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Jubilee Insurance Shareholders are set to benefit from a total dividend payout of Ksh1.015 billion.This is following the company’s 66 per cent rise in Profit before tax from Sh5.1 billion recorded in 2020 to Sh8.4 billion for the full year ended December 31, 2021.

The firm’s board announced that it will be issuing normal dividends of Sh9 per share alongside special dividends of Sh5 per ordinary share. 

“So in total our shareholders should look out for dividends of about Sh14 per share,” said Jubilee Holdings Chairman Nizar Juma.

The firm attributed the increase in profits on the on the sale of controlling interests in the general businesses in Kenya and Uganda, transactions that were completed last year that has seen Jubilee retain a 34 per cent interest in both companies.

Despite not having its General Insurance business Jubilee’s total gross written premiums and deposit administration contributions recorded a modest increase of Sh825 million up to Sh38.8 billion buoyed by a growth of Sh1.4 billion in the Health Insurance Business.

However, Juma maintained that Sh1.2 billion growth in the Life Insurance Business made up for the impact of the partial loss of the General Insurance Business.

“The results cement Jubilee as the most stable and reliable insurer in East Africa. Consistent profits have given us the financial strength to build reserves to pay claims as well as give value to our shareholders in dividends,” Juma said.

Investment income

In the period under review total comprehensive income after tax grew to Sh7.4 billion from Sh5.8 billion in 2020.

The group said easing of Covid-19 restrictions led to an increase in claims but the insurers tight expense control measures improved return on investment. 

Group CEO Julius Kipng’etich noted that the business continues to advance its customer-focused strategy through accelerated technology and digital transformation agenda.