Jubilee Holdings will pay a total dividend payout of KSh1.04 billion for the full year ended December 2023 despite a decrease in profits compared to 2022.
The insurance company recorded a KSh4.4 billion profit last year compared to KSh5.5 billion posted in 2022.
In the full year to December 2022, the insurer issued a dividend payout of KSh817 million.
The Group announced a dividend record of KSh14.3 a share and a payout ratio of 24 per cent resulting to KSh1,036 billion.
Shareholders will earn a dividend record of KSh14.3 a share and a payout ratio of 24 per cent.
The total dividend a share of KSh14.3 is composed of ordinary dividend of KSh12 up from KSh9 issued in 2022, and an extraordinary dividend of KSh2.3 from the remaining gain of the General Insurance’s sale to Allianz.
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The Jubilee said, “The Directors recommend for approval at the AGM, the payment of a final dividend of KSh10 a share. This is in addition to an Interim dividend of KSh2 per share bringing the total dividend for the year to KSh12 per share or 240 per cent (2022:180 per cent) based on a par value of KSh5 per share. “The Board is also pleased to recommend for Shareholders’ approval, a special dividend of KSh2.30 per share, completing the final phase of the Jubilee Allianz transaction.”
Both the 2023 final dividend and special dividend will be issued before end of July
The revenue increased by 8 per cent to KSh22.8 billion driven by the growth in the health companies.
Additionally, a highly competitive market and medical inflation resulted to a high claims experience in health companies during the year.
Net Investment Results rose by 55 per cent boosted by favourable macroeconomic factors that resulted in growth of the company’s interest incomes.
Jubilee’s strategic investments in marketing, technology and talent development was partly offset by a strong focus on cost cutting, resulting to KSh380 million in savings.
Chairman Nizar Juma said, “Our strategic investment in technology is already bearing fruit. In under 20 months since its implementation, technology is undeniably a game changer for our business. We will continue to maximize on tech to ensure the delivery of maximum value to all our stakeholders.”
The health insurance sector, spearheaded by Health Kenya, was a key driver of the revenue growth.
Total Assets went up by 14 per cent from KSh169 billion to KSh192 billion.
Total liabilities increased to KSh137.4 million from KSh121.5 million.
During the year Jubilee paid KSh3.36 million as directors’ emoluments down from the KSh3.48 million paid in 2022.
By our reporter
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