Kenya's Jubilee Holdings says first half-year profit rises 16 pct
02 September 2015, 21:27
Nairobi - Kenyan insurer Jubilee Holdings posted a 16 percent rise in
pretax profit for the first six months of this year, boosted by increases in
life and medical insurance premiums.
Jubilee, which also has operations in Uganda, Tanzania,
Rwanda, Burundi and Mauritius said pretax profit for the period to June 30 rose
to 1.78 billion shillings ($17 million) from 1.54 billion shillings a year
Insurance is seen as a growth area in Kenya, where only
about 8 percent of the population has any form of coverage. The insurer said
its gross written premiums rose 8 percent in the first-half of the year to 16.4
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The biggest percentage increase in premiums was a 29.4
percent jump for life insurance followed by a 12.9 percent rise in medical
Earnings per share rose 23.4 percent to 22.20 shillings.
Jubilee's board of directors recommended an interim dividend
of 20 percent or one shilling per share held, subject to withholding tax.