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Kenya: 34 Percent Growth for Jubilee's Medical Business
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Business Daily (Nairobi)
27 March 2008
Posted to the web 27 March 2008
Jim Onyango
Jubilee's medical business grew by 34 per cent in 2007, cementing its position as a market leader.
The medical portfolio has grown tenfold to Sh1.24 billion since 2003.
"While we are pleased with the business growth, what is even more encouraging is the improvement in service and profitability that our medical team has achieved in 2007," said Jubilee chairman Nizar Juma.
While announcing results for the year that showed an increase in pre tax profit from Sh643 million in 2006 to Sh810 million last year, Mr Juma said the strategic drive to develop life business was paying dividends.
During the year, the life insurance line grew by 38 per cent as the company sought an increased presence in the segment. The profit growth of 26 per cent will see shareholders earn Sh3.25 in dividend per share. "The dividend will be paid to all shareholders as at May 19, and will be paid on June 11," said Mr Juma.
Jubilee Holdings provides insurance protection to more than 125,000 clients across East Africa and is constantly striving to increase its reach in the region.
The company said it would be expanding into West and Central Africa to grow its profits further. The company also intends to extend its medical insurance cover to the east Africa region. Currently, the firm offers general life and motor insurance in Uganda and Tanzania.
Jubilee, which is cross listed on the Kenyan, Ugandan and Tanzanian stock markets, said its gross revenues in the general business segment grew by 24 per cent to Sh3.8 billion.
Mr Juma said improving underwriting standards and increased focus on risk management have allowed the firm to improve profitability.
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"This exceptional performance was achieved on the back of excellent growth across all territories and reflects the successful implementation of a number of development strategies throughout 2007," he said.
Jubilee Holdings is an affiliate of the Aga Khan Fund for Economic Development, the economic arm of the Aga Khan Development Network.
It is an ISO certified insurance-based financial institution.
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