PROFIT

Jubilee shareholders approve Sh1.1bn dividend

Shareholders confirmed a final dividend of Sh13 per share as recommended by the board.

In Summary

•The payout signify a sustained return to shareholders despite the pandemic impact on businesses.

•Shareholders confirmed a final dividend of Sh13 per share as recommended by the board.

Nizar Juma, Jubilee Holdings Limited chairman during the virtual 2021 Annual General Meeting.
Nizar Juma, Jubilee Holdings Limited chairman during the virtual 2021 Annual General Meeting.
Image: HANDOUT

Jubilee Holdings shareholders have approved Sh1.1 billion in dividend payout for the 2021 financial year, signifying a sustained return to shareholders despite the Cpvid-19 impact on businesses.

At the 2021 General Meeting held virtually on Wednesday, the shareholders approved a final dividend of Sh13 per share as recommended by the board.

This brings the total dividend to Sh 14 including a special dividend of Sh 5 following the the groups results last year where the profit before tax stood at Sh8.4 billion, increasing by 66 per cent from the Sh5.1 billion reported 2020.

The performance, despite an increase in medical and life claims relating to Covid-19 cases, was partly driven by the gain on the sale of controlling interests in the general businesses in Kenya and Uganda.

The transactions were completed last year with Jubilee retaining a 34% stake in both companies.

In 2021, Jubilee’s gross written premium reached Sh38.8 billion, an increase of Sh825 million.

The growth, despite the loss of the general insurance business in Kenya and Uganda, was driven by the good performance in the health and life insurance business, which grew by Sh1.4 billion and Sh1.2 billion respectively.

The group’s total assets increased by Sh9 billion to Sh155 billion from Sh146 billion in 2020.