned by a strong underwriting business and healthy investment income. Looking ahead to 2023, Dr. Kipng’etich expressed optimism about the company's prospects and anticipated better times ahead.
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