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Jubilee increases dividend as profits jump to Sh4.7bn
From left: Jubilee Holdings Limited Group's CEO Dr Julius Kipngetich, Chairman Zul Abdul and Deputy Group CEO Juan Cazcarra pose for a picture after the release of the company's 2024 Full Year Financial Results at their offices in Upper Hill, Nairobi on April 3, 2025.
Jubilee Holdings Limited has raised its ordinary dividend for the year to December 2024 by 12.5 percent to Sh13.50 per share, after reporting a jump of 82.5 percent in net profit to Sh4.72 billion in the period.
Revenue from the insurance business rose by 13.6 percent to Sh25.68 billion, reflecting improved performance across both health and life segments. Insurance expenses, including reinsurance costs, rose by 13.4 percent to Sh24.98 billion.
Investment income meanwhile jumped to Sh4.07 billion from a loss of Sh275.9 million in 2023, underlined by good performance of assets such as equities and underpinning the growth in profitability for the company.
The insurer rode on the higher revenue to increase its ordinary dividend to shareholders to a record Sh978.4 million, from Sh869.68 million in 2023 (Sh12 per share).
The company had also paid a special dividend of Sh2.30 per share in 2023, which boosted the total distribution for the year to Sh1.04 billion.
Jubilee already paid an interim dividend of Sh2 per share (Sh144.95 million) for the 2024 financial year in October, with the final dividend of Sh11.50 per share (Sh833.4 million) set to be paid out on or about July 25, 2025, to shareholders on the register as of May 28.
“Jubilee Holdings Limited’s strong performance is a testament to our resilience, strategic focus, and commitment to delivering sustainable value for our shareholders. We remain confident in our growth trajectory and our ability to seize new opportunities while strengthening our market leadership,” said Jubilee Group chairman Zul Abdul.
The company added that its health insurance segment was boosted by the introduction of affordable insurance plans, along with a payment option dubbed Lipa Pole Pole, which enabled individuals to pay premiums in flexible installments and enhanced access to quality healthcare.
On the life business, the company said it was able to regain the number two position across the region, driven by a 56 percent growth in Kenya and 58 percent growth in Tanzania.
Its recently introduced asset management business had meanwhile accumulated Sh12 billion in assets under management and over 6,000 customers by the close of last year, raising its contribution to the overall revenue of the business.
Beyond business, Jubilee said that its corporate social responsibility efforts saw it advance access to education and healthcare, while also improving its environmental footprint by moving into a carbon-neutral building.
“We recognise that our business goes far beyond insurance –we are catalysts for progress, driving meaningful change across society. Through strategic initiatives, we are improving lives and safeguarding the planet, ensuring a sustainable and inclusive future for generations to come,” said Jubilee Group chief executive officer Julius Kipngetich.
In January the company relocated to a new office complex in Nairobi’s Upper Hill, which runs on 100 percent solar energy, therefore enhancing its operational and environmental efficiency.
