Jubilee Holdings profit rises 35pc on high premiums

Financial services firm Jubilee Holdings grew its net profit 35.6 per cent in the half-year ended June, helped by higher premiums and investment income.

The firm made a net profit of Sh1 billion in the review period, up from Sh793.8 million a year earlier.

The growth was helped by a surge in gross premiums by 28.5 per cent to Sh12.9 billion while investment income increased 12 per cent to Sh1.8 billion.

Jubilee declared an interim dividend of Sh1 per share to be paid in October.

Its share price has gained 46 per cent in the past one year to trade at Sh400.

Company chairman Nizar Juma attributed the performance to ambitious and innovative product development strategies and enhanced relations with insurance brokers.