10 January 2018

Tanzania: Ex-Uchumi Boss Kipng'etich Moves On to the Helm of Jubilee Holdings

Nairobi — Former Uchumi Supermarkets UCHM chief executive Julius Kipng'etich has been appointed as the Jubilee Holdings' regional CEO, placing him in charge of five markets where the insurance firm operates.

Mr Kipng'etich takes stewardship of Jubilee's operations in Kenya, Tanzania, Uganda, Burundi and Mauritius effective January 1, the insurance firm announced Wednesday.

Early last month, Mr Kipng'etich resigned from his leadership position at Uchumi Supermarkets where he had been in charge since moving from Equity Bank..

"We wish to advise that the board of directors has appointed Mr Kipng'etich as the regional CEO of Jubilee Holdings Limited with effect from January 1, 2018," Jubilee said in a statement to the Tanzanian, Kenyan and Ugandan bourses.

Mr Kipng'etich, who established a corporate culture at the Kenya Wildlife Service (KWS) where he was in charge before moving to Equity, holds and Master of Business Administration and a Bachelor of Commerce (accounting option).

Earnings

Jubilee Holdings' net profit for six months ending June 30 2017 increased 18.99 per cent largely helped by improved performance of the Nairobi bourse that helped to dampen a sharp jump in claims payments.

The listed firm's net earnings in the period climbed to Sh1.88 billion from Sh1.58 billion as gains from investments at the Nairobi Securities Exchange NSE - 20.25, largely comprising government securities, increased four-and-a-half times.

Jubilee booked gross premiums of Sh18.6 billion, 8.2 per cent better than previous year, helping to boost net premiums income by 21.89 per cent to Sh10.19 billion.

Net claims expanded by Sh2.9 billion, or 38.69 per cent, to Sh10.38 billion.

While growing this business will remain Mr Kipng'etich's main agenda, he will be expected to pay special attention to tackling fraud which has hit the insurance industry hard.

"He brings to the group considerable knowledge and experience in strategy and management. The Board welcomes him to the Jubilee Holdings Group and looks forward to his valuable contribution," Jubilee said in its statement.

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