By Beth Ngugi
Jubilee Holdings Limited (JHL) has recorded 25% profit rise for the 2015 financial report compared to the same period 2014, making a pre-tax profit of Sh 4.15 billion.
This amounted to Sh 1.72 billion profit with a turnover of Sh 30.16 billion summative, hence making an increase of 5% total income compared to the previous year.
Speaking during the announcement, JHL chairman Mr. Nizar Juma said that the company has successfully managed to maintain its revenues in general insurance products despite a year being tough in terms of financial crisis.
According to the report, the general insurance policy has generated strong net growth in medical insurance of 32%, ordinary life 14% as well as income from the pension doubled over the year.
“Our insurance companies in the region have performed very well and they have retained their first position in Kenya, Uganda and Tanzania, despite a very volatile year,” Nizar said.
The insurance firm has also put in place measures that will ensure the company’s stability to withstand the unpredictability in the market which has been demonstrated by both income investments and share of investment by companies.
Apart from providing protection to over 1.1 billion people, the firm is making strides in the market by continuous investment in technology and human resources while expanding its services to other regions such as medical scheme in DRC, Ethiopia and soon to western countries.
Encouraging and at the same time warning other companies and investors, Mr Nizar attest that zero tolerance for graft has seen the company scope 25 awards among them: Company of the year Award (COYA), Medical Underwriter of the Year award, Major Loss Award, General Insurer of the year Insurance and the socially responsible corporate award among others.
In a move to reduce dependency on the stock markets, the company has diversified its investment in the energy sector such as Tsavo power and Bujagali; infrastructure projects such as SEACOM and also not forgetting government bonds.
However, fraudulent claims still affects the insurance companies especially the medical and motor policy, on which the Jubilee MD Mr. Nizar confessed that it has been the major nightmare to insurance companies but soon, there will be a solution to it.