Jubilee Holdings will pay Sh1.036 billion in dividends after the company’s shareholders gave a go ahead.
The firm had last month proposed the issuance for the full year ended December 2023 which was subject to approval by shareholders.
The firm increased the dividends despite a drop in profits by Sh1 billion compared to 2022. In the full year to December 2022, the insurer issued a dividend payout of Sh817 million.
The shareholders confirmed the payment of a dividend record of Sh14.3 per share, and a pay-out ratio of 24 per cent.
“This dividend is a testament to Jubilee's strong financial performance and commitment to delivering value to its shareholders,” the company said in a statement that followed its 2023 Annual General Meeting.
The total dividend per share of Sh14.3 includes an ordinary dividend of Sh12, up from Sh9 issued in 2022, and an extraordinary dividend of Sh2.3 from the remaining gain of the General Insurance’s sale to Allianz.
Both the 2023 final dividend and special dividend will be paid on or about 25th July 2024 to members.
The company posted Sh4.4 billion in profits in the year ended 2023 from Sh5.5 billion recorded in the full year ended December 2022.
During the AGM, Jubilee announced the resignation of three directors, Jane Mwangi, Shabir Abji and Ashif Kassam, who have served the board.
Following their departure, Rosemin Bhanji and Amyn Lalji have joined the board.
Chairman Nizar Juma also announced his retirement after a 20-year tenure.
Under his tenure, the company has grown its turnover from Sh4 billion, including the general insurance business, to nearly Sh40 billion, despite the strategic sale of its controlling interest in the general business.
"It has been an honor to serve as Chairman and to contribute to the growth and success of Jubilee Holdings. I am proud of what we have achieved together and confident that the company will continue to thrive and uphold its commitment to excellence and trust in the insurance industry," said Juma.
The outgoing chairman announced the appointment of Zul Abdul as the new Chairman.