Jubilee Holdings Limited Group reported a Sh3.3 billion net profit in the half-year ended 30 June 2022, a 16.21% decrease from the Sh5.2 billion reported in the same period the previous year.
The drop was attributed to uncertainties surrounding the country’s general election, rising interest rates, global inflation, and a decrease in foreign investment in the securities exchange.
Nizar Juma, the Group’s chairman, stated that despite the challenges the group faced in its operating environment, it demonstrated resilience in its business model while delivering strong profits and strengthening the balance sheet.
Despite transferring 62% of its general business to Allianz in 2021, the insurer’s gross written premium fell by 6% to Sh20.9 billion.
Customer claims increased by Sh460 million, severely affecting the medical business during the review period.
Nonetheless, the decrease in written premium was offset by a significant increase in long-term business to nearly Sh3 billion.
