Jubilee Insurance approves dividend of Sh9 per share
NAIROBI, Kenya, May 31 – Jubilee Holdings has announced a total dividend payout of Sh9 per share for the 72.5 million shares issued for the year ending December 2017.
The insurance company, which announced a pre-tax profit of Sh5.16 billion during the period, will pay a total of Sh652 million in dividends compared to Sh560 million in 2016.
Jubilee Holdings Group Chairman, Nizar Juma, says the double-digit growth in profit and the dividend is a result of continuous investments in technology and continuous engagement with customers.
“We continue to monitor our insurance portfolio closely to better manage the challenges of fraud, implementing effective cost management and tightening controls, whilst staying focused on providing excellent customer service when processing and paying all valid claims” added Juma.
Investment income and fair value gains from investment assets increased 94% from a total of KShs 5.08 Billion to Sh9.86 Billion reflecting the recovery in the Kenyan stock market and an increase of funds under management.
A large portion of this investment income was credited to the Pension business which declared a very attractive annual return of 12% to the members, once again one of the highest in the industry.
“We continue to search for high-quality conservative investments that offer consistent and competitive returns and also provide a suitable asset-liability match to some of our longer-term insurance liabilities.”
During the year in review, Jubilee Holdings embarked on cost reduction measures for medical insurance business by strengthening systems, processes and controls to detect and prevent fraud.