NAIROBI: Kenyan insurer Jubilee Holdings posted a 16 percent rise in pretax profit for the first six months of this year, boosted by increases in life and medical insurance premiums.
Jubilee, which also has operations in Uganda, Tanzania, Rwanda, Burundi and Mauritius said pretax profit for the period to June 30 rose to 1.78 billion shillings ($17 million) from 1.54 billion shillings a year earlier.
Insurance is seen as a growth area in Kenya, where only about 8 percent of the population has any form of coverage. The insurer said its gross written premiums rose 8 percent in the first-half of the year to 16.4 billion shillings.
The biggest percentage increase in premiums was a 29.4 percent jump for life insurance followed by a 12.9 percent rise in medical insurance premiums. Earnings per share rose 23.4 percent to 22.20 shillings.
Jubilee’s board of directors recommended an interim dividend of 20 percent or one shilling per share held, subject to withholding tax.
