Jubilee Holdings Limited Posts 21% Jump In Half-Year Profits

By Soko Directory Team / Published September 3, 2024 | 8:32 pm

Jubilee Holdings Limited (JHL) has announced a 21% increase in Profit Before Tax (PBT) to KES 2.9 billion from the KES 2.4 billion registered in June 2023. The increase was primarily driven by the core businesses’ (Life and Health) strong performance riding on improvement in sales, claims control, and technology driven efficiency.

As a result, the Board of Jubilee Holdings has declared an interim dividend of KES 2 per share, amounting to KES 145 million. This marks the first time since 2021 that the company’s earnings were unaffected by the General Insurance deal with Allianz.

Additionally, the company maintained a strong balance sheet, with total assets recording a 6 % growth from KES 191 billion to KES 202 billion. The Asset Management business has also shown significant expansion, introducing new products and branches, pushing retail Assets Under Management (AUM) to the KES 4 billion mark.

While commenting on the results, Jubilee Holdings Limited Chairman Zul Abdul noted that the impressive half-year performance highlights the Group’s steadfast commitment to delivering strong returns for its stakeholders.

“This performance reflects the resilience of our core businesses and the success of our strategic initiatives, particularly in claims management and cost control. As we move forward, we will continue to capitalize on our solid financial foundation and broaden our product offerings to maintain this positive trajectory. We are confident that Jubilee Holdings is well-positioned to conclude the year on a high note, further enhancing shareholder value and solidifying our leadership in the industry.”

Since launching its digital transformation agenda, Changamk@, Jubilee Group has made remarkable strides toward becoming the most digitally advanced insurance group in the region. This includes the ongoing deployment of a Customer Relationship Management (CRM) platform designed to enhance customer experience.

Additionally, the Group has continuously integrated robotics, AI, and machine learning into its operations, which has significantly reduced claims processing time by 40% and bolstered fraud detection capabilities.

To further support the customers’ wellness journey, Jubilee Group has introduced Maisha Fiti 2.0, the wellness app that includes telemedicine, teleconsultation, self-navigation, community engagement, and access to informative articles and events. Maisha Fiti 2.0 is designed to support users in every aspect of their wellness journey, offering the resources they need to lead healthier, more balanced lives.

JHL Group Chief Operating Officer Juan Cazcarra highlighted that the company’s digital transformation agenda is centered on the convergence of advanced technology and human touch to deliver unparalleled value to customers.

“Our company is combining innovative digital tools with our deep industry expertise to enhance operational efficiency and address real market needs with precision and care. This approach keeps us agile and responsive, allowing us to create meaningful customer experiences while driving sustainable growth for the company.”

To further enhance customer value and experience, the Group will invest significant resources into the launch of a strategic thematic campaign titled “There’s Living and There’s Living Free.” This initiative aims to demystify the complexities of insurance, financial literacy, and investment solutions by presenting them in an accessible and relatable language throughout East Africa. This initiative will leverage the company’s heritage to enhance awareness in a sector often perceived as complex.

On his part, JHL Group Chief Executive Officer Dr. Julius Kipngetich said that the Group remains committed to Environmental, Social, and Governance (ESG) priorities and actively works to become a responsible corporate citizen.

“We have integrated Environmental, Social, and Governance (ESG) priorities into our core operations, ensuring that we not only fulfil our responsibilities as a corporate citizen but also make a tangible impact on the long-term well-being of the communities we serve. JHL remains committed to prioritizing ESG initiatives and will continue to proactively address challenges within our industry and society at large.”

As part of its commitment to environmental conservation and community empowerment, the Group has partnered with the Aga Khan Foundation to plant micro forests in community centers, including schools, churches, and mosques across East Africa. Additionally, through the Jubilee Children’s Fund, the Group continues to support children from underprivileged backgrounds by promoting education and health initiatives.

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