Home Business Jubilee to pay shareholders Ksh 145M despite profit drop

Jubilee to pay shareholders Ksh 145M despite profit drop

PHOTO | Courtesy

Jubilee Insurance has announced an interim dividend of Ksh 2 per share which amounts to Ksh 145 million during the half year period ending June 30, 2023.

This comes as the insurer reported a 48.7pc drop in profit after tax to Ksh 2 billion from Ksh 3.9 billion reported over the same period last year.

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The firm attributes the profit decline to the adoption of the International Financial Reporting Standard 17 (IFRS17) for insurance companies, and which came into force at the beginning of the year.

“Excluding the gain on the sale of General insurance business to Allianz and before the impact of IFRS 17, the Group recorded a growth of 9pc in profit before tax compared to a similar period last year. The company’s topline has continued to grow despite the sale of the General business to Allianz,” the firm said in a statement.

During the first six months of the year, total assets grew by 12pc to Ksh 181 billion from Ksh 161 billion revenue from insurance services hit Ksh 9.8 billion from Ksh 8.8 billion representing a growth of 11pc.

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