Shareholders of Jubilee Allianz General Insurance have have agreed to a new capital boost amounting to Ksh 2.75 billion.
The fresh capital injection is expected to restore the firm’s capital adequacy ratio, which had previously fallen below the regulatory threshold.
“With this capital injection, Jubilee Allianz Kenya has achieved full compliance with the 100pc capital adequacy requirement and now operates above the mandated threshold,” said Sylvester Nzioka, Principal Officer of Jubilee Allianz General Insurance.
The insurer further expects the funds to strengthen it’s operations and enhance its capacity in the long-term.
The decision by shareholders follows a return to profitability last year when the insurer reported a profit of Ksh 18.7 million from a loss of Ksh 1.98 billion reported in 2023.
