Jubilee Insurance: Pioneering Stability And Growth In Kenya’s Insurance Sector

By Steve Biko Wafula / Published February 1, 2024 | 10:33 am



Jubilee

Jubilee Insurance, established in 1937, is a leading insurance company in East Africa, with a significant presence in Kenya, Uganda, Tanzania, Burundi, and Mauritius. As a subsidiary of Jubilee Holdings Limited, it’s part of a group that includes several insurance and investment companies across the region.

Jubilee Holdings Limited is listed on major stock exchanges in East Africa, including Nairobi, Uganda, and Dar es Salaam. The company’s financial strength was demonstrated by its assets, estimated at US$678 million with shareholder’s equity of approximately US$119 million as of December 2013.

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In Kenya, Jubilee Insurance is highly regarded for its extensive branch network, ensuring accessibility and convenience for its clients. This network includes a head office in Nairobi and various other offices across key towns and cities in the country.

Jubilee Insurance has been recognized for its performance and reliability. It was ranked as the most attractive insurance company in Kenya by a report from Cytonn Investments. This ranking is based on a combination of financial health and potential return, reflecting the company’s capability to generate profits from its core business. The report highlighted Jubilee’s gross written premiums, which stood at KSh 117.28 billion at the end of H1’2019, marking an increase from KSh 112.39 billion in H1’2018.

The company’s credit rating further underscores its financial stability. GCR Ratings revised Jubilee Insurance Company of Kenya Limited’s national scale financial strength rating to AA(KE), indicating a strong ability to meet its ongoing insurance obligations.

However, like others in the sector, Jubilee Insurance faces challenges, such as fraudulent claims and intense competition, which are common in the insurance industry. Despite these challenges, Jubilee Insurance has implemented stringent measures to combat fraud and maintain its position as a leading insurance provider in Kenya.

Jubilee Insurance has shown a notable presence in the Nairobi Securities Exchange (NSE). As of January 31, 2024, Jubilee Holdings Ltd (JUB.NR) was trading at KSh 181.00. The stock had experienced some fluctuations over the year, with a 52-week range between KSh 142.00 and KSh 208.00. The company’s market capitalization stood at approximately KSh 13.4 billion.

The financials of Jubilee Holdings Ltd indicate a robust performance. In 2022, the company reported a net income of KSh 6,387.01 million. Their total assets were reported at KSh 170,520.12 million, showing a strong financial position.

The performance of Jubilee Holdings in the stock market reflects its stability and growth as a key player in the insurance sector. The company’s ability to maintain a steady share price and declare consistent dividends showcases its financial health and potential for future growth.

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About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters.He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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