East African Business Week

Nairobi, Kenya - Jubilee Holdings, one of East Africa's oldest and largest insurance groups, announced an 84 %  increase in pre-tax profit for the full year period ended December 31, 2010, which propelled it past the Ksh2b mark, up from Ksh1.116b 16 in 2009 to Kshs2,053b in 2010.
The Directors have recommended a total dividend of 110%, which equates to Kshs5.50 per share. To commemorate this continued impressive growth, Jubilee has also declared a bonus share issue in the ratio of 1: 10 for the second consecutive year. The bonus share issue marks the start of celebrations in a year in which Jubilee begins its 75th year of operations.
Speaking at a media and investor's briefing, Jubilee Holdings Chairman, Mr Nizar Juma, said:  "We are extremely pleased with our continued strong performance in 2010. Jubilee has consolidated its market leadership in Kenya and indeed in each of its subsidiaries."
In 1937, Jubilee became East Africa's first locally incorporated insurance group. Seventy-four years later in 2010, Jubilee announced excellent growth in all lines of business. Notably, it crossed the Ksh10b gross premium level which is an impressive 25 % increase over 2009. Life insurance recorded an exceptional 42%  growth, and short term business increased by 24%, which incorporates a 33% growth in the general business of Jubilee Kenya and a 28% growth in Jubilee's successful medical franchise.
Jubilee also enhanced its focus on its core business activity and as a result of first class risk management and selection practices achieved a 42 % increase in underwriting profits to Ksh523 m in 2010 from Ksh367 m in 2009. Assets grew from Ksh24,874 b in 2009 to Kshs31,652 b in 2010.
Jubilee's strong performance marks the success of the company's initiative to increase market penetration in the region. Jubilee Kenya consolidated its market leadership with an impressive 33  % growth in general business, 23% in medical business and 43% in life business. The inaugural company in the Group's portfolio, it grew by an overall 28% consolidating its leadership position in the Kenyan market.
Mr Juma said 2010 is a year in which Jubilee has taken advantage of the strong economic growth in the East African region, and initiated an aggressive regional expansion campaign. It launched subsidiaries in Burundi and Mauritius in 2010, and will be entering into new markets each year from now. By the year 2014, Jubilee expects to be in 14 markets in Africa.
The regional expansion programme is complimented by the strengthening of the branch network within existing markets.